Soared after the interest rate decision... Personal loan interest rates are racing toward a record!

According to the Central Bank of the Republic of Turkey (CBRT) weekly money and banking statistics, consumer loans at deposit banks decreased by 0.15 percent last week to 1 trillion 504 billion 810 million 327 thousand liras. A record increase was observed in their interest rates. 

Consumer loan interest rates, which were 63.36 percent last week, were recorded at 76 percent.

IT ROSE TO 76 PERCENT!

The data compiled by Bloomberg is as follows:

The total deposits of the banking sector (including interbank) increased by 200 billion 675 million 38 thousand liras in the week ending March 15, reaching 15 trillion 935 billion 631 million 866 thousand liras.

While the 1-3 month TL deposit interest rate rose from 53.63 percent to 55.7 percent, commercial loan interest rates also increased from 55.76 percent to 58.5 percent.

The record of the week was broken by personal loan interest rates. Personal loan interest rates, which saw their highest level since the beginning of the year at 63.36 percent in the week of March 8, rose to 76 percent in the week of March 15, leaving that level behind by approximately 13 points.

In the same period, TL-denominated deposits in banks increased by 0.96 percent to 8 trillion 713 billion 53 million 987 thousand liras, while foreign currency (FX) denominated deposits increased by 1.96 percent to 6 trillion 555 billion 150 million 58 thousand liras.

While the total FX deposits in banks stood at 215 billion 313 million dollars last week, 182 billion 815 million dollars of this amount was collected in the accounts of domestic residents. When considering data adjusted for parity effects, an increase of 1 billion 990 million dollars was observed in the total FX deposits of domestic residents as of March 15.

Consumer loans at deposit banks decreased by 0.15 percent last week to 1 trillion 504 billion 810 million 327 thousand liras. In the same period, installment commercial loans increased by 0.95 percent to 1 trillion 436 billion 886 million 339 thousand liras, while credit card balances decreased by 0.40 percent to 1 trillion 734 billion 418 million 483 thousand liras.

Of the consumer loans at deposit banks, 398 billion 201 million 944 thousand liras consisted of housing loans, 69 billion 395 million 303 thousand liras of vehicle loans, and 1 trillion 37 billion 213 million 80 thousand liras of other loans.

The total loan volume of the banking sector, including the CBRT, also increased by 68 billion 538 million 8 thousand liras in the week ending March 15, rising to 12 trillion 213 billion 953 million 509 thousand liras. The total loan volume recorded an increase of 53.67 percent compared to the same period last year.