Türkiye| Weekly Banking Tracker. June 21 , 2024
Published on Friday, June 28, 2024
Türkiye| Weekly Banking Tracker. June 21 , 2024
Following the strong push seen just before the official holidays’ week, FC adjusted weekly credit growth decelerated and turned into negative growth on the week ending on June 21st, also taking into account the negative calendar impact.
Key points
- Key points:
- Among the sub-segments of TL credits, the weekly growth in TL commercial credits contracted due to both SME and non-SME lending in the sector. Slowdown in consumer credits was led by public banks and in all of its sub segments.
- FC credits’ weekly growth continued to decelerate led by the SME lending the sector, in the aftermath of the 23rd May CBRT regulation (monthly growth limit of 2% for FC loans).
- The decline in FC protected scheme (in US dollar terms) continues with a gained pace since 2 weeks and fell by another $1.6bn to USD 62.5bn. The share of TL deposits excluding FC protected scheme in total deposits rose to 50.1% (vs. the CBRT’s target of 50% in 2024).
- After 2 months of downward trend, commercial interest rates rose by 275bps to 63%. Consumer rates rose also sharply by 500bps to 75.8%.
- TL deposit rates fell by 95bps 56.1%, contributing to the improvement in both commercial and consumer spreads alongside the increase in credit rates.