The Central Bank of Turkey kept its policy rate unchanged at 37%, as expected, along with the overnight lending rate at 40% and borrowing rate at 35.5%. It said underlying inflation eased in March, though early indicators suggest a slight pickup in April. Energy prices remain elevated and volatile due to geopolitical risks, adding uncertainty to the inflation outlook. While economic activity shows signs of slowing, the bank warned that recent developments could still feed into inflation through costs and expectations. The central bank reiterated that tight monetary policy will be maintained until price stability is achieved, with a focus on supporting disinflation via demand, exchange rate and expectations channels. It also signaled readiness to tighten further if inflation worsens, while continuing to monitor liquidity conditions and financial stability risks as it works toward its medium-term 5% inflation target. source: Central Bank of the Republic of Turkey

The benchmark interest rate in Turkey was last recorded at 37 percent. Interest Rate in Turkey averaged 57.55 percent from 1990 until 2026, reaching an all time high of 500.00 percent in March of 1994 and a record low of 4.50 percent in May of 2013. This page provides the latest reported value for - Turkey Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2026.

The benchmark interest rate in Turkey was last recorded at 37 percent. Interest Rate in Turkey is expected to be 32.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Turkey Interest Rate is projected to trend around 22.00 percent in 2027 and 17.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-22 11:00 AM TCMB Interest Rate Decision 37% 38% 36.5% 37%
2026-03-12 11:00 AM TCMB Interest Rate Decision 37% 37% 37% 37.0%
2026-04-22 11:00 AM TCMB Interest Rate Decision 37% 37% 37.0%
2026-04-30 11:00 AM MPC Meeting Summary
2026-05-14 07:30 AM Inflation Report
2026-05-22 07:30 AM Financial Stability Report


Related Last Previous Unit Reference
Banks Balance Sheet 48771106214.00 48434955059.00 TRY Thousand Feb 2026
Cash Reserve Ratio 25.00 25.00 percent Feb 2026
Central Bank Balance Sheet 12579951563.00 13775228480.00 TRY Thousand Mar 2026
Overnight Borrowing Rate 35.50 35.50 percent Apr 2026
Foreign Exchange Reserves 64067.00 58417.00 USD Million Apr 2026
Interest Rate 37.00 37.00 percent Apr 2026
Overnight Lending Rate 40.00 40.00 percent Apr 2026
Loans to Non Financial Companies 12668357593.00 12316410662.00 TRY Thousand Feb 2026
Money Supply M0 879707132.90 838629678.90 TRY Thousand Mar 2026
Money Supply M1 10305895715.00 10932295673.00 TRY Thousand Mar 2026
Money Supply M2 25196173179.00 25641349224.00 TRY Thousand Mar 2026
Money Supply M3 27801477066.00 28584071395.00 TRY Thousand Mar 2026


Turkey Interest Rate
In Turkey, benchmark interest rates are set by the Central Bank of the Republic of Turkey Monetary Policy Committee (Türkiye Cumhuriyet Merkez Bankasi - TCMB). From June 1st 2018, the main interest rate is the one-week repo rate and the overnight borrowing and lending rates will be determined at 150 bps below/above the one-week repo rate. The central bank simplified its monetary policy framework on May 28th 2018 from a different system with four main key rates, with the late liquidity window lending rate being one of the most followed.
Actual Previous Highest Lowest Dates Unit Frequency
37.00 37.00 500.00 4.50 1990 - 2026 percent Daily

News Stream
Turkey Holds Policy Rate at 37% as Expected
The Central Bank of Turkey kept its policy rate unchanged at 37%, as expected, along with the overnight lending rate at 40% and borrowing rate at 35.5%. It said underlying inflation eased in March, though early indicators suggest a slight pickup in April. Energy prices remain elevated and volatile due to geopolitical risks, adding uncertainty to the inflation outlook. While economic activity shows signs of slowing, the bank warned that recent developments could still feed into inflation through costs and expectations. The central bank reiterated that tight monetary policy will be maintained until price stability is achieved, with a focus on supporting disinflation via demand, exchange rate and expectations channels. It also signaled readiness to tighten further if inflation worsens, while continuing to monitor liquidity conditions and financial stability risks as it works toward its medium-term 5% inflation target.
2026-04-22
Turkey Holds Base Interest Rate at 37%
The Central Bank of Turkey held its benchmark policy rate at 37% in its March 2026 meeting, aligned with recently revised market consensus as the central bank was widely expected to continue cutting interest rates until the outbreak of war in the Middle East triggered a surge in energy prices and raised the outlook inflation for major economies. It was the first hold following five consecutive cuts, reflecting policymakers' heed to the impact that higher energy prices may have on the Turkish economy. The central bank had already been forced to intervene in foreign exchange markets earlier in the month to contain the slide in the lira, and suspended one-week repo auctions, which lifted the lira interbank overnight reference rate by 300bps to nearly 40%. The central bank continued to see underlying inflation as stable as of February, and signaled it will see the impact of geopolitical developments on the economy before deciding possible policy responses.
2026-03-12
Turkey Cuts Rate by Less than Expected
The Central Bank of Turkey cut its benchmark policy rate by one percentage point to 37% in its first meeting of 2026, less than the median market expectations of a 1.5 percentage point cut, but still marking the lowest rate since November of 2023. The central bank noted that the underlying inflation trend softened in the end of last year despite the increase in the headline rate due to higher food prices, warranting a slight reduction in tight monetary conditions. Still, policymakers stressed that upside risks to inflation remain, as unpredictable pricing behaviour and elevated inflation expectations continued to pose risks to the disinflation process.
2026-01-22