New economic steps were announced by the Ministry of Treasury and Finance, BRSA, CMB and Central Bank last night. Here are the decisions taken regarding Income-Indexed Notes (GES), consumer loans, credit cards, loan reserve ratios, issuance of gold certificates and public offerings…
The Ministry of Treasury and Finance, BRSA, CMB and Central Bank announced the new measures taken in the economy.
Here are the new resolutions…
REVENUE-INDEXED TABLES (GES)
The Ministry of Treasury and Finance announced that it will issue Income-Indexed Notes (GES) in order to encourage Turkish lira-denominated assets.
The promissory notes, quarterly coupon returns, minimum return guarantee, return rate and maturity structure were announced in the issuance announcement.
Income-indexed government debt securities book-building transactions will start on 15 June, it was stated.
MATURITY LIMIT TO CONSUMER LOAN
The BRSA has determined the general maturity limit for consumer loans as 24 months for amounts ranging from ₺50 thousand to ₺100 thousand, and 12 months for amounts over ₺100 thousand.
THE MINIMUM PAYMENT AMOUNT FOR CREDIT CARDS CHANGED
BRSA, for credit cards with a limit of less than ₺25 thousand, the minimum payment amount is 20% of the term debt; decided to set the minimum payment amount as 40% of the term debt for credit cards with a limit of more than ₺25 thousand. This rate was 20% for all limits.
THE COMMODITY MARKET WAS ESTABLISHED
The Capital Markets Board (CMB) reported that the Commodity Market was established in Borsa Istanbul and the work on the issuance of gold certificates was started.
DISCOUNT ON PUBLIC OFFERINGS
The Capital Markets Board (CMB) announced that the fees collected by the CMB in the domestic public offerings were reduced.
MANDATORY RESPONSE STEP FROM CBRT
The Central Bank of the Republic of Turkey (CBRT) increased the required reserve ratio, applied from 10% to 20%, for commercial cash loans denominated in Turkish lira.
Source: NTV / Translated by Irem Yildiz