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one On the one hand, the cost of money is increasing, and on the other hand, citizens are overwhelmed by rising prices and taxes, which limits the use of credit. As of the end of June, the compound average interest rate of consumer loans rose to 74.6%, the compound average interest rate of commercial loans rose to 61.1%, and TL loans slowed down in the second quarter. But foreign currency loans with an average interest rate of around 8.5%-9% grew faster. It seems that with the deposit reserve measures taken by the economic management department in June, the growth rate of foreign currency loans has slowed down. In the first half of 2024, the total amount of bank credit reached 13 trillion 803 billion liras, an increase of 2 trillion 173 billion liras, an increase of 18.6%. In the first six months of 2023, under the implementation of a low interest policy, the total amount of loans increased by 32%.
It stopped in June
TL 525 billion (TL 895 billion) of the six-month loan growth came from consumer loans and credit cards, while business loan volume increased by TL 1 trillion (TL 647 billion). Of this, in the first six months of this year, the banking sector’s consumer loans and personal credit card quotas reached TL 3 trillion 195 billion, an increase of 19.70%; total business loans reached TL 10 trillion 609 billion, an increase of 18.4%. percent. TL loans were 8.8% in the first quarter, but the growth rate slowed down to 3.9% in the second quarter. Month-on-month growth was 0.2% in April, 1.9% in May, and 1.7% in June. In US dollar terms, foreign currency loans grew by 4.6% in the first quarter and 12.4% in the second quarter. Monthly growth in foreign currency loans was 4.5% and 6.8% in April and May, respectively, but due to additional measures taken in June, the growth stopped at 0.7%.
Credit card spending has not slowed down
n Best of the Year In the first half of the year, citizens’ debt to banks came mainly from credit cards. The issuance of personal credit cards was 1 trillion 155 billion liras at the beginning of the year, and increased by 313 billion 260 million liras by the end of June. As a result, citizens’ card debt increased by 27.1% to 1 trillion 468 billion liras. Consumer loans, which consist of auto, housing and consumer loans, increased by 212 billion – 634 million liras in six months, an increase of 14.4%, to 1 trillion – 726 billion liras. In the first quarter, total card expenditures amounted to 3 trillion liras, an annual growth rate of 122.2%; in the second quarter, total card expenditures amounted to 3.6 trillion liras, an annual growth rate of 99.1%.
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