Overdraft

Turkey's central bank on Saturday raised the maximum interest rate on credit card cash withdrawals to 5% from 4.42%, according to a decision published in the Official Gazette, in a move aimed at additional tightening.

The Central Bank has canceled a previous decision that introduced limits on cash advance withdrawals from credit cards and overdraft accounts.

The bank announced the decision regarding cash advances at the start of the week.

In its most recent move to contribute to the well-functioning of markets, Turkey's banking watchdog on Nov. 30 raised the ceiling ratio of domestic banks' Turkish-lira transactions with foreign financial institutions to 2.5% of their equity.

Citizens will be permitted withdraw a cumulative amount of 1,800 euros per month, as the capital controls will be relaxed starting from Friday, September 1st.. The new limits will correspond to each bank account with new rules also applying to freelance professionals and companies who will be able to open a new bank account by creating a new client code.

Anyone legally residing in the EU would have the right to open a basic payment account, under a new law passed by European Parliament on Tuesday.

BELGRADE - Erste Bank has the highest unauthorized overdraft interest rate, 81.56 percent, of all the Banks in Serbia, while Dunav banka has the lowest, 16.34 percent, the National Bank of Serbia (NBS) has said.