Turkey has raised taxes on consumer loans amid soaring inflation, and authorities have tightened measures to strengthen the lira.
The move follows a series of recently announced steps to support the Turkish lira, which depreciated by 22% in 2022 amid rising prices, the worst performance of emerging market currencies. .
Banking and insurance transaction tax on consumer loans will also increase from 5% to 10%.
It is worth noting that inflation in Turkey rose to 73.5% last month, the highest level in 24 years.
