Commercial loan growth at a standstill

While commercial loan interests continued to rise rapidly, the loss of momentum in the growth rate also reached remarkable dimensions.

According to the calculation made on the data of the Banking Regulation and Supervision Agency (BDDK), as of the week of July 7, 13-week, annualized and exchange-adjusted growth in commercial loans was recorded as 8.1 percent.

During the monetary expansion period, the growth rate in commercial loans had increased to 56.1 percent. In the period before the election, the growth was recorded as 45.1 percent.

Rapid rise in commercial loan rates

According to the data of the Central Bank of the Republic of Turkey (CBRT), the average interest rates in commercial loans reached 24.5 percent in the week of July 7.

In February of this year, the average commercial loan interest rates declined to 13.2 percent.

Similar momentum was also observed in consumer loans. Average interest rates on consumer loans rose to 48 percent in the same period.

While an increase was observed in loan rates, it was observed that the downward trend in TL deposit rates continued. According to the CBRT data, the average interest rate on deposits with a maturity of 1-3 months was reduced to 37.8 percent.

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