Credit cards should not be used for loan: Babacan

Turkish Deputy Prime Minister Ali Babacan said that the credit cards should not be used for loan but for payment purposes.

Credit cards should not be used for loan: Babacan

World Bulletin / News Desk

Turkish Deputy Prime Minister Ali Babacan said that the credit cards should not be used for loan but for payment purposes on Friday

Speaking at a press conference before his departure from Ankara's Esenboga International Airport for the G20 Meeting in Moscow, Babacan stated that credit cards were distributed on the streets in the past. “But now, without a letter of application, it is impossible for such kind of a thing. Credit cards should not be used for loan but for payment purposes”, said Babacan.

Reminding the statement of Turkey's Central Bank about interest rates increase on Monday, Minister Babacan indicated “After the statement of Central Bank in last 4 days, foreign exchange market recorded more than 1 billion dollar inflow of foreign currency.”

Babacan emphasized that they will make warnings about normalization process of extremely slack monetary policies of the developped countries like USA, Japan and EU in G20 meeting.

Babacan also stated that they will make evalutions about the reduction of independency to the credit rating agencies and added that there should be a more intensive international cooperation about tax heavens.

Last Mod: 19 Temmuz 2013, 16:17
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