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Banking Sector Boost Non-Interest Income Due to Regulation on Rates

TURKEY
  • The banking sector, which has been unable to raise interest rates on loans due to regulations, has resorted to boosting non-interest income through fees, commissions, and insurance to circumvent the obligation of purchasing securities, local newspaper Ekonomi report. Based on May data from the BRSA, the banking sector saw a 148% surge in total non-interest income, compared to a mere 3% y/y increase in net interest income.
  • Investors with plans to invest in Turkey have started to take action following the elections, Hurriyet report. The President of Turkey's International Investors Association (YASED) said members are planning direct international investment of $7.1 billion in Turkey in the next six months. However, he added that first-time investors are waiting to invest, for now.
  • Erdogan, speaking on Wednesday at the end of a NATO summit in Vilnius, said his government would submit a bill on Sweden’s membership after Stockholm shares a new plan about cracking down on Kurdish separatist groups. Erdogan is expected to seek support of his nationalist ally Devlet Bahceli to ratify Sweden’s bid, however, Turkey’s parliament is set to go into recess on Friday until mid-September unless it decides to work an extra week to wrap up pending legislation.
  • Turkey's retail sales rose 28.427% y/y in May versus a revised +27.6% in April, according to data released by the Turkish Statistical Institute this morning. The monthly figure rose 2.1% versus a revised +1.0% the month prior. There are no other notable releases on the docket for the remainder of the week.
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