ALMOST AT STANDSTILL
end ng on July 6. Th s rate, wh ch has been at ts lowest level s nce November, was above 18 percent just four weeks ago. Consumer loans n th s per od ncreased by 13.8 percent due to the effect of the hous ng campa gn. Thus, the overall loan growth rate was calculated at 13.3 percent.
As w th recent trends, publ c banks have come to the fore as the source of cred t. The loan growth rate of publ c banks’ decl ned to 5.4 percent, almost at a standst ll, wh le the rate of publ c banks was 27.5 percent. Th s s the lowest level s nce November 2016, just before the ntroduct on of the Cred t Guarantee Fund. Pres dent Erdogan told journal sts last week that targets cannot be reached only w th the publ c banks and that pr vate banks should be more w ll ng to g ve cred t.
Non-res dents bought $397 m ll on n bonds wh le they sold net $81 m ll on n shares the week before the announcement of the new cab net. Th s was the h ghest level seen n bond purchases s nce the week end ng on February 2. Res dents’ fore gn exchange accounts ncreased by $755 m ll on to $163 b ll on. Fore gn exchange demand mostly came from nst tut ons.