The range and the levels of fees and commissions that local banks can charge retail and commercial clients have been lowered, the Turkish Central Bank and the country's banking watchdog regulator (BDDK) have announced.
The measures will cut the various charges banks can charge financial consumers to 16 from 20, the BDDK said.
Turkey is expected to post an economic growth figure for the past year, Treasury and Finance Minister Berat Albayrak forecast yesterday.
"We will end 2019 with a historic soft landing in terms of gross domestic product," Albayrak said at a meeting with journalists in Istanbul, adding that inflation will keep being a major indicator for 2020.
Treasury and Finance Minister Berat Albayrak has predicted that the Turkish economy grew by 5 percent in the fourth quarter of 2019.
Turkey will stabilize the inflation rate at single digits by improving competition in goods and services markets and enhancing production, the country's treasury and finance minister said Jan. 3.
"Fight against inflation will be our top agenda in 2020," Berat Albayrak said on Twitter, underlining the year-end inflation rate was below the government's target.