BANKING - Limiting credit card installments not expected to reduce private spending

Experts say decreasing the number of credit card installments to 12 months will not prevent consumers from overspending as they will seek new ways to finance their planned expenditures.

The rapid growth Turkey achieved last year -- though a strong sign of the Turkish economy’s resilience against external shocks at a time of global uncertainties -- resulted in a current account deficit (CAD) of almost TL 49 billion ($30.8 billion) that was mainly triggered by massive energy imports and loan expansion. (source)

BANKING - SUKUK - Kuveyt Turk introduces new Islamic security

The bank has become the first financial institution in Turkey and Europe to issue sukuk securities, led by Citigroup and the Liquidity Management House (LMH). The financing received one-and-a-half times more demand than anticipated.

“This is a turning point,” Turkish Finance Minister Mehmet Şimşek said at an iftar dinner hosted by Kuveyt Türk in İstanbul on Wednesday. “As an alternative financial tool, sukuk will make important contributions to the development of the country.”