Business

New decision from CBRT for cash advance and jewelry expenditures

The Central Bank of the Republic of Turkiye (CBRT) has decided that cash withdrawals and jewelery expenditures made through credit cards for those whose credit card exceeds a certain limit are subject to a 30% security facility.

According to the information obtained from the banks, the CBRT has made arrangements for cash withdrawals and jewelry expenditures on credit cards above a certain limit.

Accordingly, within the scope of the security facility application, it has been decided that cash withdrawals and jewelery expenditures made through personal credit cards for those with a credit card limit above a certain amount on a customer basis will be subject to a security facility at a rate of 30%, depending on the loan type, and will be implemented as of today.

The scope of the security facility application was expanded according to the loan growth for commercial loans subject to security facility by loan type, and other commercial loans and consumer loans were also included.

Will be valid after May 26

It has been decided that if the growth rates are above 3% according to the previous calculation date, separately on the basis of the determined loan types, the security amounting to the loan amount exceeding this rate will be blocked for one year. The said change will be effective as of the calculation date of 26 May and the growth rate calculated according to the 28 May calculation date.

While deciding to include conversion accounts opened against physical gold, which are not available in the security facility application according to the conversion rate, in the share section, in the denominator part, within the scope of the communiqués published by the CBRT, the existing foreign currency deposit/participation fund account balances in US dollars, euros, British pounds and gold, which can be converted as of March 31, will be taken into account.

In addition, while it was decided to exclude foreign banks deposits/participation funds from the foreign currency deposit/participation fund, which is considered within the scope of the Provisional Article 9 of the Communiqué, the said amendment will be effective as of the calculation date of 26 May.

Source: Trthaber / Prepared by Irem Yildiz

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