Turkey's banking watchdog keeps tight control

Aysel Alp ANKARA / Hürriyet

BDDK requires all banks to appoint a high-level customer relations coordination representative to let it know about the customers’ complaints.

Turkey’s banking watchdog (BDDK) prepares to observe the banks in Turkey from the “inside,” following Prime Minister Recep Tayyip Erdoğan’s harsh criticisms against very high revenues of the banks from non-banking activities.

BDDK now requires all banks to appoint a high-level customer relations coordination representative. This person will let BDDK know about the customers’ complaints on credit cards, commission fees, etc in a three-monthly period. Each customer complaint will also need to be answered in 30 days at most.

All banks are expected to appoint someone for the post within one month.

BDDK eyes on sector

BDDK also announced Aug. 16 new measures to control credit card spending and to enable more controlled use of credit cards.

Under the new measures, overdrafts on deposit accounts and loans on credit cards will be included under the broader category of consumer loans, preventing banks from charging higher interest rates for the services.