Consumer loans hit $78 billion

Consumer loans hit $78 billion

Consumer loans hit $78 billion

The volume of consumer loans increased by 2.5 billion Turkish Liras on a weekly basis to climb to 453 billion liras (around $78 billion) in the week ending Dec. 6, data from the Banking Regulation and Supervision Agency (BDDK) showed on Dec. 12.

Housing loans climbed to 196 billion liras as of Dec. 6 from 194.9 billion liras from a week ago while car loans increased to 6.62 billion liras from 6.55 billion liras.

Data from the regulator also showed that personal finance extended by local banks stood at 251 billion liras versus 249 billion liras on Nov. 29.

The country’s Central Bank this week revised the reserve requirement regulation that links the ratios and remuneration rates to loan growth rates.

Based on the new move, the real change in Turkish Lira cash loans will be taken into account in the calculation of loan growth, the bank said in a statement on Dec. 9.

“Thus, long-term commercial loans that have a strong relation with production and investment and long-term housing loans that have a weak relation with imports will be encouraged,” the bank added.