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according to data from the Interbank Card Centre (BKM). The value of domestic credit card transactions rose 19% year-on-year to TRY189.5bln ($32.6 billion) in the first quarter, data from BKM show. The default rate on credit cards was 6% as of end-May versus the 3.1% default rate on consumer loans. It is doubtful whether the latest measures announced regarding credit cards will be enough to revive domestic consumer demand given the widespread pessimism among Turkish consumers. The statistics office TUIK reported last month that consumer confidence sank 13% m/m in May.
88 TURKEY Country Report July 2019 www.intellinews.com
