Türkiye’s banking watchdog has stopped allowing credit card payments by installment for foreign travel, such as flights, travel agency fees, and accommodation.
The move, which was seen as curbing foreign currency outflows, was one of two measures announced by the BDDK watchdog late on Monday, which it said were among coordinated steps to strengthen financial stability.
The BDDK also said in a statement late on Monday that it had decided to increase the risk weightings taken into account in calculating capital adequacy standard ratios for consumer loans, personal credit cards, and vehicle loans.
Turkish authorities have recently taken steps aimed at reining in high inflation and reducing domestic demand, with the central bank hiking interest rates by 900 basis points in two months alongside other tightening measures.