Central Bank announces: Interest rates have risen

The Central Bank of the Republic of Türkiye (TCMB) has released its weekly money and banking statistics. According to the data, total deposits in the banking sector (including interbank) decreased by 91 billion 793 million 722 thousand liras in the week ending March 29, falling to 15 trillion 923 billion 158 million 372 thousand liras.

Personal loan interest rates, which hit a record high last week, rose from the 76 percent level reached in the week of March 22 to 86.2 percent, renewing the peak in the data history from the previous week.

The 1-3 month Turkish Lira deposit interest rate rose from 59.5 percent to 64.3 percent, while commercial loan interest rates increased from 62.7 percent to 66.3 percent.

FOREIGN CURRENCY DEPOSITS DECREASED

During the same period, Turkish Lira-denominated deposits in banks fell by 0.66 percent to 8 trillion 560 billion 405 million 96 thousand liras, while foreign currency (FX) deposits decreased by 1.25 percent to 6 trillion 625 billion 662 million 463 thousand liras.

CONSUMER LOAN USAGE INCREASED

Total FX deposits in banks were calculated at 216 billion 673 million dollars last week, with 183 billion 647 million dollars of this amount held in the accounts of domestic residents.

When considering data adjusted for parity effects in the total FX deposits of domestic residents, a decrease of 2 billion 701 million dollars was observed as of March 29.

Consumer loans at deposit banks increased by 0.77 percent last week to 1 trillion 533 billion 901 million 571 thousand liras. During the same period, installment commercial loans rose by 1.22 percent to 1 trillion 455 billion 598 million 829 thousand liras, and credit card balances increased by 3.56 percent to 1 trillion 817 billion 253 million 891 thousand liras.

Of the consumer loans at deposit banks, 400 billion 971 million 339 thousand liras consisted of housing loans, 69 billion 523 million 873 thousand liras of vehicle loans, and 1 trillion 63 billion 406 million 359 thousand liras of other loans.

The total loan volume of the banking sector, including the TCMB, also increased by 153 billion 535 million 558 thousand liras in the week ending March 29, rising to 12 trillion 415 billion 546 million 698 thousand liras. Total loan volume showed an increase of 51.21 percent compared to the same period last year.

News Source: 12punto