Interest rates for consumer loans and Turkish lira deposits hit record highs

The total deposits of the banking sector decreased by 91.8 billion Turkish lira to approximately 15 trillion 923.2 billion Turkish lira in the week ending on March 29 compared to the previous week, while sharp increases in interest rates were observed. The interest rate for consumer loans exceeded 86%, setting a new record, while the commercial loan interest rate exceeded 66%. The Turkish lira deposit interest rate also surpassed 64% with a sharp increase.

The Central Bank of the Republic of Turkey (CBRT) announced its weekly money and banking statistics.

According to the data, the total deposits of the banking sector (including interbank) decreased by 91 billion 793 million 722 thousand Turkish lira to 15 trillion 923 billion 158 million 372 thousand Turkish lira in the week ending on March 29.

The consumer loan interest rates, which set a record last week, rose from 76% to 86.2%, surpassing the previous week’s peak of 76% during the week ending on March 22.

The interest rate for 1-3 month Turkish lira deposits increased from 59.5% to 64.3%, while commercial loan interest rates rose from 62.7% to 66.3%.

FOREIGN CURRENCY DEPOSITS DECREASE

During the same period, Turkish lira deposits in banks decreased by 0.66% to 8 trillion 560 billion 405 million 96 thousand Turkish lira, while foreign currency deposits decreased by 1.25% to 6 trillion 625 billion 662 million 463 thousand Turkish lira.

The total foreign currency deposits in banks were calculated as 216 billion 673 million dollars last week, of which 183 billion 647 million dollars were held in the accounts of domestic residents.