Interest rates on TL deposits and loans decreased …
The interest rate applied by banks for deposits in TL was 16.22% in the week of February 12, with a decrease of 5 basis points compared to the previous week, while the interest rate of deposits in dollars decreased 3 basis points to 1.18% and the interest rate on deposits in euros decreased 3 basis points to 0.44%.
The interest rate on TL-based business loans decreased 36 basis points in the same week compared to the previous week and became 19.90%. TL-based mortgage loan rates decreased 8 basis points to 18.04%; Auto loan rates decreased 45 basis points to 19.25% and consumer loan rates decreased 11 basis points to 22.27%.
The interest rate on commercial loans in dollars increased 11 basis points to 3.46% in the same week, while the interest rate on commercial loans in euros decreased 31 basis points to 2.74%.
The deposit spread applied to commercial loans was 3.68% for TL, while it was 2.28% and 2.30% for USD and Euro, respectively. The deposit spread on commercial loans in TL continues to be above the spread applied to loans in dollars and euros.
Loan and deposit rates, which rose rapidly after August 2018, entered a downward trend with the CBRT interest rate cuts since July 2019. Expansive policies initiated within the scope of Covid- 19 gradually began to tighten with the return to the new normal, and there was an upward movement in TL interest rates.
In periods when interest rates are high, the difference between the interest rate applied by banks to loans and the interest rate applied to deposits increases. In other words, the spread between loans and deposits increases in times of high interest rates. BMD interprets this situation as that banks reflect their increases in loan interest rates before depositing …