Turkey Interest Rate  1990-2017 | Data | Chart | Calendar | Forecast

The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on December 20th, in a move unexpected by markets and following a 50bps increase in November. Policymakers said the recovery in the economic activity is expected to continue at a moderate pace while a weaker lira, which already lost 17 percent of its value against the dollar this year, and higher oil prices pose upside risks on the inflation outlook. The central bank also kept its overnight lending rate at 8.5 percent and its overnight borrowing rate at 7.25 percent. Inflation was last recorded at 7 percent in November, well above central bank's 5 percent target, while the country's gross domestic product contracted for the first time in seven years in the third quarter of 2016. Interest Rate in Turkey averaged 59.51 percent from 1990 until 2016, reaching an all time high of 500 percent in March of 1994 and a record low of 4.50 percent in May of 2013.

Turkey Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-10-20 11:00 AM TCMB Interest Rate Decision 7.5% 7.5% 7.5%
2016-11-24 11:00 AM TCMB Interest Rate Decision 8% 7.5% 7.75% 7.75%
2016-12-20 11:00 AM TCMB Interest Rate Decision 8% 8% 8.25% 8.25%
2017-01-24 11:00 AM TCMB Interest Rate Decision 8% 8%




Turkey Leaves Rates On Hold In December


The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on December 20th, following a 50bps increase in November. Policymakers said the recovery in the economic activity is expected to continue at a moderate pace while a weaker lira, which already lost 17 percent of its value against the dollar this year, and higher oil prices pose upside risks on the inflation outlook.

The central bank also kept its overnight lending rate at 8.5 percent and its overnight borrowing rate at 7.25 percent. 

Inflation was last recorded at 7 percent in November, well above central bank's 5 percent target, while Turkey's gross domestic product contracted for the first time in seven years in the third quarter of 2016.

Statement by the Central Bank of the Republic of Turkey:

Recently released data indicate that the economic activity has decelerated in the third quarter, before posting a partial recovery for the final quarter. Demand from the European Union economies continues to contribute positively to exports. With the supportive measures and incentives provided recently, the recovery in the economic activity is expected to continue at a moderate pace. The Committee assesses that the implementation of the structural reforms would contribute to the potential growth significantly.

Exchange rate movements due to recently heightened global uncertainty and the increase in oil prices pose upside risks on the inflation outlook. Yet, the aggregate demand developments restrain these effects. Developments will be closely monitored in order to make a sound assessment regarding the net impact of these factors.

Future monetary policy decisions will be conditional on the inflation outlook. Inflation expectations, pricing behavior and other factors affecting inflation will be closely monitored and the cautious monetary policy stance will be maintained.

Central Bank of Turkey | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/20/2016 11:19:02 AM



Turkey Money Last Previous Highest Lowest Unit
Interest Rate 8.00 8.00 500.00 4.50 percent [+]
Interbank Rate 10.08 10.07 21.07 4.74 percent [+]
Money Supply M1 382338665.30 359733056.40 382338665.30 55562063.00 TRY Thousand [+]
Money Supply M2 1406716357.30 1374529926.10 1406716357.30 236620702.00 TRY Thousand [+]
Money Supply M3 1450668698.80 1417929885.40 1450668698.80 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 139577.50 138316.60 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 2623047430.00 2507125716.00 2623047430.00 15859.80 TRY Thousand [+]
Loans to Private Sector 878000433.00 834624654.00 878000433.00 3402.30 TRY Thousand [+]
Deposit Interest Rate 14.92 16.77 87.79 8.00 percent [+]
Lending Rate 8.50 8.50 2300.00 6.50 percent [+]
Private Debt to GDP 192.12 177.08 192.12 106.76 percent [+]
Cash Reserve Ratio 12.00 12.50 13.00 9.00 percent [+]
Central Bank Balance Sheet 539597920.00 528827224.00 539597920.00 9071.00 TRY Thousand [+]



Turkey Interest Rate Notes

In Turkey, benchmark interest rates are set 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 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 - actual data, historical chart and calendar of releases - was last updated on January of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
8.00 8.00 500.00 4.50 1990 - 2016 percent Daily



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