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Banks Avoiding Lending Funds In Order To Reach 50% TL Deposit Ratio

TURKEY
  • In order to reach the 50% required threshold of lira deposits, banks are keeping funds in deposit accounts rather than lending them out to businesses, Ekonomim report. According to information provided by Ekonomim sources, keeping commercial loans in demand deposits not only increases the TL deposit rate, but also reduces the high interest rate given for TL deposits.
  • Turkey is conducting preparatory works to create a gas hub to supply gas to Europe, Turkish President Erdogan said on Sunday, Trend reports citing TASS. "Putin, as you know, suggested that natural gas for Europe be distributed via Turkey’s territory. We are conducting preparatory works for that," the TRT television channel quoted him as saying.
  • Kilicdaroglu, the leader of Turkey’s main opposition party, promised to bring $100 billion of direct investment if elected to power in the elections scheduled for June next year, Bloomberg report. He also said his government would secure an additional $75 billion investment in the first three years from various other sources.
  • Turkish inflation slowed for the first time in over a year and a half after data released this morning showed that consumer prices rose an annual 84.4% in November (Est. 84.8%), down from 85.5% the previous month.
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