Maximum interest rate on Turkish credit cards unchanged

Turkey's Central Bank announced that the maximum interest rate of credit cards will not change until April 1, 2014. According to a statement released at CB's website, the upper interest rate limit valid since October 1, 2013 remained unchanged for the first quarter of 2014, while the monthly upper interest rate limit will be 2.02 in Turkish lira, 1.70 in USD and 1.64 in Euro. Overdue interest rates for these currencies will be 2.52, 2.20 and 2.14 respectively. Regarding the interest rates of credit cards being higher than those of personal loans, the CB advised customers to prefer personal loans to credit cards for short-term needs.