Deposit interest rate exceeded 52 percent

Total deposits of the banking sector increased by 270.5 billion Turkish lira in the week ending December 15, reaching 14 trillion 874.3 billion Turkish lira, while the deposit interest reached 52.2 percent. The Central Bank of the Republic of Turkey (CBRT) published the weekly money and banking statistics. Accordingly, total deposits in the banking sector (including interbank) increased by 270 billion 540 million 819 thousand Turkish lira in the week ending December 15, reaching 14 trillion 874 billion 284 million 560 thousand Turkish lira. In parallel with the increase in interest rates, deposit interest rates also exceeded 52 percent. While deposit interest rates increased to 52.2 percent, commercial loan interest rates saw the level of 52.4 percent. Consumer loan interest rates also increased to an average level of 61.7 percent. In the same period, TL deposits in banks increased by 3.09 percent to 8 trillion 529 billion 415 million 924 thousand liras, while foreign currency (FX) deposits increased by 0.87 percent to 5 trillion 734 billion 762 million 540 thousand liras. While total FX deposits in banks were realized as 208 billion 824 million dollars last week, 176 billion 128 million dollars of this amount was collected in the accounts of residents within the country. When the data adjusted for the parity effect is taken into consideration, total FX deposits of residents within the country decreased by 327 million dollars as of December 15. The amount of commercial loans in installments increased Consumer loans in deposit banks decreased by 0.16 percent last week to 1 trillion 395 billion 627 million 849 thousand liras. In the same period, commercial installment loans increased by 1.04 percent to 1 trillion 232 billion 333 million 54 thousand Turkish lira, while credit card balances increased by 0.67 percent to 1 trillion 434 billion 95 million 61 thousand Turkish lira. Of consumer loans in deposit banks, 396 billion 28 million 160 thousand Turkish lira were housing loans, 69 billion 789 million 234 thousand Turkish lira were vehicle loans, and 929 billion 810 million 455 thousand Turkish lira were other loans. The total credit volume of the banking sector, including the CBRT, also increased by 79 billion 488 million 609 thousand Turkish lira in the week ending December 15, reaching 10 trillion 944 billion 472 million 639 thousand Turkish lira. Total credit volume increased by 53.52 percent compared to the same period of the previous year.