Turkish Central Bank won’t impose restrictions on cash withdrawals from credit cards

The Turkish Central Bank won’t impose restrictions on banks to withdraw cash from credit cards, according to the regulator’s letter sent to banks, Report informs referring to Anadolu Agency.

“In accordance with the instructions received... we consider it appropriate to exclude cash withdrawals from individual credit cards from the restrictions,” reads the letter.

A number of Turkish media outlets reported on May 18 that the country’s banks completely banned cash withdrawals from credit cards, as demand for advance cash withdrawals at 1.36% increased. The NTV channel clarified, citing the regulator’s mailing list, that restrictions are imposed on those who withdraw more than 15,000 liras (about $750) from their account.

It was noted that before the first round of elections held on May 14, this method of obtaining cash was extremely popular among the local population.

Earlier it was reported that the foreign exchange reserves of the Turkish Central Bank decreased over the week by almost $8 billion, to the level of $60.8 billion.