NEWSROOM

The CBRT's guidance encouraging the exit from FX-protected deposits and its decision to raise interest rates for the fifth month in a row were reflected in deposit rates. Data showed that the market average deposit rate increased by 43% on average in a year to 40% as of October 2023.

The new economic policies pursued by the Central Bank of the Republic of Turkey (CBRT) under the leadership of Hafize Gaye Erkan and the Ministry of Treasury and Finance under the leadership of Mehmet Şimşek were reflected in the average deposit interest rate. The changing approach to economic management pushed the market average deposit interest rate to 40% in October 2023. Orhun Çağlar Atilla, Banking Business Development Manager at Hesapkurdu.com, a financial product comparison platform, shared his assessments on the subject.

Annual increase averaged 43%

Data analyzing the deposit interest rate market revealed that the market average increased by 43% on average in October 2023 compared to the same period of the previous year. When the first 10 months of the year were evaluated, the average deposit interest rate was recorded as 32.50%. Emphasizing that the highest average was realized in October with 38%, Orhun Çağlar Atilla said, "This result, shaped by the moves of the new economic administration, was expected by analysts and economists. Deposit interest profit share rates are basically determined based on loan interest/profit share rates. This is because banks set loan interest rates by adding a certain profit margin to the interest they pay to collect deposits. These rates are tried to be determined as sensitive to inflation in order to avoid any loss of value."

Participation banks' dividend rates rose above 25.60% 

The data compiled by Hesapkurdu.com also included the dividend rates distributed for participation banks. It was seen that the dividend rates, which were in the range of 15.6% to 17.36% for October 2022, were in the range of 25.60% to 26.70% in October 2023. Noting that the upward movement is clearly visible in the TL Deposit Interest Rates Flow chart shared by the Central Bank on the Electronic Data Distribution System, Orhun Çağlar Atilla said, "In August 2023, the CBRT announced that the conversion target to Currency Protected Deposits, known as FXPD, was terminated and the simplification process would continue gradually. The forecasts made at the time of this announcement were that the TL Deposit Rate would reach 40%, and we see that these forecasts have come true. As of October 26, the new road map of the CBRT, which increased the interest rate for the fifth time in a row to 35%, is also welcomed by the market."

"We ensure that everyone finds the most suitable financial product for their expectations" 

Orhun Çağlar Atilla stated that Hesapkurdu.com allows a comparative analysis of bank and insurance products such as loans, insurance or deposit accounts and concluded his evaluations with the following statements: "Changes in macro policies are closely related to individual depositors. As Hesapkurdu, we offer a solution where everyone can compare the financial products offered by any bank. Deposit interest rates are one of the comparison solutions at hesapkurdu.com, which enables users to compare financial products such as loans and insurance and access these products at the most affordable costs. Users who choose their account opening amount and maturity can see the interest return offers of different banks and choose the most suitable option for them.