Page 22 - TURKRptAug20
P. 22
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 delays on top of already delayed repayments could weigh on private lenders’ moribund hopes for profitability.
Finance Minister Berat Albayrak stated on April 12 that state lenders had postponed TRY60bn worth of loan and credit card debt repayments, while he called on private banks to also offer delays. Eventually, they did.
Household consumption in Turkey in the first quarter stood at TRY610bn, or 57% of overall GDP, in current prices. Card payments amounted to TRY249bn, equivalent to 41% of household consumption in official GDP.
Payments with credit and debit cards in Turkey rose 10% y/y to Turkish lira (TRY) 500bn ($73bn) in the first half of 2020, according to the country’s Interbank Card Center, BKM.
22 TURKEY Country Report August 2020 www.intellinews.com
