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

Turkish central bank kept its benchmark one-week repo rate on hold at 7.5 percent on July 19th, as widely expected. Policymakers said the current monetary policy stance, the cautious macroprudential policies and the effective use of the policy instruments increased the resilience of the economy against shocks, after a failed attempt at a military coup in the country led to sharp fluctuations in financial markets. Meanwhile, the bank lowered its overnight lending rate for a fifth time in a row to 8.75 percent, signaling further willingness to ease policy, and kept the overnight borrowing rate at 7.25 percent. Inflation went up in June and remains above the central bank's 5 percent target. Interest Rate in Turkey averaged 59.65 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 July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-05-24 11:00 AM TCMB Interest Rate Decision 7.5% 7.5% 7.5% 7.5%
2016-06-21 11:00 AM TCMB Interest Rate Decision 7.5% 7.5% 7.5% 7.5%
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%
2016-09-22 11:00 AM TCMB Interest Rate Decision 7.5%
2016-10-20 11:00 AM TCMB Interest Rate Decision 7.5%

Turkey Holds Key Rate at 7.5%, Cuts Lending Rate to 9%


Turkish central bank left its benchmark one-week repo rate unchanged at 7.5 percent on June 21st, saying it will maintain the tight monetary policy stance considering the developments in services inflation and unit labor costs. The bank, however, lowered its overnight lending rate for a fourth time in a row to 9 percent, signaling further willingness to ease policy, and kept the overnight borrowing rate at 7.25 percent. Inflation eased recently, but it still remains above the central bank's 5 percent target.

Statement by the Central Bank of the Republic of Turkey:

Annual loan growth continues at reasonable rates 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. While domestic demand continues to have a positive impact on growth, demand from the European Union economies continues to support exports. Accordingly economic activity displays a moderate and stable course of growth. The Committee assesses that the implementation of the structural reforms would contribute to the potential growth significantly.

Recently, the global volatility has increased to some extent. The Committee assesses that the tight monetary policy stance, the cautious macroprudential policies and the effective use of the policy instruments laid out in the road map published in August 2015 increase the resilience of the economy against shocks. In this respect, the Committee decided to take a measured step towards simplification.

Inflation has displayed a marked decline in recent months, mainly due to favorable course of unprocessed food prices and the improvement in the core inflation trend. However, the developments in services inflation and unit labor costs necessitate the maintenance of a tight liquidity stance.

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 tight monetary policy stance will be maintained.

Central Bank of Turkey | Joana Ferreira | joana.ferreira@tradingeconomics.com
6/21/2016 12:11:24 PM

Turkey Money Last Previous Highest Lowest Unit
Interest Rate 7.50 7.50 500.00 4.50 percent [+]
Interbank Rate 9.71 9.74 21.07 4.74 percent [+]
Money Supply M1 336562967.90 325190593.20 336562967.90 55562063.00 TRY Thousand [+]
Money Supply M2 1272179301.00 1256901313.80 1272179301.00 236620702.00 TRY Thousand [+]
Money Supply M3 1315654905.80 1300991300.90 1315654905.80 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 139617.80 137282.10 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 2388885019.00 2322820716.00 2388885019.00 15859.80 TRY Thousand [+]
Loans to Private Sector 789327186.00 767092296.00 789327186.00 3402.30 TRY Thousand [+]
Deposit Interest Rate 16.77 15.76 87.79 8.00 percent [+]
Lending Rate 8.75 8.75 2300.00 6.50 percent [+]
Private Debt to GDP 130.33 127.47 130.33 106.76 percent [+]
Central Bank Balance Sheet 503866510.00 498246165.00 503866510.00 9071.00 TRY Thousand [+]




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