Deposit interest rate reached 60 percent

The total deposits of the banking sector increased by 79.3 billion Turkish lira in the week ending March 22 compared to the previous week, reaching approximately 16 trillion 15 billion Turkish lira. The record increase in interest rates observed last week continued. While the consumer loan interest exceeded 82 percent, the deposit interest was recorded as 59.5 percent. The Central Bank of the Republic of Turkey (CBRT) announced the weekly money and banking statistics. Accordingly, the total deposits of the banking sector (including interbank) increased by 79 billion 320 million 228 thousand Turkish lira in the week ending March 22, reaching 16 trillion 14 billion 952 million 94 thousand Turkish lira. While the 1-3 month TL deposit interest increased from 55.7 percent to 59.5 percent, commercial loan interest rates increased from 58.5 percent to 62.7 percent. Last week, consumer loan interest rates broke a record and increased from 76 percent reached in the week of March 15 to 82.1 percent. During the same period, TL deposits in banks decreased by 1.10 percent to 8 trillion 617 billion 64 million 484 thousand liras, while foreign currency (FX) deposits increased by 2.35 percent to 6 trillion 709 billion 253 million 742 thousand liras. While total FX deposits in banks were calculated as 218 billion 457 million dollars last week, 185 billion 833 million dollars of this amount was collected in the accounts of domestic residents. When the data adjusted for the parity effect is taken into account, there was an increase of 3 billion 608 million dollars in total FX deposits of domestic residents as of March 22. The amount of installment commercial loans increased Consumer loans in deposit banks increased by 1.15 percent last week to 1 trillion 522 billion 179 million 816 thousand Turkish lira. In the same period, installment commercial loans increased by 0.08 percent to 1 trillion 438 billion 4 million 168 thousand Turkish lira, while credit card balances increased by 1.17 percent to 1 trillion 754 billion 731 million 217 thousand Turkish lira. Of consumer loans in deposit banks, 399 billion 271 million 701 thousand Turkish lira was for housing, 69 billion 444 million 184 thousand Turkish lira was for vehicles, and 1 trillion 53 billion 463 million 931 thousand Turkish lira was for other loans. The total credit volume of the banking sector, including the Central Bank, increased by 48 billion 57 million 631 thousand liras in the week ending March 22, reaching 12 trillion 262 billion 11 million 140 thousand liras. The total credit volume increased by 52 percent compared to the same period last year.