Ford drives hike in car production in Romania
1 day ago
The maximum interest rate on Turkish lira consumer loans applied by local banks is 35%, whereas for vehicle loans it is 31% and for mortgage loans it is 25%, but deposit rates on the other hand are within a maximum band of 12-13%, daily Sozcu reported on November 3.
Official inflation stands at just below 12% while a 5% deposit tax on maturities of up to six months is still in effect.
Meanwhile, despite the jump in costs, Turkish lira (TRY) loans growth only declined to 46.1% y/y as of October 23 from 48.8% y/y as of September 4.
The weekly fresh loans flow is still positive and the new lira created by Turkish banks generally ends up as USD or gold, if not as imports, after returning to the fold.
Consumers and companies in desperate financial straits keep borrowing at whatever cost they have to and those left with any extra lira in their hands at a point in the circular money flow in the domestic economy have little option but to buy USD or gold amid the ongoing record lows set by the TRY against the USD.
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