While the economy, which was said to have a current account surplus in the New Economy Model announced at the beginning of last year, broke current account deficit records, and deposit rates broke the record of the last 20 years, even though it is said that interest rates have decreased.
While the average deposit interest rate reached 40 percent, loan interest rates also increased to 34 percent.
The political power, which made "anti-interest" rhetoric in front of the public, but revived the rentier and interest-bearers, primarily through Currency Protected Deposits (CPD) and continuous interest-bearing borrowings, lowered the policy rate of the Central Bank to 8.5 percent, "despite high inflation".
Thus, the banks that received money from the Central Bank with 8.5 percent, increased their profits by 5 times compared to the previous year, due to the difference, by giving loans from 30-35%.
While the public was told "what's wrong", it was possible for the rentier to double his earnings.
After the introduction of CPD, the gap between the deposit interest given by the banks and the policy rate of the Central Bank widened.
According to the statistics of the Central Bank, the average interest rate on 3-month TL deposits was 17.73 percent in December 2021, when CPD came into effect.
It increased to 29.05 percent on May 5, and 30.47 percent on May 12. After the May 14 elections, the maximum interest rate on TL deposits with a maturity of up to 3 months increased to 39.5 percent.