ANNOUNCEMENT ON THE BRSA'S CREDIT CARD INSTALLMENT PERIODS APPLIED TO THE TRNC

Dear Members,

As announced on August 25, 2023, at https://www.tursab.org.tr/announcements/announcement-on-brsas-decision-on-credit-card-installment-change-applied-to-kktc,

According to the seventh paragraph of Article 26 of the Regulation on Bank Cards and Credit Cards; the Board Decision dated July 31, 2023, numbered 10631, regarding the non-application of installment plans for expenditures related to airlines, travel agencies, and accommodation abroad, effective as of July 31, 2023, it has been decided that this decision shall not apply to expenditures related to the Turkish Republic of Northern Cyprus and that installment periods for such expenditures shall continue to be applied for 3 months.

There is no new regulation regarding the aforementioned BRSA decision, and the said BRSA decision remains valid.

In case of non-compliance with the aforementioned BRSA decision, an administrative fine ranging from a lower limit of TL 188,888 to an upper limit of TL 377,783 for the year 2025 shall be imposed in accordance with paragraph (h) of Article 1 of the Bank Cards and Credit Cards Law No. 5464.

We respectfully submit it for your information.

Association of Turkish Travel Agencies
TÜRSAB