Turkish deputy PM says loan growth under control
Deputy Prime Minister Ali Babacan said credit card spending and loan growth has started to balance out.Deputy Prime Minister Ali Babacan has said the loan increase rates have begun to slow down to levels desired by the Turkish government.
“Excessive growth in credit card spending has been taken under control. This is a positive development,” Babacan said speaking at the Economy Correspondents Association’s award ceremony on April 25.
He said credit card installment payments saw around a 7 to 8 billion Turkish Liras drop in the recent months.
Turkey’s banking watchdog BDDK introduced restrictions on installment payments with credit cards to reduce the country’s Achilles’ heel current account deficit, despite jeopardizing domestic consumption.