Weekly fixed course in loans
According to the BRSA bulletin for the week of March 19, total placements in the sector contracted 1% weekly in TL terms. Loans in TL increased 0.4% weekly, while loans in foreign currency decreased 0.1%. Loans in TL grew 1.7% since the beginning of the year. Since the beginning of the year, consumer loans have increased by 1.6%, while loans in foreign currency have remained stable.
1.1% weekly contraction in TL deposits
Total deposits contracted 1.9% weekly in TL terms. Deposits in TL contracted by 1.1% weekly (public: -1.8%, private: -0.4%), while deposits in foreign currency increased by 1.1%. Foreign currency deposits peaked at $ 259 billion in the week of January 22, and are currently at $ 256 million. The ratio of foreign currency deposits to total deposits decreased from 55% to 54% compared to the week of March 12. The total loan / deposit and loan / deposit ratios in TL stand at 105% and 153%, respectively. The loan / deposit ratio in foreign currency is around 65%.
NPL ratio at 4%
Although the NPL ratio in the sector remained constant at 4%, the provision ratio increased from 75.7% to 76.1%. As in our previous comments, we do not expect a significant change in the NPL ratio in the first half of 2021, despite the lagged effect of the impact of macro negatives on asset quality, given the convenience provided by BRSA in classification of bad loans. In addition, we expect provisions to remain high, as evidenced by the sector data announced with the increase in the volume of Group II loans.
CBRT Reserves Increased by $ 1.6 Billion in the Week of March 19 to $ 93.2 Billion
– Gross foreign exchange reserves increased $ 1.2 billion weekly to $ 53.9 billion, and gross gold reserves increased $ 316 million weekly to $ 39.3 billion. Thus, gross reserves increased by $ 1.6 billion weekly to $ 93.2 billion.
– Net reserves defined by the IMF increased by $ 2.7 billion weekly to $ 13.7 billion.
* As of March 19, the open swap position of up to 1 month is $ 21 billion (March 12: $ 18.7 billion), and the total open swap position is $ 62.1 billion ($ 57 billion in foreign currency + $ 5.1 billion in gold). (March 12: $ 57.6 billion – $ 52.7 billion in foreign currency + $ 5.0 billion in gold).
* As of March 19, IMF-defined net reserves, excluding total swap positions, stood at -48.4 billion dollars (March 12: -46.7 billion dollars).
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