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TL/Commercial Deposit Interest Rates Continues to Diverge

TURKEY
  • Ekonomim report that the difference between interest rates on lira deposits and commercial loans continues to widen in favour of deposits. Lira deposit interest rates are expected to exceed 30% in the next two weeks. After the Central Bank's continued macroprudential measures and policy rate cuts, the average commercial loan interest rate of banks fell to its lowest level since Oct 2020. On the other hand, the rise in TL deposit interest continues.
  • The Minimum Wage Determination Commission held its first meeting this week. The government side is expected to offer an increase to more than 8,000 liras, Ekonomim report.
  • Turkish industrial production rebounded in October, expanding by +2.4% m/m and outpacing forecasts of a -0.7% m/m contraction. This was a swift recovery from the -1.6% m/m fall in September, with production increasing by +2.5% y/y.
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