The Central Bank of the Republic of Turkey (CBRT) said on Saturday it had revised the maximum interest rate credit card lenders could charge each month to 1.25% for Turkish lira and 1% for foreign exchange transactions.

The interest rate where payments are overdue will be a maximum 1.55% for lira charges and 1.30% for transactions in foreign currencies.

The revisions will come into effect on April 1, the bank said on Twitter.

The bank added that the rates will no longer be determined for three-month periods and they will be valid until they are changed.

The credit card rates were last decreased on Dec. 28, 2019.