TURKEY CURBS CREDIT CARD USE FOR FOREIGN TRAVEL AND IN BLOW TO SECTOR

Turkey's banking watchdog has stopped allowing credit card payments by instalment for foreign travel, such as flights, travel agency fees and accommodation, in a step seen dealing a blow to foreign travel operators. The move, which hit airline shares and was seen as curbing foreign currency outflows, was one of two measures announced by the BDDK watchdog late on Monday, which it said were among coordinated steps to strengthen financial stability.

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