CBRT raises policy rate to 45 percent: Will there be an increase in credit card interest rates?

Announcing the final interest rate decision of the year, the Monetary Policy Committee (MPC) of the Central Bank of the Republic of Turkey (CBRT) raised the policy rate by 250 basis points, increasing it from 42.5 percent to 45 percent. 

It has been learned that this interest rate hike will not affect the reference interest rates for credit cards.

The statement made after last month's MPC meeting regarding maximum credit card interest rates and maximum merchant commission rates will remain in effect.

In the statement issued after last month's MPC meeting, it was stated: "An upper limit has been set for the reference rate to ensure that maximum credit card interest rates and maximum merchant commission rates do not exceed their current levels. The current level of the reference rate has been set as an upper limit of 3.11, and no changes have been made to the current calculation method for rates below this level. In this context, there will be no increase in the most recently announced rates for maximum credit card interest and maximum merchant commission rates."

News Source: 12punto