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.

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