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● Lira loans flow
In June, net lira creation via loans broke a fresh record with Turkish lira (TRY) 224bn ($12bn). In July, a sharp decline was in place but it was again too late to save the lira from another crash.
As of July 26, net lira creation via loans extended its record on an annual basis to TRY 1.1 trillion (The figure may decline if the amount of fresh loans declines below the amount of loan repayments in the remainder of the year). The previous all-time high stood at TRY711bn. It was recorded in 2020.
Since May, the government has been tightening monetary conditions again via macroprudential measures and non-capital controls.
8 TURKEY Country Report August 2022 www.intellinews.com
