Deposit interest rates hit 22-year high

The Central Bank of the Republic of Turkey (CBRT) has released its weekly money and banking statistics. According to the data, the total deposits in the banking sector (including interbank) decreased by 18 billion 293 million 430 thousand liras in the week ending March 1, falling to 15 trillion 495 billion 476 million 130 thousand liras.

HIT 22-YEAR HIGH

Interest rates on 1-3 month Turkish Lira deposits rose to 53.3 percent, reaching their highest level in approximately 22 years.

Consumer loan interest rates were recorded at 60.4 percent, while commercial loan interest rates were recorded at 54.1 percent.

During the same period, Turkish Lira-denominated deposits in banks fell by 0.87 percent to 8 trillion 718 billion 176 million 895 thousand liras, while foreign currency (FC) deposits increased by 0.11 percent to 6 trillion 123 billion 232 million 157 thousand liras.

Total foreign currency deposits held in banks stood at 207 billion 292 million dollars last week, with 175 billion 455 million dollars of this amount held in the accounts of domestic residents.

When considering data adjusted for parity effects, a decrease of 1 billion 262 million dollars was observed in the total foreign currency deposits of domestic residents as of March 1.