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

The Central Bank of the Republic of Turkey held its benchmark one-week repo rate at 7.5 percent on September 22nd, as widely expected, but lowered its overnight lending rate for a seventh time in a row to 8.25 percent despite high inflation and worries about possible credit rating downgrades. Policymakers said a cautious monetary policy stance has to be maintained amid recent tax adjustment in cost of fuel while annual inflation is expected to decline in the short-term due to falling food prices. Inflation was last recorded at 8.1 percent in August, well above central bank's 5 percent target. Interest Rate in Turkey averaged 59.59 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. Interest Rate in Turkey is reported by the Central Bank of the Republic of Turkey.

Turkey Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
7.50 7.50 500.00 4.50 1990 - 2016 percent Daily
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 September of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-07-19 11:00 AM TCMB Interest Rate Decision 7.5% 7.5% 7.5% 7.5%
2016-08-23 11:00 AM TCMB Interest Rate Decision 7.5% 7.5% 7.5% 7.5%
2016-09-22 11:00 AM TCMB Interest Rate Decision 7.5% 7.5% 7.5% 7.5%
2016-10-20 11:00 AM TCMB Interest Rate Decision 7.5% 7.5%
2016-11-24 12:00 PM TCMB Interest Rate Decision 7.25%
2016-12-20 12:00 PM TCMB Interest Rate Decision 7.25%

Turkey Cuts Lending Rate for 7th Straight Month to 8.25%


The Central Bank of the Republic of Turkey held its benchmark one-week repo rate at 7.5 percent on September 22nd, as widely expected, but lowered its overnight lending rate for a seventh time in a row to 8.25 percent despite high inflation and worries about possible credit rating downgrades. Policymakers said a cautious monetary policy stance has to be maintained amid recent tax adjustment in cost of fuel while annual inflation is expected to decline in the short-term due to falling food prices. Inflation was last recorded at 8.1 percent in August, well above central bank's 5 percent target.

Meanwhile, the bank kept the overnight borrowing rate at 7.25 percent.

Statement by the Central Bank of the Republic of Turkey:

Recently released data and indicators regarding the third quarter display a deceleration in the economic activity. The Committee assesses that current financial conditions are tight. While developments in tourism revenues will have a negative impact in the short run, the lagged effects of the developments in the terms of trade and the moderate course of consumer loans will continue to contribute to the improvement in the current account balance. Demand from the European Union economies continues to support exports. With the supportive measures and incentives provided recently, domestic demand 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 gradual fall in core inflation. With the help from falling food prices, headline inflation is expected to display a decline in the short term. Yet, the recent tax adjustment in fuel prices and other cost factors limit the improvement in inflation and thus necessitate the maintenance of a cautious monetary policy stance.

In light of these assessments, and considering its contribution to the effectiveness of monetary policy, the Committee decided to take a measured and cautious step towards simplification.

Future monetary policy decisions will be conditional on the inflation outlook. Taking into account inflation expectations, pricing behavior and the course of other factors affecting inflation, the cautious monetary policy stance will be maintained.

Central Bank of Turkey | Joana Ferreira | joana.ferreira@tradingeconomics.com
9/22/2016 11:16:14 AM

Turkey Money Last Previous Highest Lowest Unit
Interest Rate 7.50 7.50 500.00 4.50 percent [+]
Interbank Rate 8.81 9.04 21.07 4.74 percent [+]
Money Supply M1 343714040.00 344818682.10 344818682.10 55562063.00 TRY Thousand [+]
Money Supply M2 1288343871.30 1287155880.90 1288343871.30 236620702.00 TRY Thousand [+]
Money Supply M3 1332380973.50 1331842688.30 1332380973.50 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 141810.20 140819.10 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 2418317868.00 2397481122.00 2418317868.00 15859.80 TRY Thousand [+]
Loans to Private Sector 812079395.00 800370272.00 812079395.00 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 175.79 130.33 175.79 106.76 percent [+]
Central Bank Balance Sheet 527608564.00 516572712.00 527608564.00 9071.00 TRY Thousand [+]




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