Type of Intervention: Financial markets and monetary policy
Level of Jurisdiction: National
Overview: The Central Bank of the Republic of Turkey capped credit card interest rates.
1.25% for the Turkish lira. 1.00% for foreign exchange transactions.
Maximum interest rate for overdue balances on credit cards will be 1.55% for the Turkish lira. 1.30% for foreign exchange transactions.
The central bank will no longer announce maximum credit card interest rates quarterly. These rates will be in effect indefinitely.
Full details here: https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Duyurular/Basin/2020/DUY2020-20