Bank loans in the country have seen a sharp rise, climbing from 76 billion TL last year to 110 billion TL, marking a 43.44 percent increase in just one year.
This surge comes as the cost of living continues to rise, eroding citizens’ purchasing power. Faced with financial challenges, more people are turning to banks for loans, leading to a steady increase in the total loan amounts held by banks.
According to the Central Bank’s second-quarter report for 2024, bank loans reached 109.9 billion TL, reflecting the economic strain on citizens. Meanwhile, the total assets of the TRNC banking sector grew by 69 percent, reaching 271.6 billion TL. As of June, total deposits in the sector stood at 215.7 billion TL, with 79.32 percent of deposits held in foreign currency and only 20.68 percent in Turkish Lira.
