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 60.01 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.

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Turkey Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
7.50 7.50 500.00 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 Friday, May 29, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-03-17 12:00 PM 7.5% 7.5% 7.5% 7.5%
2015-04-22 12:00 PM 7.5% 7.5% 7.5% 7.5%
2015-05-20 12:00 PM 7.5% 7.5% 7.5% 7.5%
2015-06-23 12:00 PM 7.5% 7.5%
2015-07-23 12:00 PM 7.25%
2015-09-22 12:00 PM 7.25%


Turkey Leaves Monetary Policy Unchanged


Turkish central bank left its benchmark one-week repo rate on hold at 7.5 percent in May, as expected by markets. Policymakers showed concern over the high levels of inflation, that has been on an upward trend since the beginning of the year.

Other MPC decisions were to retain the overnight borrowing rate at 7.25 percent; to keep the overnight lending rate at 10.75 percent; and to maintain the primary dealers'overnight borrowing rate at 10.25 percent. 

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 continue to have a favorable impact on inflation, especially inflation excluding energy and food (core inflation indicators). However, recently elevated volatility in the exchange rates has limited the improvement in the core inflation, as stated in the Inflation Report. This, combined with the uncertainty in global markets and volatility in energy and food prices, makes it necessary to maintain the cautious stance in monetary policy. Accordingly, the Committee has decided to keep the interest rates at current levels.

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.

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
5/20/2015 12:32:51 PM


Recent Releases

Turkey Leaves Rates Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 7.5 percent in April, as high food prices keep pushing inflation up. The decision was expected by markets. Published on 2015-04-22

Turkey Leaves Monetary Policy Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 7.5 percent on March 17th of 2015 following last month's 25 bps cut. Published on 2015-03-17


Turkey Money Last Previous Highest Lowest Unit
Interest Rate 7.50 7.50 500.00 4.50 percent [+]
Interbank Rate 10.79 10.75 21.07 4.74 percent [+]
Money Supply M1 273977862.00 257972661.00 273977862.00 55562063.00 TRY Thousand [+]
Money Supply M2 1100327003.00 1073491426.00 1100327003.00 236620702.00 TRY Thousand [+]
Money Supply M3 1146207629.00 1119614900.00 1146207629.00 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 138185.80 143459.00 150425.10 1240.00 USD Million [+]
Loans to Private Sector 1122228652.00 1095369207.00 1122228652.00 4762.10 TRY Thousand [+]
Banks Balance Sheet 1998678992.00 1955685314.00 1998678992.00 15859.80 TRY Thousand [+]
Central Bank Balance Sheet 430506729.00 412396415.00 430506729.00 9071.00 TRY Thousand [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 May/15 2.25 17.50 2.00 percent [+]
Brazil 13.25 Apr/15 12.75 45.00 7.25 percent [+]
Canada 0.75 May/15 0.75 16.00 0.25 percent [+]
China 5.10 May/15 5.35 10.98 5.10 percent [+]
Euro Area 0.05 Apr/15 0.05 4.75 0.05 percent [+]
France 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Apr/15 0.05 4.75 0.05 percent [+]
India 7.50 Apr/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 May/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Japan 0.00 May/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Apr/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Russia 12.50 Apr/15 14.00 17.00 5.00 percent [+]
South Korea 1.75 May/15 1.75 5.25 1.75 percent [+]
Spain 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Apr/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 May/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 May/15 0.50 17.00 0.50 percent [+]
United States 0.25 Apr/15 0.25 20.00 0.25 percent [+]