The tracking rate on the individual card has doubled.

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While individual credit card expenditures have increased, the ratio of overdue receivables on individual credit cards has risen at a much faster rate. According to the weekly data from the Banking Regulation and Supervision Agency (BDDK), as of November 8 this year, the ratio of overdue receivables on individual credit cards rose to 2.81%, compared to 1.33% in the same week last year. While the overdue individual credit ratio increased by 111.3%, individual credit expenditures only rose by 64.2% during the same period.

INDIVIDUAL CREDIT CARD VOLUME INCREASED BY 64.2%

The Central Bank had not reflected the increases in policy interest rates to credit card interest rates for a period, during which credit card expenditures had accelerated significantly. Subsequently, the maximum interest rates for individual credit cards were also raised. On September 26, BDDK increased the minimum payment amount for cards over 50,000 lira and extended the restructuring term for credit card and personal loan debts to 60 months. Following these steps, the high increases in individual credit cards were curbed; however, despite the restructuring, the rise in overdue credit card ratios did not slow down. According to BDDK data, as of November 8, individual credit card expenditures reached 1 trillion 667 billion 365 million lira. In the same week last year, the individual credit card volume was 1 trillion 15 billion 687 million lira. Over the year, the volume of individual credit card expenditures increased nominally by 64.2%.

OVERDUE RECEIVABLE RATIO INCREASED BY 1.5 POINTS

The amount of overdue receivables on individual credit cards also reached 46 billion 855.3 million lira in the week of November 8 this year. In the same week last year, it was only at 13 billion 510 million lira. This indicates that the volume of overdue credit on individual credit cards increased by 246.8% over the year. According to calculations based on this data, the overdue receivables ratio on individual credit cards rose to 2.81% in the week of November 8, reaching the highest level of the year. In the same week last year, the overdue receivables ratio on individual credit cards was at 1.33%, thus increasing by 111.3% over the year.

SHARE OF KKM DROPPED TO 7.2%

According to BDDK's weekly data, the downward trend in currency-protected deposits continues. According to the data, currency-protected deposits decreased by 48 billion 987 million lira in the week of November 8, falling to 1 trillion 289 billion 581 million lira. Thus, the share of currency-protected deposits in total deposits dropped to 7.2%, while the share of standard TL deposits rose to 56.2%. On the other hand, according to Central Bank data, the foreign currency deposits of domestic residents increased by 352 million dollars in the week of November 8, adjusted for parity effects.

While the foreign currency deposits of real persons decreased by 329 million dollars adjusted for parity effects, the foreign currency deposits of legal entities increased by 681 million dollars adjusted for parity effects. The increase in Euro-denominated foreign currency deposits particularly influenced the changes in the deposit positions of legal entities. According to Central Bank data, net international reserves decreased by 425.5 million dollars compared to the previous week, falling to 60 billion 734.2 million dollars in the week of November 8. Net reserves excluding swaps decreased to 45.1 billion dollars, down from 45.7 billion dollars in the week of November 1. The Central Bank's total reserves decreased by 2.3 billion dollars last week, falling from 159.6 billion dollars in the week of November 1 to 157.3 billion dollars. Meanwhile, the total loan volume of the banking sector increased by 14 billion 836 million lira in the week of November 8, rising from 15 trillion 133 billion 998 million lira to 15 trillion 148 billion 834 million lira. The total deposits in the sector, including interbank deposits, decreased by 135 billion 349 million lira last week, falling to 17 trillion 891 billion 67 million lira.