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 60.04 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.

     Forecast  
Turkey Interest Rate


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 Monday, May 4, 2015.


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.

The overnight borrowing rate was left at 7.25 percent; the overnight lending rate was kept at 10.75 percent; and the primary dealers'overnight borrowing rate remained at 10.25 percent. 

Policymakers also decided to take additional measures to defend the currency - the lira lost more than 15 percent to the USD this year. The forex depo lending rate will be reduced by 50 bps to 4 percent for USD and 2 percent for EUR, while the rate it pays banks on lira reserves will go up by 50 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. 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 are having a favorable impact on inflation, especially inflation excluding energy and food (core inflation indicators). Yet, uncertainty in global markets and elevated food prices necessitates maintaining the cautious stance in monetary policy. 

Accordingly, the Committee decided to keep the interest rates at current levels. Moreover, it is assessed that a measured cut in the FX deposit lending rates and a measured hike in the partial remuneration rate on Turkish lira required reserves will support financial stability.

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
4/22/2015 12:58:17 PM


Recent Releases

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 Cuts Key Rate to 7.5%
Turkish central bank lowered its benchmark one-week repo rate by 25 bps to 7.5 percent in February as a temporary fall in inflation due to the global oil price plunge gave room for easing. Published on 2015-02-24


Calendar GMT Event Actual Previous Consensus Forecast (i)
2015-02-24 12:00 PM
TCMB Interest Rate Decision 
7.5% 7.75% 7.5% 7.5%
2015-03-17 12:00 PM
TCMB Interest Rate Decision 
7.5% 7.5% 7.5% 7.5%
2015-04-22 12:00 PM
TCMB Interest Rate Decision 
7.5% 7.5% 7.5% 7.5%
2015-05-20 12:00 PM
TCMB Interest Rate Decision 
7.5% 7.25%
2015-06-23 12:00 PM
TCMB Interest Rate Decision 
7.25%
2015-07-23 12:00 PM
TCMB Interest Rate Decision 
7.25%


Turkey Money Last Previous Highest Lowest Unit
Interest Rate 7.50 7.50 500.00 4.50 percent [+]
Interbank Rate 10.60 10.25 21.07 4.74 percent [+]
Money Supply M1 257972661.00 252447862.00 257972661.00 55562063.00 TRY Thousand [+]
Money Supply M2 1073491426.00 1060771758.00 1073491426.00 236620702.00 TRY Thousand [+]
Money Supply M3 1119614900.00 1106780858.00 1119614900.00 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 143459.00 143943.30 150425.10 1240.00 USD Million [+]
Loans to Private Sector 1095369207.00 1068577017.00 1095369207.00 4762.10 TRY Thousand [+]
Banks Balance Sheet 1998678992.00 1955685314.00 1998678992.00 15859.80 TRY Thousand [+]
Central Bank Balance Sheet 412396415.00 405712657.00 412396415.00 9071.00 TRY Thousand [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Apr/15 2.25 17.50 2.25 percent [+]
Brazil 13.25 Apr/15 12.75 45.00 7.25 percent [+]
Canada 0.75 Apr/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 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 Apr/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Apr/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 Apr/15 1.75 5.25 1.75 percent [+]
Spain 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Mar/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Apr/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Apr/15 0.50 17.00 0.50 percent [+]
United States 0.25 Apr/15 0.25 20.00 0.25 percent [+]