Turkey New Loans Decline 31% in 1st Quarter, Bank Group Says

The amount of new consumer and housing loans issued in Turkey in the first quarter fell 31 percent over the same quarter a year earlier, according to data released by Banks Association of Turkey.

Turkish borrowers took out a total of 22.1 billion liras ($12.1 billion) in consumer and housing loans in the quarter, the association said in an e-mail today. The number of individuals taking out the loans declined by nine percent to 2 million, it said.

The total amount of loans outstanding reached 162 billion liras, a 22 percent increase over a year earlier, while the number of individuals with loans outstanding increased four percent to 12.7 million, it said.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.