Despite the 8.5 percent policy rate of the Central Bank of the Republic of Turkey, the rise in other interest rates continued, while the interest rate of the funding provided by factoring companies increased up to 70 percent due to the increasing uncertainty before the elections, while maturities decreased to two weeks.
According to the information received from factoring and three banking sources on the subject, the cost of the resource, which some factoring companies used for 30 percent interest in February, increased to 70 percent when the cost of the resource, check costs, and transaction commission costs were added, and the Transaction Maturities will take place on May 28, if the elections are in the second round. It was stated that the period until the presidential election date was calculated and decreased to 20-22 days, and the factoring and bank interest rates approached almost the same levels.
In the statement made by factoring sector consultant and economist Arda Tunca, he stated that commercial loan interest rates, which were 29-30 percent in the factoring sector in February, increased to 55-60% on average both in banks and factoring companies when the commission and check fees were included. He also stated that rates of up to 70% were seen.
He stated that for the first time in the current situation, the interest rates given by factoring companies and banks have become parallel and banks do not want to give loans until they see a clearer economic and political environment, and many fund managers remain in cash as a precaution.
