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Increase in Commercial Loan Rates Exceeding Increase in Deposit Rates

  • Steps by the central bank and economy management team toward traditional policies has caused an increase loan and deposit rates, Ekonomi report. However, the increase in deposit rates has fallen behind the rapid increase in loan rates. Since May 26, the central bank’s policy rate has increased by 21.5ppts while commercial loan rates rose by 34.35ppts and deposit rates by 11.61ppts.
  • Diplomats from Turkey are set to meet their Greek counterparts in Athens for a two-day meeting starting on Oct 16, the Turkish ministry confirmed as per Hurriyet. The primary focus of the meeting will be on reviewing the progress made since the last meeting in Ankara on Mar 22 and will centre on key areas such as trade, the economy, energy and social relations.
  • The private sector’s total outstanding loans received from abroad fell by $2.5b from end-2022 to $155.3b as of August, data released this morning showed. Meanwhile, home sales fell 9.5% y/y in September following a decline of 1.1% y/y in August.
  • The Treasury & Finance Ministry will publish the central government budget balance for September at 0900BST local time. Looking ahead, there are no major data releases on the docket this week.

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