Page 21 - Turkey Outlook 2023

In June, net lira creation via loans broke a fresh record with Turkish lira
(TRY) 229bn ($13bn). In July, a sharp decline was seen. In September,
it surpassed TRY200bn again. In October, it stood at just below the
TRY200bn-level. In October, the figure tested the record level with TRY
228bn, while a fresh record was on the way in December.

As of December 27, net lira creation via loans extended its record on an
annual basis to TRY 2.2 trillion . The previous all-time high stood at
TRY711bn. That figure was recorded in 2020.

During the beginning of 2023, ahead of the elections, new loan growth
waves will be set in place.

3.4 Debt

Let’s remember the pat phrase: “External financing needs for 202[3]
remain high … it can be assumed that external debts will be rolled over
in 202[3] as well.”

21 Turkey Outlook 2023 www.intellinews.com