The Banking Regulation and Supervision Agency (BDDK) this week finalized its work to increase the number of payments made in installments for credit card users from nine to 12 months. The move came after BDDK President Mehmet Akben said in last month's statement that installment restrictions on credit cards and consumer loans would be extended. Regarding the extension of credit card installment restrictions, Akben said the issue will be discussed with the Financial Stability Committee. The committee meeting has not yet occurred due to the Cabinet change. "We have not yet discussed the issue with the new ministers. We are still working on it," he said. Akben added that product sales affecting the current deficit and individual debt will be on the meeting's agenda, including the next steps needed to be taken afterward. Akben said the BDDK couldn't decide on their own because the Undersecretariat of the Treasury and the Central Bank of the Republic of Turkey (CBRT) are jointly working on these issues. Meanwhile, during an interview with CNBC-e, interim Finance Minister Mehmet Şimşek said limitations on installments has been one of the most successfully applied macro prudential measures taken over the past few years. Emphasizing the need for the continuity of macro prudential measures, Şimşek said there is not yet room for loosening these policies now. Turkey has to make additional efforts to grow because of the long-standing weak foreign demand, he said, adding that the loosening of credit leads to very rapid growth; however, more moderate credit and economic growth is for the better of the country.
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