Turkey Interest Rate

The benchmark interest rate in Turkey was last recorded at 10 percent. Interest Rate in Turkey is reported by the Central Bank of the Republic of Turkey. Interest Rate in Turkey averaged 60.36 Percent from 1990 until 2014, reaching an all time high of 500 Percent in March of 1994 and a record low of 4.50 Percent in May of 2013. 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. 2014-04-25

Actual Previous Highest Lowest Forecast Dates Unit Frequency
10.00 10.00 500.00 4.50 8.25 | 2014/05 1990 - 2014 Percent Monthly

TO

Turkey Interest Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2014-01-28 10:00 PM Turkey
TCMB Interest Rate Decision
10.0% 4.5% 5%
2014-02-18 12:00 PM Turkey
TCMB Interest Rate Decision
10.0% 10.0% 10.0% 10%
2014-03-18 12:00 PM Turkey
TCMB Interest Rate Decision
10.0% 10.0% 10.0% 10.5%
2014-04-24 12:00 PM Turkey
TCMB Interest Rate Decision
10.0% 10.0% 10% 10%
2014-05-22 12:00 PM Turkey
TCMB Interest Rate Decision
10.0% 8.25%
2014-06-24 12:00 PM Turkey
TCMB Interest Rate Decision
10.75%
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Money Last Previous Highest Lowest Forecast Unit
Interest Rate 10.00 2014-04-24 10.00 500.00 4.50 8.25 2014-05-31 Percent [+]
Foreign Exchange Reserves 143250.60 2014-02-28 141646.00 149713.40 1240.00 146576.44 2014-03-31 USD Million [+]
Interbank Rate 10.71 2014-04-22 12.14 21.07 4.74 4.50 2013-10-31 Percent [+]
Loans to Private Sector 909085828.00 2014-02-28 908450118.00 909085828.00 4762.10 934840770.56 2014-03-31 TRY THO [+]
Money Supply M1 229526961.00 2014-03-31 221547085.00 229526961.00 55562063.00 235981368.12 2014-04-30 TRY Thousand [+]
Money Supply M2 938063864.00 2014-03-31 930652330.00 938063864.00 236620702.00 949151859.51 2014-04-30 TRY THO [+]
Money Supply M3 980075378.00 2014-03-31 972974301.00 980075378.00 260092810.00 992847145.38 2014-04-30 TRY THO [+]
[+]


Central Bank of Turkey Leaves Main Rates on Hold

The Monetary Policy Committee decided on April 24th, 2014, to leave the one-week repo rate on hold at 10.0 percent for the third straight meeting. The Central Bank said it will maintain the current policy stance until there is a significant improvement in the outlook for inflation.

The Central Bank also left the overnight interest rate at 12.0 percent, and the overnight borrowing rate at 8 percent, while the late liquidity lending rate was reduced to 13.5 percent from 15 percent.

Statement by the Central Bank of Turkey:

The Committee assessed that the strong and frontloaded monetary tightening delivered at the January interim meeting has contained the adverse impact of upside risks on the medium term inflation expectations. Inflation expectations and pricing behavior will be closely monitored and the tight monetary policy stance will be maintained until there is a significant improvement in the inflation outlook. 

Recent decline in uncertainties and partial improvement in the risk premium indicators have reduced the need for an additional tightening in liquidity policy. Accordingly, the Committee decided to deliver a technical cut in the late liquidity window lending interest rate. 

Loan growth continues to slow down in response to the tight monetary policy stance and recent macro prudential measures. In line with these developments, the data regarding the first quarter of 2014 indicate some deceleration in private final domestic demand. Meanwhile, with the help of the recovery in foreign demand, the contribution of net exports to economic growth is expected to increase. The Committee expects that such a demand composition will support disinflation and lead to a significant improvement in the current account deficit in 2014. 

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

Central Bank of Turkey | Isabel Felino | isabel.felino@tradingeconomics.com
4/24/2014 12:57:47 PM

RECENT RELEASES

Turkey Leaves Rates on Hold
At its March 18th, 2014 meeting, the Central Bank of Turkey decided to leave the benchmark repo rate unchanged at 10 percent and the overnight lending rate at 12 percent, as January’s rate hike helped to stabilize the lira. Published on 2014-03-18

Turkish Monetary Policy Unchanged in February
At its February 18th, 2014 meeting, the Central Bank of Turkey decided to leave the benchmark repo rate on hold at 10 percent and the overnight lending rate at 12 percent. Last month, the central bank rose rates sharply aiming to stabilize the lira. Published on 2014-02-18


Interest Rate | Notes
The interest rate shown on this page refers to the central bank benchmark interest rate. Usually, the central bank benchmark interest rate is the overnight rate at which central banks make loans to the commercial banks under their jurisdiction. Moving the benchmark interest rate, the central bank is able to make an impact on interest rates of commercial banks, inflation level of the country and national currency exchange rate. Reduction of interest rates should bring increase in business activity, a rise in inflation rate and weakening of national currency. In case of increase in interest rates the level of business activity is likely to drop, inflation declines and national currency strengthens.


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