Türkiye | Weekly Banking Tracker. January 26, 2024

Summary

In the week ending by January 26, foreign currency adjusted weekly credit growth accelerated sharply and turned from negative growth to 0.8% due to both commercial and consumer credits in the sector. Total credits’ 13-week annualized trend fell from 24.5% to 23.4% due to carry-over impact of the previous week.

Key points

• Key points:
• TL commercial credits’ weekly growth accelerated due to SME credits of both public and private banks.
• Last week’s negative weekly growth in consumer credit cards turned to strong weekly growth in the overall sector.
• TL deposits rose by only TL18bn due to outflows from corporates’ TL time deposits by around TL 93bn compared to increase in TL demand deposits of official institutions by TL 85bn.
• The share of TL deposits excluding FC protected scheme in total deposits rose slightly to 42.9% (vs. the CBRT’s target of 50% in 2024).
• As released by the CBRT, TL deposit rates rose by 46bps to 46.4% after three consecutive weeks of a downward trend.

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