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Interest Rates on Consumer Loans Continue to Increase

TURKEY
  • While the conversion rate of deposits into loans remains weak, interest rates on consumer loans continue to rise, Ekonomi report. Indeed, recent central bank data showed that as of the end of January 5, the consumer loan interest rate increased by 167 basis points compared to the last week of last year, reaching 63.42%.
  • Turkey is looking for foreign partners in infrastructure megaprojects as part of a push to attract investment from abroad, Bloomberg report. The head of the state Investment Office charged with encouraging businesses to invest in Turkey told Bloomberg in an interview that deals are possible on projects built under so-called public-private partnerships, which range from highways to health.
  • The head of Turkish Exporters Assembly has criticised recent wage increases, saying “each wage increase disrupts the balance in the market… Currently, the cost of employing an unskilled employee is $850. It is not possible for exporters to compete with the world at this level."
  • No major data releases are on the docket for the remainder of the week.
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