Decrease observed in loan interest rates

The total deposits of the banking sector increased by 862 billion 457 million 378 thousand liras compared to the previous week, reaching 27 trillion 671 billion 941 million 179 thousand liras in the week of December 12. According to the weekly money and banking statistics announced by the TCMB, a significant decline was experienced in loan and deposit interest rates during this period.

A decrease of approximately 7 points was recorded in personal loans. The interest rate for personal loans, which was 64.6 percent on December 5, fell to 57.9 percent as of December 12. In commercial loans, the interest rate showed a decrease of 4 points, falling from 54.6 percent to 50.6 percent.

During the same week, the average compound interest rate for 1-3 month maturity TL deposits also fell from 47.7 percent to 46.6 percent.

In the banking sector, consumer loans of domestic residents increased by 1.2 percent last week to 5 trillion 497 billion 578 million 826 thousand liras. Of these loans, 665 billion 955 million 502 thousand liras consisted of housing loans, 50 billion 279 million 772 thousand liras of vehicle loans, 2 trillion 108 billion 227 million 804 thousand liras of personal loans, and 2 trillion 673 billion 115 million 748 thousand liras of individual credit cards.

The total loan volume of the banking sector, including the TCMB, also increased by 262 billion 889 million 424 thousand liras in the week of December 12, rising to 21 trillion 818 billion 567 million 125 thousand liras.

News Source: 12punto