Turkey Doubles Transaction Tax on Consumer Loans to 10%

Turkey raised the tax on consumer loans amid a surge in inflation and as authorities boosted measures to bolster the lira.

The so-called bank and insurance transaction tax rate on consumer loans was increased to 10% from 5%, according to a statement in the Official Gazette on Saturday.

The move follows a series of steps announced recently to support the lira, which has fallen 22% this year amid soaring prices and is the worst performing emerging market currency. On Thursday, the banking regulator, also known as BDDK, cut debt repayment periods for consumers, while increasing the monthly minimum required payment ...