TL deposit rates stop declining
After peaking in mid-April, the 10-point decline in TL deposit rates with maturities of up to three months, which had been in place for 1.5 months, came to a halt.
According to the weekly and banking statistics released by the Central Bank of the Republic of Turkey (CBRT), the total deposits of the banking sector increased by 57.4 billion liras to 17 trillion liras in the week ending June 28 compared to the previous week, while the 1.5-month decline in TL deposit rates also stopped.
Accordingly, total deposits of the banking sector (including interbank deposits) increased by 57 billion 435 million 735 thousand liras to 17 trillion 508 million 6 thousand liras in the week ending June 28.
In this period, the decline in deposit interest rates also stopped. While the average compound interest rate on TL deposits with 1-3 maturities was 58.4 percent in the week ending June 21, the said interest rate was recorded as 59.2 percent in the week ending June 28. Thus, the 1.5-month decline in TL deposit interest rates ended.
In the same week, commercial and personal loan rates continued to decline. While the general purpose loan rate, which was 76.5 percent in the week of June 21, was recorded as 74.6 percent in the week of June 28, the commercial loan rate, which was 65.9 percent in the previous week, was recorded as 62.3 percent.
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