Turkey Interest Rate  1990-2016 | Data | Chart | Calendar | Forecast

The Central Bank of Turkey raised its benchmark one-week repo rate by a higher-than-expected 50bps to 8 percent on November 24th and its overnight lending rate by 25 bps to 8.5 percent, while it held its borrowing rate at 7.25 percent. It was the first policy tightening since January 2014, after the lira fell to a record low amid a slowdown in economic activity. The lira has already lost around 14 percent of its value against the dollar this year on stronger dollar and concerns over the aftermath of July's failed coup. Inflation was last recorded at 7.2 percent in October, well above central bank's 5 percent target. Interest Rate in Turkey averaged 59.54 percent from 1990 until 2016, 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.

Turkey Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-22 11:00 AM TCMB Interest Rate Decision 7.5% 7.5% 7.5%
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%
2017-01-19 12:00 PM TCMB Interest Rate Decision
2017-02-23 12:00 PM TCMB Interest Rate Decision




Turkey Hikes Rates For 1st Time Since 2014


The Central Bank of Turkey raised its benchmark one-week repo rate by a higher-than-expected 50bps to 8 percent on November 24th and its overnight lending rate by 25 bps to 8.5 percent, while it held its borrowing rate at 7.25 percent. It was the first policy tightening since January 2014, after the lira fell to a record low amid a slowdown in economic activity. The lira has already lost around 14 percent of its value against the dollar this year on stronger dollar and concerns over the aftermath of July's failed coup. Inflation was last recorded at 7.2 percent in October, well above central bank's 5 percent target.

Recently released data indicate a deceleration in the economic activity for the third quarter. Meanwhile, demand from the European Union economies continues to contribute positively to exports. With the supportive measures and incentives provided recently, economic activity is expected to recover starting from the final quarter. The Committee assesses that the implementation of the structural reforms would contribute to the potential growth significantly.

The slowdown in aggregate demand contributes to the fall in inflation. Yet, exchange rate movements due to recently heightened global uncertainty and volatility pose upside risks on the inflation outlook. The Committee decided to implement monetary tightening to contain adverse impact of these developments on expectations and the pricing behavior. 

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. 

It should be emphasized that any new data or information may lead the Committee to revise its stance.

Central Bank of Turkey | Joana Ferreira | joana.ferreira@tradingeconomics.com
11/24/2016 11:30:12 AM



Turkey Money Last Previous Highest Lowest Unit
Interest Rate 8.00 7.50 500.00 4.50 percent [+]
Interbank Rate 9.90 9.94 21.07 4.74 percent [+]
Money Supply M1 348764717.90 347724099.00 348764717.90 55562063.00 TRY Thousand [+]
Money Supply M2 1327235020.50 1304693962.30 1327235020.50 236620702.00 TRY Thousand [+]
Money Supply M3 1370950779.30 1348156828.50 1370950779.30 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 138316.60 142291.60 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 2418317868.00 2397481122.00 2418317868.00 15859.80 TRY Thousand [+]
Loans to Private Sector 821615070.00 811387411.00 821615070.00 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 [+]
Central Bank Balance Sheet 528827224.00 511334347.00 528827224.00 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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
8.00 7.50 500.00 4.50 1990 - 2016 percent Daily



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