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.
Source: English Bianet