Turkey Interest Rate 1990-2015 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Turkey was last recorded at 7.75 percent. Interest Rate in Turkey averaged 60.12 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
7.75 8.25 500.00 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 Saturday, January 31, 2015.


Turkey Cuts Benchmark Interest Rate to 7.75%


Turkish central bank cut the benchmark one-week repo rate by 50 bps to 7.75 percent at its January 20th meeting, as inflation is slowing due to plunge in oil prices. Other key rates were left on hold.

The marginal funding rate was left on hold at 11.25 percent; the interest rate on borrowing facilities provided for primary dealers via repo transactions was kept at 10.75 percent, and the borrowing rate at 7.5 percent. 

The late liquidity window borrowing rate was kept at 0 percent and the lending rate was left steady at 12.75 percent.

In January of 2014, policymakers raised rates sharply aiming to protect a falling lira. Since then, the benchmark repo rate was cut four times by 225 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 will 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 tight monetary policy stance and macroprudential measures continue to have favorable impact on inflation, especially inflation excluding energy and food (core inflation) indicators, and inflation expectations. Moreover, declining commodity prices, in particular oil prices, contribute to disinflation. In light of these positive developments, the Committee has decided on a measured cut in the one week repo rate.

Under the current monetary policy stance, the Committee anticipates that inflation will decline to levels close to the target by mid-2015. Yet, a more persistent reduction in inflation necessitates a cautious approach in monetary policy. In this context, 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 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
1/20/2015 1:14:35 PM


Recent Releases

Turkey Leaves Rates Unchanged
Turkish central bank left its benchmark one-week repo rate on hold at 8.25 percent in December, saying current policy stance will be maintained until there is a clear improvement in inflation outlook. Published on 2014-12-24

Turkey Leaves Monetary Policy Unchanged
Turkish central bank decided to maintain its benchmark one-week repo rate at 8.25 percent at its November 20th meeting, saying the current policy stance has a favorable impact on core inflation and it will be maintained until the inflation outlook improves. Published on 2014-11-20


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-11-20 12:00 PM
TCMB Interest Rate Decision 
8.25% 8.25% 8.25% 8.25%
2014-12-24 12:00 PM
TCMB Interest Rate Decision 
8.25% 8.25% 8.25% 8.25%
2015-01-20 12:00 PM
TCMB Interest Rate Decision 
7.75% 8.25% 8.0% 8.00%
2015-02-04 12:00 PM
TCMB Interest Rate Decision 
7.75% 7.0% 7.25%
2015-02-24 12:00 PM
TCMB Interest Rate Decision 
7.75% 7.25%
2015-03-17 12:00 PM
TCMB Interest Rate Decision 
7.29%


Turkey Money Last Previous Highest Lowest Unit
Interest Rate 7.75 8.25 500.00 4.50 percent [+]
Interbank Rate 8.72 9.78 21.07 4.74 percent [+]
Money Supply M1 251342783.00 245480197.00 252770711.00 55562063.00 TRY Thousand [+]
Money Supply M2 1011490295.00 986960144.00 1011490295.00 236620702.00 TRY Thousand [+]
Money Supply M3 1057303419.00 1031595479.00 1057303419.00 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 148102.20 148268.90 150378.70 1240.00 USD Million [+]
Loans to Private Sector 1018885943.00 1002810142.00 1018885943.00 4762.10 TRY Thousand [+]
Banks Balance Sheet 1778382673.00 1756027709.00 1778382673.00 15859.80 TRY Thousand [+]
Central Bank Balance Sheet 374510377.00 369273709.00 384426860.00 9071.00 TRY Thousand [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.50 Dec/14 2.50 17.50 2.50 percent [+]
Brazil 12.25 Jan/15 11.75 45.00 7.25 percent [+]
Canada 0.75 Jan/15 1.00 16.00 0.25 percent [+]
China 5.60 Dec/14 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Jan/15 0.05 4.75 0.05 percent [+]
France 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jan/15 0.05 4.75 0.05 percent [+]
India 7.75 Jan/15 8.00 14.50 4.25 percent [+]
Indonesia 7.75 Jan/15 7.75 12.75 5.75 percent [+]
Italy 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Jan/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jan/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Russia 15.00 Jan/15 17.00 17.00 5.00 percent [+]
South Korea 2.00 Jan/15 2.00 5.25 2.00 percent [+]
Spain 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jan/15 -0.25 3.50 -0.75 percent [+]
Turkey 7.75 Jan/15 8.25 500.00 4.50 percent [+]
United Kingdom 0.50 Aug/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jan/15 0.25 20.00 0.25 percent [+]