10 percentage point decline in deposit rates
The average interest rate on deposits with maturities up to 3 months has fallen by up to 10 percentage points since its peak in mid-April.
The downward momentum in deposit interest rates continued during the holiday week.
According to data from the Central Bank of the Republic of Turkey (CBRT), the weighted average interest rate on TL deposits with a maturity of up to three months was recorded as 58.38 percent on June 21. Thus, deposit interest rates were below 60 percent after three months.
Deposit interest rates peaked at 68.88 percent in the week of April 19. At the last point, there was a 10-point decline in deposit rates compared to this peak level.
The total deposits of the banking sector increased by 104.8 billion liras in the week ending June 21 compared to the previous week and reached 16 trillion 943.1 billion liras.
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