Central Bank lifts new restrictions on cash advance withdrawals from credit cards
According to the new instructions that the Central Bank has sent to the banks, there will not be any new requirements for cash advance withdrawals from credit cards. On Thursday, many banks in Turkey suspended cash advances from credit cards after new requirements were imposed.
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The Central Bank of Turkey has sent new instructions today (May 19) to the banks lifting the restrictions on cash advance withdrawals from credit cards.
With the new decision, the requirement of collateral for cash advances has been removed.
What happened?
Cash advances over a limit made from personal credit cards were made subject to collateral last week and the same was imposed on purchases of jewelry using credit cards.
Economist Mustafa Sönmez described this as a move to stop the rush to purchase foreign exchange and gold yesterday but also said that he believes that this rush will continue until the election is over despite the newly imposed restrictions. (RT/PE)
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