The total amount of Turkish lira held in bank accounts in Turkey reached the 1.2 trillion TL mark, while accounts denominated for foreign currency held $224.7 billion, according to recent Central Bank figures pertaining to the week ending on Jan. 31.
The amount of consumer credit stood at 460.5 billion TL, while the amount of installment commercial loans totaled 379.5 billion TL. More than a third of the consumer credit, 188.8 billion TL, pertained to mortgage and housing loans.
The total credit volume held by all Turkish banks including the Central Bank reached the 2.6 trillion TL mark by Jan. 31, a 13.78 increase year-on-year.
The burden of consumer credit has become an increasing problem in Turkey in recent years, as banks for years gave out credit lines that could be obtained as easily as by sending a text message. Millions of consumers hold numerous credit cards and have become saddled with debt, a problem compounded by the persistently high inflation in recent years that has resulted in the continual increase in the price of consumer goods, services and other expenditures.