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The combined volume of domestic FX loans extended by Turkish banks reached a record level of $193bn as of August 15, according to data from local banking watchdog BDDK.
The previous record was $187bn, registered in April 2018. With the August 2018 lira crash, Turkey entered a crisis spiral, still ongoing. To avoid bankruptcies, FX liabilities of local companies were converted into lira loans via restructuring schemes.
As a result, the loans figure fell to $125bn in October 2023. Following the May 2023 national elections, the government returned to orthodox monetary policies. Lira interest rates boomed and companies turned to FX loans.
The central bank introduced FX loan growth caps on local banks to avoid uncontrolled lending booms. The cap was previously set at 1.5% m/m. In March, it was cut to 0.5% m/m from 1% m/m.
FX loans have nevertheless boomed, although the central bank revived its easing cycle in July. Since June, the FX loans volume has been on a run of records.
Consumers are not allowed to obtain FX loans. As of August 15, the combined volume of FX-denominated consumer loans stood at $181mn, including in $177mn credit card debt that was spent abroad.
Table: Turkish banking system loan composition as of August 15.
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