Newspaper: Turkish companies oppose reduction of loan payment term

Baku, Azerbaijan, Nov. 27 By Rufiz Hafizoglu - Trend: Turkish companies are opposing a decrease in loan payment term, Hurriyet newspaper reported today. According to the newspaper, the new Turkish law on the use of loans in Turkey which will come into force soon will have a negative impact on the country's market. The newspaper also reported that several Turkish companies have opposed the new law. The Turkish Banking Supervision Agency said on November 27 that a new law on the use of loans will come into force in the country. According to the new law, the payment term of certain goods bought on credit will be cancelled or reduced. According to the Turkish Banking Supervision Agency, the amount of annual payments on credit cards is 34.6 billion Turkish liras. The official exchange rate is 2.0071 TRY/USD on Nov. 27.