Turkey Interest Rate 1990-2014 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Turkey was last recorded at 8.25 percent. Interest Rate in Turkey averaged 60.25 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. Interest Rate in Turkey is reported by the Central Bank of the Republic of Turkey.


Turkey Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
8.25 8.25 500.00 4.50 1990 - 2014 Percent Monthly
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 Wednesday, September 17, 2014.

Turkey Leaves Benchmark Rate on Hold; Cuts Lending Rate

Turkish central bank decided on August 27th to leave its one-week repo rate unchanged at 8.25 percent, while cutting its overnight lending rate by 75 bps to 11.25 percent. The borrowing rate for primary dealers was also reduced by 75 bps 10.75 percent.

The overnight borrowing rate remained steady at 7.5 percent. The late liquidity window borrowing rate was kept at 0 percent and the lending rate was reduced from 13.5 percent to 12.75 percent. 

Is the fourth straight time the central bank cuts rates. In the previous three meetings, the benchmark weekly repo rate was reduced by 175 bps. 

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. In line with these developments, private final domestic demand follows a modest course. 

The adverse impact of exchange rate developments since mid-2013 on annual inflation is gradually tapering off. However, elevated food prices continue to delay the improvement in the inflation outlook. In this respect, the Committee also evaluated the possible impact of the drought and the geopolitical risks on the inflation outlook. 

In light of these assessments the Committee decided to maintain the current stance within a more symmetric interest rate corridor. Inflation expectations, pricing behavior and other factors that affect inflation will be closely monitored and the tight monetary policy stance will be maintained, by keeping a flat yield curve, until there is a significant improvement in the inflation outlook.

Central Bank of Turkey | Joana Taborda | joana.taborda@tradingeconomics.com
8/27/2014 12:58:54 PM

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