Alpaslan Cakar, President of the Banks Association of Turkey (TBB) and General Manager of Ziraat Bank, pointed out that credit card balances have grown three times as much as total loans and said that they expect a restrictive regulation on card spending to manage inflation. Cakar noted that steps in this direction may include instruments such as reducing the number of installments, limit control or interest rates. Looking at the 12-month change, Cakar stated that the credit card volume increased by 159 percent despite the 54 percent growth in total loans and said, “It is clear that there is a need for regulation in this area. I believe that there will be a regulation to manage the inflation effect.”
Cakar stated that they expect inflation to be 40-45 percent this year, while credit growth is expected to be 40 percent, and emphasized that the need for regulation in credit cards is very clear and that he expects restrictive measures.
Commenting on the banking sector and the economy, Cakar said in a meeting with journalists yesterday that these steps may include tools such as reducing the number of installments, limit control or interest.
Stating that loans amounted to 11.6 trillion liras last year and that the growth in loans was 54 percent at the end of 2023 when the 12-month change is analyzed, Cakar said, “The growth rate in loans was 59 percent in June 2023. There is a slowdown in loans in the second half of the year. This is especially evident in TRY loans.” Pointing out that the only item that differentiates is credit cards, Cakar said, “The increase in expenditures made through credit cards stands out. I believe that there may be a regulation here to manage the inflation effect on credit cards. There are several methods for this; interest rate, installment limitation or the amount that a person can spend… I believe that an action will be taken on this issue.”