Following the 14 May elections, the Central Bank restricted the use of cash advances on credit cards, although it swiftly reversed this decision once the election period was over. Despite the reversal, there were reported difficulties in accessing commercial loans throughout 2023.
The total amount of credit extended by banks, encompassing both commercial and personal loans, accounted for approximately 56% of Turkey's GDP in 2022. This figure is projected to reach 60% in the forecast period.
Banks restricted loans during the first half of 2023 despite the growing demand for auto lending. In June 2023, the Central Bank decided to raise interest rates after much anticipation.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Turkey with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Turkey, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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