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 59.93 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.

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, 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. Content for - Turkey Interest Rate - was last refreshed on Friday, August 28, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-06-23 12:00 PM 7.5% 7.5% 7.5% 7.5%
2015-07-23 12:00 PM 7.5% 7.5% 7.5% 7.5%
2015-08-18 12:00 PM 7.5% 7.5% 7.5% 7.5%
2015-09-22 12:00 PM 7.5% 7.5%
2015-10-21 12:00 PM 7.5%
2015-11-24 12:00 PM 7.25%


Turkey Leaves Rates on Hold


Turkish central bank kept its benchmark one-week repo rate at 7.5 percent on August 18th, saying it will maintain a cautious monetary policy stance until there is a significant improvement in the inflation outlook. The bank also decided to adopt a tighter liquidity policy as long as uncertainty in global and domestic markets and volatility in food and energy prices continue to affect financial stability.

The central bank kept the overnight lending rate at 10.75 percent; the overnight borrowing rate at 7.25 percent; and the primary dealers'overnight borrowing rate at 10.25 percent.

Meanwhile, the lira fell to a new record low of 2.88 lira to the dollar after the decision.

Statementby 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.

Processed food and energy price developments affect inflation favorably in the short run, while exchange rate movements delay the improvement in the core indicators. Considering this delay and taking into account the uncertainty in domestic and global markets and the volatility in energy and food prices, the Committee decided to implement a tighter liquidity policy as long as deemed necessary. Moreover, the Committee also discussed the roadmap to be implemented before and after global monetary policy normalization and decided to publish a strategy document with today’s policy statement.     

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.

Central Bank of Turkey | joana.ferreira@tradingeconomics.com
8/18/2015 1:08:08 PM


Recent Releases

Turkey Leaves Monetary Policy Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 7.5 percent for the fifth consecutive month in July, as policymakers showed concern about the uncertainty in global markets and volatility in energy and food prices. The decision was expected by markets.
Published on 2015-07-23

Turkey Leaves Rates Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 7.5 percent in June, as expected. Policymakers voiced concern about growing inflation pressure, even though it is expected to slow in the short term.
Published on 2015-06-23

Turkey Cuts Foreign Curency Deposit Rate
The rates applied to banks' one week maturity borrowings from the Central Bank have been reduced from 4 percent to 3.5 percent for USD and from 2 percent to 1.5 percent for EUR, effective from June 9, 2015.
Published on 2015-06-08

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.
Published on 2015-05-20


Turkey Money Last Previous Highest Lowest Unit
Interest Rate 7.50 7.50 500.00 4.50 percent [+]
Interbank Rate 11.68 11.69 21.07 4.74 percent [+]
Money Supply M1 294108927.00 284148360.00 294108927.00 55562063.00 TRY Thousand [+]
Money Supply M2 1151750073.00 1128374030.00 1151750073.00 236620702.00 TRY Thousand [+]
Money Supply M3 1196155132.00 1173918307.00 1196155132.00 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 139152.00 141591.40 150428.70 1240.00 USD Million [+]
Loans to Private Sector 707953149.00 687956733.00 707953149.00 3402.30 TRY Thousand [+]
Banks Balance Sheet 2112988264.00 2106592406.00 2112988264.00 15859.80 TRY Thousand [+]
Central Bank Balance Sheet 436786636.00 437698694.00 437698694.00 9071.00 TRY Thousand [+]
Lending Rate 10.75 10.75 2300.00 6.50 percent [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Aug/15 2.00 17.50 2.00 percent [+]
Brazil 14.25 Jul/15 13.75 45.00 7.25 percent [+]
Canada 0.50 Jul/15 0.75 16.00 0.25 percent [+]
China 4.60 Aug/15 4.85 10.98 4.60 percent [+]
Euro Area 0.05 Jul/15 0.05 4.75 0.05 percent [+]
India 7.25 Aug/15 7.25 14.50 4.25 percent [+]
Indonesia 7.50 Aug/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Aug/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jul/15 3.00 9.25 3.00 percent [+]
Russia 11.00 Jul/15 11.50 17.00 5.00 percent [+]
South Korea 1.50 Aug/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Aug/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Aug/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jul/15 0.25 20.00 0.25 percent [+]