Turkey Interest Rate

The benchmark interest rate in Turkey was last recorded at 8.25 percent. Interest Rate in Turkey averaged 60.28 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.

   
 
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Turkey Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
8.25 8.75 500.00 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.


Turkey Cuts Rates for 3rd Straight Meeting


At its July 17th meeting, Turkey’s central bank lowered the benchmark one-week repo rate by 50 bps to 8.25 percent, saying the impact of exchange rate developments since mid-2013 on inflation is gradually tapering off.

Policymakers also decided to leave the marginal funding rate unchanged at 12 percent; the interest rate on borrowing facilities provided for primary dealers via repo transactions on hold at 11.5 percent while the borrowing rate has been reduced from 8 percent to 7.50 percent. The late liquidity borrowing rate has been kept at 0 percent and the lending rate at 13.5 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. In line with these developments, recent data point to a modest course in private final domestic demand. Meanwhile, with the help of the recovery in foreign demand, exports contribute positively to economic growth. The Committee expects that such a demand composition will support disinflation and will lead to a significant improvement in the current account balance in 2014. 

The adverse impact of exchange rate developments since mid-2013 on annual inflation is gradually tapering off. Recently, elevated food prices have been the main factor limiting the pace of decline in inflation. In light of these assessments and the recent improvement in global liquidity conditions, the Committee decided to deliver a measured cut in the one-week repo rate. 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. 

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

Central Bank of Turkey | Joana Taborda | joana.taborda@tradingeconomics.com
7/17/2014 12:20:00 PM


Recent Releases

Central Bank of Turkey Cuts Interest Rate
At its June 24th, 2014 meeting, Central Bank of Turkey decided to lower the benchmark interest rate by 75 bps to 8.75 percent. It is the second consecutive rate cut, citing recent improvement in global liquidity conditions and lower inflation expectations. Published on 2014-06-24

Central Bank of Turkey Cuts Rate
At its May 22nd, 2014 meeting, Turkish central bank decided to cut its one-week repo rate by 50 bps to 9.5 percent, citing an improvement in risk premium indicators and a decline in uncertainties. Published on 2014-05-22


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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
9.5% 10.0% 10.0% 10%
2014-06-24 12:00 PM Turkey
TCMB Interest Rate Decision
8.75% 9.5% 9.0% 9.5%
2014-07-17 12:00 PM Turkey
TCMB Interest Rate Decision
8.25% 8.75% 8.25% 8.75%
2014-08-27 12:00 PM Turkey
TCMB Interest Rate Decision
8.25% 8%


Money Last Previous Highest Lowest Unit
Interest Rate 8.25 8.75 500.00 4.50 Percent [+]
Interbank Rate 8.32 9.03 21.07 4.74 Percent [+]
Money Supply M1 228623980.00 224369573.00 229526961.00 55562063.00 TRY Thousand [+]
Money Supply M2 944815038.00 927549393.00 944815038.00 236620702.00 TRY THO [+]
Money Supply M3 988430488.00 969093915.00 988430488.00 260092810.00 TRY THO [+]
Foreign Exchange Reserves 145091.00 144315.30 149713.40 1240.00 USD Million [+]
Loans to Private Sector 923435577.00 917065816.00 923435577.00 4762.10 TRY THO [+]





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