Credit-to-Deposit Ratio Hits 92.64% in 2026: Tight Monetary Policy and FX Loans Drive the Shift

The banking sector has pushed the credit‑to‑deposit ratio to 92.64% in June 2026, reaching the highest level in three years despite the drag of tight monetary policy.

Tight Money Turnaround: Ratio Rebounds

After slipping below 90% in June 2023, the ratio climbed back to 92.64% in June 2026 according to BDDK’s monthly data. The surge reverses the peak of 111.71% seen during low‑interest years and reflects the impact of aggressive inflation‑fighting measures.

FX Loans Power the Recovery

Analysts note that the return to a near‑90% balance is largely driven by a surge in foreign‑currency loans. By June 2026, FX‑denominated credit exceeded TRY 9.62 trillion, up 27.15% year‑on‑year.

BDDK Metrics: Credit and Deposit Volumes

■Total credit portfolio: TRY 26.78 trillion (annual growth 37%)

■TL‑denominated credit growth: 43.23% (reaching TRY 17.16 trillion)

■Total deposits: TRY 30.1 trillion (annual growth 31.37%)

■Investment‑fund assets: TRY 9.97 trillion (annual growth 65.33%)

Investment Funds vs Deposits: A New Dynamic

While deposit growth has slowed, the rapid inflow into investment funds has helped improve the overall ratio. A 65.33% jump in fund assets signals a shift toward money‑market alternatives, providing banks with a cheaper source of liquidity.

The 92.64% credit‑to‑deposit ratio signals progress in Turkey’s financial‑stability agenda, yet the brisk expansion of FX loans raises currency‑risk concerns. Banks must keep tight growth caps on TL credit while tightening oversight on foreign‑currency exposures. The surge in investment‑fund assets suggests a growing appetite for alternative funding, which could lower short‑term financing costs and bolster lending capacity. Maintaining a balanced ratio will be crucial for preserving bank profitability and macro‑economic resilience.