Turkish Regulator Expands Scope of Retail Loan Restructuring

Turkey’s banking regulator allowed more citizens to restructure debt as tight monetary policy hurts low-income households dependent on card spending.

Retail credit card debt and consumer loans may be restructured with a period of as long as 48 months, the Banking Regulation and Supervision Agency said in a statement late Friday. Citizens who failed to make periodic payments toward their card debt and those unable to repay the principal or interest on consumer loans can benefit from debt restructuring. People who previously have restructured debt are also eligible, according to the statement.