Banking Regulation and Supervision Agency
There will be no sudden exit from the FX-protected deposit account scheme, Vice President Cevdet Yılmaz has said.
The scheme was a necessity when it was first introduced and has accomplished its task, Yılmaz told a group of journalists, noting that the amount of money in the FX-protected accounts has been declining fast.
The combined net profit of Turkish banks increased by 53.5 percent in January-September from a year ago to 439.7 billion Turkish Liras ($16.1 billion).
Total assets of the banking sector rose more than 47 percent from the end of 2022 to amount to 21.09 trillion liras, data from the Banking Regulation and Supervision Agency (BDDK) showed.
Money parked at the FX-protected deposit accounts, also known as KKM, has declined for the first time since the start of the year.
KKM deposits fell around 39 billion Turkish Liras from 3.41 trillion liras on Aug. 18 to 3.37 trillion liras ($124 billion) as of Aug. 25, the weekly data from the Banking Regulation and Supervision Agency (BDDK) showed.
The combined net profit of Turkish banks increased by 41 percent in the January-July period from a year ago to 293.4 billion Turkish liras ($11.1 billion), the data from the Banking Regulation and Supervision Agency (BDDK) have shown.
In July alone, the banking sector's net income was up around 12 percent to 43.3 billion liras.
The Banking Regulation and Supervision Agency (BDDK) has announced a decision to tighten the conditions for some housing loans as part of the measures aimed at strengthening macro-financial stability.
The loan-to-value ratio has been tightened by 75 percent and set at 22.5 percent from a previous 90 percent for those who want to buy a second home.
Moody's Investors Service has changed its outlook to stable for Turkish banks, saying that for the Turkish banking system is stable as operating conditions improve following the elections.
The government's initial steps to return to orthodoxy in policymaking following the elections in May is supportive of operating conditions for Turkish banks, the rating agency said in a new report.
The Banking Regulation and Supervision Agency (BDDK) has granted licenses to Enpara and Colendi Bank to establish banks.
Enpara, which offers services on digital channels under the roof of QNB Finansbank, has given the green light to operate as a deposit bank. Enpara Bank will be established with a capital of $300 million.