Turkish government is already facing protests over its clampdown on Internet sites and the media, new credit card restrictions are now adding shoppers and retailers to the list of angry citizens. Turkey’s banking regulator introduced new rules earlier this month to clamp down on the use of widely used credit card instalment plans, in a bid to stem spending on imports and rein in the ballooning current account deficit. Prime Minister Recep Tayyip Erdogan’s government also hopes to rein in personal debt in a country where many use credit card instalments to pay for items as small as bread. Nowhere else in the world has anything like instalments for credit cards,” Finance Minister Mehmet Simsek said in January.
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