Cheques circulate in the domestic market as negotiable instruments until the maturity date.
The new law on cheques, in force since December 2009, focuses on protection of the rights of cheque holders (beneficiaries) and institutes three categories of cheques – cheques for business users, cheques for consumers, and pre-printed bearer cheques – to facilitate tracking this payment instrument and to combat the underground economy.
The current account deficit remains sustainable even if it should increase.
The trade deficit (4.8% of GDP in 2016) should slightly widen.
Finally, for rapid and secure processing of bank transfers, the SWIFT electronic network is well-established in Turkish banking circles and constitutes the most commonly used instrument for international payments.
Out of court settlement is always advisable to taking legal action, and as a result, the sending of formal notice to pay, followed up by repeated telephone calls, remains a relatively effective method.
Yet, inflows of FDI remain limited (1% of GDP in 2016).
After the failed coup of July 15 2017, the referendum for the constitutional change was approved at 51.4%, granting more powers to President Erdogan.
Similarly, with the postdating of cheques a commonplace practice, the cheque serves as both a title of payment and a credit instrument.
In 2017, public expenditures (health, pensions, social spending) will grow to encourage consumption and investment.
They increased by 45% over the period January-April 2017 compared to the previous year.
Despite its strong rebound since January, the central bank has decided not to raise most of its key interest rates at its meeting on 26 April.
However, the "late liquidity window" overnight lending rate rose from 11.75% to 12.25%.