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Balance in Interest Rates in the Locomotive Sector

The fluctuations in the economy due to exchange rates since the end of last year began to calm down with the passing of local elections. However, stagnation continues in the construction, oil and automotive sectors, which are the main trigger sectors, due to loan interest rates that are not balanced with deposit interest rates. Sector representatives emphasize that the decrease in deposit interest rates should be balanced with loan interest rates. Underlining that all markets are gears of the same wheel, and therefore a stagnation in one sector will affect all other sectors, Oğuz Pala, Chairman of the Board of Directors of UZL Fleet within Uzaltaş AŞ, stated that the large difference between banks' deposit interest rates and loan interest rates creates stagnation in the automotive sector as in all sectors.

Oğuz Pala said that the automotive sector was also seriously affected by the fluctuations in exchange rates and the imbalance between interest rates, and that although there were serious increases in first-hand vehicle prices, it was not possible to reflect this on fleet rental fees. Pala continued as follows: “The difference between deposit and loan interest rates, which was between 2 and 3 percent, reached 4-4.5 percent. This situation seriously affects all markets, especially the automotive and construction sectors. We expect banks to reduce loan interest rates in order to eliminate the negativity caused by the decrease in deposit interest rates not being reflected in loan interest rates as soon as possible. This balancing will stimulate all sectors, especially the locomotive sectors such as construction, oil and automotive.