10-week decline in KKM nears 500 billion TL
The decline in Foreign Exchange Protected Deposits (KKM) continued for the 10th consecutive week. In the week of November 3, the total volume of KKM fell by 86.2 billion TL to 2 trillion 920 billion liras, bringing the total decline in KKM accounts over the 10-week period to nearly 500 billion TL.
Foreign Exchange Protected Deposit (KKM) accounts continue to see outflows.
According to a report in Dünya newspaper, banking sources state that a portion of the 86.2 billion lira loss in KKM last week has returned to individual TL deposit accounts. However, the fact that the increase in TL deposit interest rates has not met expectations is limiting interest in TL deposits. According to CBRT data for the week of October 27, the average 3-month TL deposit interest rate fell to 41.72 percent.
Looking at the interest rates applied by banks to TL deposit accounts, it is observed that they range between 20 percent and 45 percent. The sector's loan volume has increased. Foreign investors, meanwhile, returned to net buying in the stock market after five weeks. According to CBRT data, non-resident investors made net purchases of 86 million dollars in stocks. In the bond market, net purchases of 27 million dollars were observed.
News Source: 12punto
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