Türkiye | Weekly Banking Tracker. April 19, 2024

Summary

Foreign currency adjusted weekly credit growth has been decelerating since the start of April; and turned into negative weekly growth with -0.22% in the week ending by April 19th, due to both commercial and consumer credits of public banks.

Key points

• Key points:
• Contraction in TL commercial credit accelerated due to public banks’ non-SME lending.
• Consumer credits slightly accelerated thanks to general purpose loans in private banks. Weekly growth in consumer credit cards turned into sharp contraction in the sector, led by public banks.
• Residents’ FC deposits rose by $347mn. Adjusted from price effects, FC deposits rose by 1.1bn on a weekly basis and by $3bn year to date according to the CBRT.
• The FC protected scheme (in US dollar terms) fell by almost $1.2bn to USD 70.15bn. The share of TL deposits excluding FC protected scheme in total deposits remained at 43% (vs. the CBRT’s target of 50% in 2024).
• As released by the CBRT, TL deposit rates rose by 236bps to 60.3%. Among the brackets, the highest rise was in up to 3-month bracket with 303bps moving up to 69% which also remains to be the highest TL rate among the brackets.

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