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Turkish Banks Could Face Risks Due to Credit, Fitch Says

TURKEY
Turkish banks could face risks due to the recent rapid increase in retail credit card lending if credit conditions tighten further or economic growth slows, Fitch Ratings says.
  • "Retail credit card lending grew by 162% in 2023, far outpacing inflation and nominal loan growth. The rapid growth continued in 1Q24 (19%). Households have significantly increased their credit card use in the inflationary environment to frontload purchases and to spread their purchase costs over several months by paying in instalments."
  • "Unsecured retail lending has grown fast despite various macroprudential measures since Turkiye’s elections in May 2023 to curb inflation, including, until recently, a limit on monthly lending growth. We expect the central bank to pursue tighter financial conditions, aided by targeted bank regulations to cool down consumer and credit card loan growth."
  • Full report here.
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