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Deposit Rates Decline Due to Decreasing Appetite for Credit

TURKEY
  • Due to the difficulty in converting deposits collected at high interest rates into loans as well as the decreasing appetite for credit, deposit interest rates have started to decline, Ekonomi report. The newspaper write that the interest rates on standard TRY deposits with a maturity of up to 3 months had exceeded 50% in the last month of last year, but on average they have now decreased to around 41% in the new year.
  • Minister of Treasury and Finance Mehmet Simsek and CBRT Governor Hafize Gaye Erkan are slated to participate in an investors' meeting organised by JP Morgan on January 11 in New York. The meetings follow sustained efforts from President Erdogan’s new economy management team to channel international investment into Turkey over the past few months.
  • Industrial Production data is on the docket tomorrow ahead of Retail Sales and Current Account data at the end of the week. Moody’s may provide an update to Turkey’s sovereign credit rating on Friday (Current rating: B3; Outlook: Stable).
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