New regulation on interest rates to be applied on credit cards

The interest rates that will be applied on credit card transactions have been rearranged.

The decision of the North Cyprus Central Bank regarding the maximum monthly contractual interest rate and the maximum monthly delay interest rate to be applied to credit cards was published in the Official Gazette today.
According to the decision that will come into effect tomorrow, the maximum monthly contractual interest rate on Turkish Lira will be 2.72 percent, the maximum monthly default interest rate will be 3.22 percent, the maximum monthly contractual interest rate on currency will be 0.96 percent and the maximum monthly delay interest rate will be 1.46 percent in foreign currency transactions.