Attention those with money in the bank: TL deposit interest rates are on the rise again

TL deposit interest rates, which saw their highest level in 21 years at 52.60 percent at the end of 2023, had fallen to 44 percent with the start of the new year.

While total deposits in the banking sector declined, an increase was observed in TL deposit interest rates.

According to a report by Bloomberg HT, while the banking sector's total deposits decreased by 207.1 billion lira to 15 trillion 280 billion lira in the week ending February 2 compared to the previous week, average deposit interest rates rose.

According to Central Bank (CBRT) data, while consumer loan interest rates continued their decline, falling to 60.7 percent, increases were observed in commercial loan and deposit interest rates.

The TL deposit interest rate, which had been declining for some time and fell below 50 percent in the week of January 25, climbed to 51 percent in the week of February 2.

TOTAL DEPOSITS DECLINED

According to the Central Bank (CBRT) weekly money and banking statistics, the banking sector's total deposits (including interbank) fell by 207 billion 97 million 721 thousand lira to 15 trillion 279 billion 870 million 135 thousand lira in the week ending February 2.

In the same period, TL-denominated deposits in banks fell by 2.2 percent to 8 trillion 664 billion 556 million 779 thousand lira, while foreign currency (FX) denominated deposits decreased by 0.8 percent to 5 trillion 995 billion 97 million 498 thousand lira.

While total FX deposits in banks were recorded at the level of 209 billion 199 million dollars last week, 176 billion 290 million dollars of this amount was held in the accounts of domestic residents.