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Credit card and debit card payments in Turkey rose to a value of Turkish lira (TRY) 19.3bn ($2.8bn) in the country’s first ‘post-lockdown’ week (ending June 5), according to latest data from the Central Bank of the Republic of Turkey (CBRT).
That’s the highest level seen since TRY19.6bn was recorded in the week ending March 20.
Turkey officially confirmed its first coronavirus (COVID-19) case on March 11 but initial measures to curb the virus outbreak only arrived with a two-week lag. As a result, the first impact of the health and economic emergency on card payments—a sign of real consumption in the country—was felt in the week ending March 27 when the total value of such transactions fell sharply to TRY13.5bn.
The lowest volume was registered in the week ending April 24 at TRY13bn.
Turkey reopened restaurants and beaches and ended travel restrictions on June 1 after reopening shopping malls on May 11.
In April, the government launched a campaign to delay repayments on credit card and other bank debts for a three-month period. Private lenders have joined the state lenders in conforming with this.
The impact of the delayed repayments on consumer spending is awaited. New
27 TURKEY Country Report July 2020 www.intellinews.com
