Decline observed in interest rates

According to weekly data published by the Central Bank of the Republic of Türkiye (TCMB), total deposits in the banking sector increased by 82 billion 242 million 269 thousand liras in the week ending August 29, reaching 25 trillion 108 billion 476 million 934 thousand liras. During this period, deposits in Turkish Lira increased by 1.2 percent to 14 trillion 30 billion 767 million 139 thousand liras, while foreign currency deposits decreased by 1.1 percent to 7 trillion 908 billion 254 million 636 thousand liras.

In the same week, the interest rate on 1-3 month term Turkish Lira deposits fell to 51.6 percent. While the consumer loan interest rate was recorded at 66.2 percent, the commercial loan interest rate fell by 1 point to 53.9 percent.

Total foreign currency deposits in banks stood at 231 billion 554 million dollars, with 193 billion 346 million dollars of this amount held in the accounts of domestic residents. According to data adjusted for parity effects, there was a decrease of 4 billion 49 million dollars in the total foreign currency deposits of domestic residents.

INCREASE IN CONSUMER LOANS

Consumer loans of domestic residents increased by 2 percent last week, reaching 4 trillion 942 billion 43 million 471 thousand liras. Of these loans, 608 billion 212 million 928 thousand liras consisted of housing loans, 53 billion 344 million 805 thousand liras of vehicle loans, 1 trillion 839 billion 760 million 484 thousand liras of personal loans, and 2 trillion 440 billion 725 million 254 thousand liras of individual credit cards.

Furthermore, the total loan volume of the banking sector, including the TCMB, increased by 230 billion 812 million 540 thousand liras to 19 trillion 964 billion 121.5 million liras.

News Source: 12punto