Deposit fees can reach up to 50%

Economy The administration and the Central Bank (CBRT) are about to lose control of the economy, which is stagnant and advancing in a dead end, also with the effect of the elections. AKP President and Chairman Recep Tayyip Erdoğan told CNN International the day before: “There will be no changes in economic policies. We will continue to lower interest rates,” he said. President Tayyip Erdoğan, who gave the message that he would continue with the same policies after May 28 despite inflation and the inevitable depreciation of the Turkish lira, has again said that he will not give up the policies that drag down the economy. into the abyss In his declaration of interest, President Erdoğan stated that interest rate cuts were made because of Nas and said, “As a Muslim, I will continue to do whatever Nas requires.” However, despite the central bank’s policy rate of 8.50 percent, which the government accepts as ‘nas’, citizens use 34 percent average interest loans from the bank and receive 40 percent interest. percent of deposits.

GIVE NEW GOALS

With the elections heading to the second round, one of the first moves of the Central Bank was to raise the additional foreign currency conversion target granted to banks to TL. With the modification published in the Official Gazette on May 17, the additional foreign currency to TL conversion obligation thresholds granted to banks for real person accounts were rearranged. According to the information provided by the bankers, the interest rate on large TL deposit transactions increased to 40 percent last week. The bankers draw attention to the fact that in an environment where interest on TL deposits reaches 40 percent, KKM’s interest rates can also rise up to 50 percent.

More than 30 percent after 20 years

Especially after the FX Protected Deposit (KKM) came into use, the gap between the deposit rate and the policy rate widened. According to Central Bank interest statistics, while the average interest rate on 3-month TL deposits was 17.73% in December 2021, when the KKM was put into use, it increased to 30.47% at starting May 12. The last date this rate was above 30 percent was October 2003.

5% monthly interest on the loan

With the new regulations made after the first round of the presidential election, some individual loans have been halted, while many transactions, including maturity extension, in corporate loans are postponed until after the second round of the election. At some banks, home loans rose as high as 3.50 percent, while vehicle loans reached 4 percent. With the CBRT regulations in recent months, the monthly interest rate for consumer loans over TL 70,000 has exceeded 5 percent.