Financial committee discusses expanding use of TROY

ISTANBUL

The Financial Stability Committee discussed steps to be taken regarding the wider use of the Turkish payments system TROY, according to a statement released after the committee’s meeting. The committee convened on Oct. 27, chaired by Treasury and Finance Minister Nureddin Nebati.

“The committee agreed on laying out a road map on extending the use of TROY inside the country and abroad. It also decided to set up a working group, which will include all stakeholders, and take all necessary steps swiftly,” the statement added.

TROY, which has been in use since 2016, offers credit cards, debit cards and prepaid cards. More than 12 million TROY cards are circulating in the country. The statement also said that the committee assessed the developments in the global and the Turkish economy and the impacts of the measures already put in practice on the country’s financial system. Members discussed new steps to be taken to ensure the continuation of gains made through the Türkiye Economy Model.

It was assessed that the targeted loan policy made a great contribution and agreed that this policy should continue, the statement added.

“The committee will continue its work in a holistic approach to perverse financial stability, which is an important component of healthy and sustainable growth,” it said.