Banks started to open the door from 30 percent with ‘welcome interest’

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Despite the reaction and criticism, the Central Bank reduced the policy rate from 17 percent to 9 percent. However, the steps taken by the Central Bank to rein in the dollar increased the deposit interest rate in banks to 30 percent. Some banks opened the door to deposit investment under the name of ‘welcome interest’. Drawing attention to the issue and stating that the gap between them is getting bigger, economist Prof. Dr. “Policy interest: 9. Percent Apolitical Interest: 30 percent,” said Şanol Babushçu.

The Central Bank of the Republic of Turkey (CBRT) reduced the policy rate from 17 percent to 9 percent, despite the reactions and criticisms. However, the steps taken by the Central Bank to rein in the dollar increased the deposit interest rate in banks to 30 percent. Some banks opened the door to deposit investment under the name of ‘welcome interest’.

Despite the Central Bank’s lowering of the benchmark interest rate, the rise in deposit rates continues. According to the information obtained, the sector is starting the TL deposit race again. The Turkish Lira deposit rate, which was in the range of 24 to 27 percent until last week, has increased to 30 percent as of today.

AKBANK TAKES THE FIRST STEP

Akbank was the first to introduce the 30% interest rate application. With the decision taken on Friday, Akbank will give 30 percent interest on 1-month TL deposits as of today. As of yesterday, Akbank increased the ‘Welcome’ interest rate to 30 percent. It is expected that other banks will reduce the interest rate they give to one-month deposits to 30 percent as of today in order to compete.

THREE BIG BANKS HAVE DECIDED

On the other hand, 3 big banks are starting to attract their TL deposits to 30 percent. Small-scale deposit banks are expected to increase this rate up to 34 percent this week.

THE GAP IS GROWING GREATER

Continuing his assessments regarding the increase in deposit rates in banks despite the policy rate determined by the Central Bank, former Deputy General Manager of Ziraat Bank and Head of the Department of International Finance and Banking at Başkent University Prof. Dr. Şenol Babuşçu made a remarkable post on his social media account Twitter.

Drawing attention to the gap between policy interest and deposit rates, Babuşçu said, “Policy Interest 9%, Apolitical Interest:) 30%” in his sharing.