Turkey: Monthly Money and Banking Statistics - July 2022

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1. Monetary Developments Data Governance and Statistics Department July 2022
2. Monetary Developments |July 2022 1 Evaluations The broad money supply M3 grew annually by 80.3% in July 2022, following the 68.4 -percent year-on-year growth in June 2022. While the annual growth rate of M1, the narrowest measure of money supply, was 84.7% in June 2022, it was 94.5% in July 2022. The annual rate of increase in loans granted by the monetary sector to households is 38.4% in July 2022. Meanwhile, the loans extended to non-financial corporations increased 65.4% in June 2022 compared to previous year, while it increased year on year 74.1% in July 2022. Chart 1. Monetary Aggregates (July 2022, Annual % Growth) M1 Chart 2. Loans (July 2022, Annual % Growth) Non-Financial Corporations Households Private Sector* M3 120 70 100 60 80 50 60 30 40 20 40 10 20 0 2022 2021 2020 -10 2019 2022 2021 2020 0 2019 80 (*) Private Sector includes Agricultural Sales and Credit Cooperatives, Non-profit Inst. Serving Households and Other as well as Non-Financial corp. and Households. An analysis of the contribution of broad money components to the annual growth in money supply reveals that the largest contribution came from time deposits, followed by demand deposits. The increase in time deposits contributed 48% to the 80.3% annual growth in the broad money M3 in July 2022 while demand deposits added 27.8%. Other components had a limited contribution to the growth.
3. Monetary Developments |July 2022 2 Table 1. Contribution of Broad Money Components to the Annual Growth in M3 Money Supply (July 2022) July 2022 (Million TRY) May 2022 (%) June 2022 (%) July 2022 (%) 7.064.618 68,65 68,43 80,35 Funds Received from Repo Transactions 14.138 0,13 0,12 0,16 Money Market Funds 52.131 0,54 0,52 0,59 Debt Securities Issued 41.382 0,42 0,42 0,47 M3 M2-M1 4.224.783 40,34 40,58 48,05 Time Deposits (TRY) 2.239.134 21,32 21,92 25,47 Time Deposits (FX) 1.985.650 19,02 18,66 22,58 M1 2.732.184 27,21 26,79 31,07 Currency Outside Banks 284.241 2,73 2,76 3,23 Demand Deposits (TRY) 667.554 6,21 6,44 7,59 1.780.389 18,28 17,59 20,25 Demand Deposits (FX) Source: CBRT Chart 3. Reflection of Annual Growth in M3 Money Supply to Counterpart Items (July 2022) Claims on Private Sector (**) Claims on General Government Claims on Non-Bank Financial Institutions Other Items (Net) (*) Net Foreign Assets M3 2022 2021 2020 2019 105 95 85 75 65 55 45 35 25 15 5 -5 -15 -25 (*) Transactions of the monetary sector are netted under “Other Items (Net)”. (**) Claims on Private Sector includes Claims on Non-Financial Public Enterprises. The growth in M3 is reflected in counterparts as an increase in claims on the private sector, the general government, non-bank financial institutions and net foreign assets by 70.8%, 18.6%, 2.7% and 8.9% respectively. On the other hand, other items (net) had a reducing effect by 20.7%.