The Turkish Central Bank announced today, Tuesday, that it has set the monthly cap for the growth of commercial loans in lira at 2.5%, a decrease from 3%, excluding export, investment, and agricultural loans, as part of steps taken to simplify its policy. The simplification process will continue gradually with selective decisions on quantitative and credit tightening aimed at supporting the monetary tightening process.
Additionally, the bank decided today to limit the growth cap for auto loans to 2%, down from 3%, while keeping the maximum growth limit on general-purpose loans unchanged at 3%.
The maximum monthly interest rate on cash withdrawals from credit cards and overdraft accounts has been raised to 2.89% to control inflation and achieve balance in domestic demand.
The bank has also taken steps to support exporters' ability to obtain financing by raising the daily limit on credit subject to rediscounting to 1.5 billion lira.
