Türkiye| Weekly Banking Tracker. May 31, 2024

Summary

FC adjusted weekly credit growth decelerated from 1.6% to almost 1% in the week ending by May 31st due to commercial credits in private banks.

Key points

• Key points:
• The weekly growth in TL commercial credits accelerated due to SME lending in private banks.
• Consumer credits’ continued to increase thanks to the increase in auto loans of private banks and general purpose loans of public banks. Credit cards kept their momentum as well and increased in both public and private banks
• FC credits’ weekly growth decelerated sharply due to private banks’ non-SME lending 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) accelerated sharply last week and declined by $1.2bn to USD 66.6bn.
• Commercial interest rates continued to decline by another 16bpsto 62.5%. Consumer rates fell also by 175bps to 71.2%, led by the decline in general purpose loans by 100bps to 76%.

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