Turkey Interest Rate 1990-2015 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Turkey was last recorded at 7.50 percent. Interest Rate in Turkey averaged 60.09 percent from 1990 until 2015, reaching an all time high of 500 percent in March of 1994 and a record low of 4.50 percent in May of 2013. Interest Rate in Turkey is reported by the Central Bank of the Republic of Turkey.

      Forecast    
Turkey Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
7.50 7.75 500.00 4.50 1990 - 2015 percent Daily
In Turkey the interest rates decisions are taken by the Central Bank of the Republic of Turkey Monetary Policy Committee (Türkiye Cumhuriyet Merkez Bankasi - TCMB). Since May 18, 2010 the main interest rate is 1 Week Repo Lending Rate. This page provides - Turkey Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Turkey Interest Rate - was last refreshed on Monday, March 2, 2015.


Turkey Cuts Key Rate to 7.5%


Turkish central bank lowered its benchmark one-week repo rate by 25 bps to 7.5 percent in February as a temporary fall in inflation due to the global oil price plunge gave room for easing.

The overnight borrowing rate was cut by 25 bps to 7.25 percent and the overnight lending rate was lowered by 50 bps to 10.75 percent. The primary dealers' overnight borrowing rate was lowered by 50 bps to 10.25 percent. 

Turkey’s annual inflation rate fell to 7.24 percent in January from 8.17 percent in December, the lowest in 14 months.

The government has persistently called for the central bank to lower borrowing costs to boost economic growth since the main rate more than doubled in an emergency meeting in January of 2014. As a result, the rate was lowered by 50 bps to 7.75 percent at January 20th meeting. This cut proved insufficient, forcing the central bank to call for an extraordinary meeting to do more, but its plans were hampered by a drop in the Turkish lira.

Statement by the Central Bank of the Republic of Turkey:

Loan growth continues at reasonable levels in response to the tight monetary policy stance and macroprudential measures. The favorable developments in the terms of trade and the moderate course of consumer loans contribute to the improvement in the current account balance. External demand remains weak, while domestic demand contributes to growth moderately. The Committee assesses that the implementation of the announced structural reforms would contribute to the potential growth significantly.

The ongoing cautious monetary policy along with prudent fiscal and macroprudential policies are having a favorable impact on inflation, especially inflation excluding energy and food (core inflation indicators), and inflation expectations. The Committee anticipates that the core inflation will continue to decline. Yet, a more persistent reduction in inflation necessitates a cautious approach in monetary policy. Taking into account the elevated volatility in food and energy prices, the Committee decided to cut the interest rates at a measured scale.

Future monetary policy decisions will be conditional on the improvements in the inflation outlook. Inflation expectations, pricing behavior and other factors that affect inflation will be monitored closely and the cautious monetary policy stance will be maintained, by keeping a flat yield curve, until there is a significant improvement in the inflation outlook.


Central Bank of Turkey | Joana Taborda | joana.taborda@tradingeconomics.com
2/24/2015 1:28:44 PM


Recent Releases

Turkey Cuts Benchmark Interest Rate to 7.75%
Turkish central bank cut the benchmark one-week repo rate by 50 bps to 7.75 percent at its January 20th meeting, as inflation is slowing due to plunge in oil prices. Other key rates were left on hold. Published on 2015-01-20

Turkey Leaves Rates Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 8.25 percent in December, saying current policy stance will be maintained until there is a clear improvement in inflation outlook. Published on 2014-12-24


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-12-24 12:00 PM
TCMB Interest Rate Decision 
8.25% 8.25% 8.25% 8.25%
2015-01-20 12:00 PM
TCMB Interest Rate Decision 
7.75% 8.25% 8.0% 8.00%
2015-02-24 12:00 PM
TCMB Interest Rate Decision 
7.5% 7.75% 7.5% 7.5%
2015-03-17 12:00 PM
TCMB Interest Rate Decision 
7.5% 7.25%
2015-04-22 12:00 PM
TCMB Interest Rate Decision 
7.25%
2015-05-20 12:00 PM
TCMB Interest Rate Decision 
7.25%


Turkey Money Last Previous Highest Lowest Unit
Interest Rate 7.50 7.75 500.00 4.50 percent [+]
Interbank Rate 9.43 8.74 21.07 4.74 percent [+]
Money Supply M1 246767652.00 251342783.00 252770711.00 55562063.00 TRY Thousand [+]
Money Supply M2 1033397300.00 1011490295.00 1033397300.00 236620702.00 TRY Thousand [+]
Money Supply M3 1079685993.00 1057303419.00 1079685993.00 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 141813.10 148102.20 150378.70 1240.00 USD Million [+]
Loans to Private Sector 1068577017.00 1049131200.00 1068577017.00 4762.10 TRY Thousand [+]
Banks Balance Sheet 1914579871.00 1861755117.00 1914579871.00 15859.80 TRY Thousand [+]
Central Bank Balance Sheet 397106533.00 0.00 397106533.00 0.00 TRY Thousand [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Feb/15 2.50 17.50 2.50 percent [+]
Brazil 12.25 Jan/15 11.75 45.00 7.25 percent [+]
Canada 0.75 Jan/15 1.00 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Jan/15 0.05 4.75 0.05 percent [+]
France 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jan/15 0.05 4.75 0.05 percent [+]
India 7.75 Feb/15 7.75 14.50 4.25 percent [+]
Indonesia 7.50 Feb/15 7.75 12.75 5.75 percent [+]
Italy 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Feb/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jan/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Russia 15.00 Jan/15 17.00 17.00 5.00 percent [+]
South Korea 2.00 Feb/15 2.00 5.25 2.00 percent [+]
Spain 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jan/15 -0.25 3.50 -0.75 percent [+]
Turkey 7.50 Feb/15 7.75 500.00 4.50 percent [+]
United Kingdom 0.50 Feb/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jan/15 0.25 20.00 0.25 percent [+]