2025-06-10-花旗集团-土耳其经济_图表包_截至5月30日的一周_11页_306kb

Overview: Citi Research provides a detailed macro-financial snapshot for Turkey as of May 30, 2025, focusing on key indicators such as foreign reserves, foreign exchange activity, portfolio inflows, and credit growth. The analysis is based on central bank data and covers various aspects including deposits, loans, and non-performing loans (NPLs).

Reserves and FX Position: Gross foreign reserves stand at $153.2 billion, with a small positive weekly change of 0.1% and an increase from the previous week. Net interest reserves are $49.3 billion, and net financial assets (NFA) decreased slightly. Foreign exchange deposits total $191.8 billion, with households holding $117.5 billion and corporates $74.3 billion. FX-protected deposits are at $14.8 billion, showing a decline.

Loan Growth and Credit Metrics: Loan growth is robust at 33.6% annualized (FX-adjusted), with corporate loans at 26.1% and consumer loans including credit cards at 52.5%. NPL ratios remain low at 2.2% overall, while consumer-related NPLs are around 3.8%. Loan-to-deposit ratios are stable, with TRY-based ratios at 84.5% and FX-based at 85.3%.

Portfolio and Deposit Activity: Non-resident portfolio inflows are negative (-4.712 billion USD), signaling outflows. Total deposits in TRY are $22,096 billion, with a high year-on-year growth of 29%. Interest rates are elevated, with consumer loan rates at 69.7% and commercial rates at 61.5%.

Key Trends: Recent data shows gradual declines in reserves and deposits due to valuation adjustments, but steady credit growth with manageable NPL levels. Portfolio outflows and FX transaction volumes indicate liquidity pressures. The outlook depends on external factors like FX market dynamics and internal policies.

For More Details: Refer to Citi Research's charts and specific disclosures for granular data and analyst insights.