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Jan 11 2019

Turkey extends instalment payments on TVs in latest economy boost

Turkey’s banking regulator made it easier for consumers to buy televisions on their credit cards in a latest effort to boost demand.

Credit card holders will be allowed to buy TVs over nine months compared to a previous three months, Dünya newspaper reported on Friday, citing a decision by the regulator.

The move comes in a week that saw the government announce help for credit card debtors. Consumers will be allowed to restructure the borrowing via a loan from state-run Ziraat Bank. It also announced help for companies to access loans on preferential terms, which include grace periods on repayments.

Turkey had previously slashed the period within which consumers could pay for TVs and other household goods on their credit cards, citing threats to economic stability. But it is relaxing the measures as it seeks to kickstart economic growth. The economy contracted 1.1 percent on a quarterly basis in the three months to September. Nationwide local elections will be held on March 31.