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The average deposit interest rate increased to 23.46% in June
The average deposit interest rate increased to 23.46% in June

With the approach of the CBRT's first monetary policy board meeting with its new chairman, the issue of interest came to the fore again. On the other hand, the data released by the Bank showed that the June average in deposit interest rates rose to 23.46%.

TURKEY — As the first monetary policy board meeting, which will be held under the leadership of Hafize Gaye Erkan, the new chairman of the Central Bank of the Republic of Turkey (CBRT), approaches, the issue of interest has started to occupy an important place on the agenda. On the other hand, in the data showing the historical development of the 1- and 3-month maturity and total weighted average interest rates applied to deposits opened in Turkish Lira by deposit banks of the CBRT, it was recorded that the average deposit interest rate was 23.46% in June.

Noting that there has been an upward trend in deposit interest rates in recent months, Accountkurdu.com Banking Business Development Manager Orhun Çağlar Atilla said, "It is known that the market average of deposit interest rates was 16.26% at the beginning of this year.”

Increased by 7% in 6 months

In the CBRT data, it is observed that the market average of deposit interest rates, which was 16.26% at the beginning of 2023, increased to 17.79% in March 2023, while the six-month increase in average deposit rates was recorded as 7%. Orhun Çağlar Atilla reminded that the average deposit rate for 2022 was 16.02% and said, “The upward movement can be clearly seen in the TL Deposit Interest Rates Flow chart shared by the Bank on the Electronic Data Distribution System. It is determined that the June average is approximately 7.5 points higher than the 2022 average. On the other hand, we learn that the profit share rates distributed by participation banks vary between 11.32% and 14.86% for June 2023 and that these rates are between 12.51 and 13.82% in 2021.”

TL deposits increased by 2.8% in the week ending April 14

In the money and bank statistics released by the CBRT on a weekly basis, it is seen that the total deposits in the banking sector, including interbanks, increased by 186 billion 912 million 207 thousand Liras in the week ending April 14 and reached 10 trillion 583 billion 426 million 172 thousand Liras. In the same period, Orhun Çağlar Atilla stated that the TL deposits in banks increased by 2.8% and reached 6 trillion 61 billion 754 million 920 thousand TL. said.

“Deposit rates are determined as inflation sensitive”

Orhun Çağlar Atilla, Banking Business Development Manager at Hesapkurdu.com, drawing attention to the fact that deposit interest and exchange rate ratios are fundamentally determined in a manner consistent with loan interest and exchange rate ratios, ended his evaluations with the following statements: "Banks determine loan interest rates by adding a certain profit margin to the interest they pay to collect deposits. Just like loan interest rates, deposit rates are also tried to be determined as sensitive to inflation to avoid any loss of value. As Hesapkurdu.com, which allows users to research and compare banking and insurance products such as loans, insurance, or deposit accounts and thereby access the most suitable financial product at low costs, we also offer the opportunity to compare deposit interest rates. Users who select the account opening amount and term can see the interest return offers from different banks."

Contact: Tülay Genç | [email protected] | +31 30 799 6022

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