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A rough calculation shows that the vast majority of people in the country might be said to be living under a form of financial bondage.
The average debt owed by a Turk to banks stood at TRY 21,000 ($3,092) as of the end of April.
The volume of consumer loans extended by Turkish banks moved up by 2% w/w in the week ending June 19 to stand at Turkish lira (TRY) 565bn (€74bn), according to data from banking regulator BDDK.
Housing loans rose to TRY223bn from TRY216bn while car loans inched up to TRY8bn from TRY7.7bn.
BDDK also reported that the total loan volume climbed to TRY3.22trn as of June 19 from TRY3.2trn from the previous week.
Commercial loans, on the other hand, remained almost unchanged at TRY2.55trn.
Consumers' credit cards debt stock amounted to TRY110bn, rising from TRY109bn in the previous week.
At the end of 2019, total loan volume was TRY2.65trn with consumer loans standing at TRY465bn.
8.1.2 Deposits
FX deposits and funds, including precious metals, held by Turkish individuals and corporates rose to $200.21bn as of May 29, just short of the record high of
46 TURKEY Country Report July 2020 www.intellinews.com
