Travel: Decision from Banking Regulation Agency (BRSA) regarding Northern Cyprus (KKTC)

The Banking Regulation and Supervision Agency (BRSA) which had banned installment options for travel expenses made with credit cards at the end of July, has made a new decision regarding travels to Northern Cyprus. BRSA which had prohibited installment options for foreign travel expenses related to airlines, travel, and accommodation on credit cards, has made a new decision concerning travels to Northern Cyprus.

According to the announcement published on the agency’s website, installment options will continue for travel expenses to Northern Cyprus with up to 3 installments.

IT HAD BANNED ON JULY 31, BUT TOOK A STEP BACK

In the statement, it was reminded that the decision to not allow installment options for foreign expenses related to airlines, travel agencies, and accommodation in accordance with the seventh paragraph of Article 26 of the Regulation on Debit Cards and Credit Cards was taken on July 31, and following was shared: “As of July 31, 2023, it has been decided that the prohibition will not be applied for expenses related to the Turkish Republic of Northern Cyprus and installment periods for these expenses will continue to be applied as 3 months.”

On July 31, the agency had prohibited installment options for foreign expenses related to airlines, travel agencies, and accommodation.