Turkey Interest Rate

The Central Bank of Turkey held its one week repo auction rate at 24 percent on December 13th as widely expected, following a bigger-than-expected decline in November inflation. Policymakers also said that the tight monetary policy stance will be maintained until inflation outlook displays a significant improvement. Interest Rate in Turkey averaged 58.93 percent from 1990 until 2018, 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 expected to be 24.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Turkey to stand at 17.75 in 12 months time. In the long-term, the Turkey Interest Rate is projected to trend around 12.75 percent in 2020, according to our econometric models.

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Calendar	GMT		Actual	Previous	Consensus	TEForecast
2018-07-24	11:00 AM	TCMB Interest Rate Decision	17.75%	17.75%	18.75%	17.75%
2018-09-13	11:00 AM	TCMB Interest Rate Decision	24%	17.75%	22%	20.75%
2018-10-25	11:00 AM	TCMB Interest Rate Decision	24%	24%	24%	24%
2018-12-13	11:00 AM	TCMB Interest Rate Decision	24%	24%	24%	24%
2019-01-11	11:00 AM	TCMB Interest Rate Decision

Turkey Holds Key Interest Rate at 24%

The Central Bank of Turkey held its one week repo auction rate at 24 percent on December 13th as widely expected, following a bigger-than-expected decline in November inflation. Policymakers also said that the tight monetary policy stance will be maintained until inflation outlook displays a significant improvement.

Statement by the Central Bank of the Republic of Turkey:

Recently released data show that rebalancing trend in the economy has become more noticeable. External demand maintains its strength while slowdown in economic activity continues, partly due to tighter financial conditions.

While developments in import prices and domestic demand conditions have led to some improvement in the inflation outlook, risks on price stability continue to prevail. Accordingly, the Committee has decided to maintain the tight monetary policy stance until inflation outlook displays a significant improvement.

The Central Bank will continue to use all available instruments in pursuit of the price stability objective. Inflation expectations, pricing behavior, lagged impact of recent monetary policy decisions, contribution of fiscal policy to rebalancing process, and other factors affecting inflation will be closely monitored and, if needed, further monetary tightening will be delivered.

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
12/13/2018 11:05:39 AM

Recent Releases

Turkey Leaves Policy Rate Unchanged at 24%
The Central Bank of Turkey held its one week repo auction rate at 24 percent on September 25th as widely expected, following a 625 bps hike last month to support the lira. Policymakers noted that external demand maintains its strength while slowdown in economic activity continues, partly due to tighter financial conditions. Still, the central bank pledged to tighten monetary policy further if necessary. The lira has rebounded recently, erasing the losses inflicted by American sanctions in August, after diplomatic relations with Washington improved.
Published on 2018-10-25

Turkey Hikes Policy Rate to 24%
The Central Bank of Turkey raised its benchmark interest rate by 625 bps to 24 percent on September 13th 2018, surprising markets who expected a hike of 425 bps. The move pushed the borrowing costs to the highest since 2004 and was aimed to support the economy and falling currency.
Published on 2018-09-13

Turkey Central Bank Hints at Rate Hike
Turkey's central bank said on Monday the monetary policy stance will be adjusted at its September meeting in an attempt to support the lira, after data showed inflation jumped to its highest level since December 2003 amid a currency crisis.
Published on 2018-09-03

Turkey Cuts Lira RRR by 250Bps
Turkey's central bank cut lira reserve requirement ratios by 250 basis points for all maturity brackets and lowered reserve requirement ratios for non-core FX liabilities by 400 basis points for up to 3-year maturities, the central bank said in a statement.
Published on 2018-08-13

Turkey Money	Last	Previous	Highest	Lowest	Unit
Interest Rate	24.00	24.00	500.00	4.50	percent	[+]
Money Supply M1	488062659.10	522974069.80	559184534.70	55562063.00	TRY Thousand	[+]
Interbank Rate	24.12	24.10	28.52	4.74	percent	[+]
Money Supply M2	1891085359.70	1984450421.40	2031956192.40	236620702.00	TRY Thousand	[+]
Money Supply M3	1934772523.70	2028975586.30	2080428515.90	260092810.00	TRY Thousand	[+]
Foreign Exchange Reserves	127079.20	128160.30	150428.70	1240.00	USD Million	[+]
Banks Balance Sheet	4098487430.00	4345002487.00	4345002487.00	15859.80	TRY Thousand	[+]
Loans to Private Sector	1279439729.00	1362830642.00	1438571065.00	3402.30	TRY Thousand	[+]
Deposit Interest Rate	22.50	22.50	398.10	1.50	percent	[+]
Private Debt to GDP	170.80	159.40	170.80	131.20	percent	[+]
Lending Rate	25.50	25.50	2300.00	6.50	percent	[+]
Foreign Stock Investment	29677.00	31374.00	82048.00	0.00	USD Million	[+]
Cash Reserve Ratio	12.00	12.00	13.00	9.00	percent	[+]
Central Bank Balance Sheet	801298893.00	858925152.00	858925152.00	9071.00	TRY Thousand	[+]

In Turkey, benchmark interest rates are set by the Central Bank of the Republic of Turkey Monetary Policy Committee (Türkiye Cumhuriyet Merkez Bankasi - TCMB). From June 1st 2018, the main interest rate is the one-week repo rate and the overnight borrowing and lending rates will be determined at 150 bps below/above the one-week repo rate. The central bank simplified its monetary policy framework on May 28th 2018 from a different system with four main key rates, with the late liquidity window lending rate being one of the most followed. 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. Turkey Interest Rate - actual data, historical chart and calendar of releases - was last updated on December of 2018.

	Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	24.00	24.00	500.00	4.50	1990 - 2018	percent	Daily

Export Data API

Country	Last		Previous	Range
Argentina	59.16	Dec/18	59.13	1390 : 1.2	%
Turkey	24.00	Dec/18	24	500 : 4.5	%
Mexico	8.00	Nov/18	7.75	9.25 : 3	%
Russia	7.75	Dec/18	7.5	17 : 5	%
South Africa	6.75	Nov/18	6.5	23.99 : 5	%
Brazil	6.50	Dec/18	6.5	45 : 6.5	%
India	6.50	Dec/18	6.5	14.5 : 4.25	%
Indonesia	6.00	Nov/18	5.75	12.75 : 4.25	%
China	4.35	Nov/18	4.35	10.98 : 4.35	%
Saudi Arabia	2.75	Nov/18	2.75	7 : 1.5	%
United States	2.25	Nov/18	2.25	20 : 0.25	%
Singapore	1.97	Nov/18	1.45	20 : -0.75	%
Canada	1.75	Dec/18	1.75	16 : 0.25	%
South Korea	1.75	Nov/18	1.5	5.25 : 1.25	%
Australia	1.50	Dec/18	1.5	17.5 : 1.5	%
United Kingdom	0.75	Nov/18	0.75	17 : 0.25	%
Euro Area	0.00	Dec/18	0	4.75 : 0	%
France	0.00	Dec/18	0	4.75 : 0	%
Germany	0.00	Dec/18	0	4.75 : 0	%
Italy	0.00	Dec/18	0	4.75 : 0	%
Netherlands	0.00	Dec/18	0	4.75 : 0	%
Spain	0.00	Dec/18	0	4.75 : 0	%
Japan	-0.10	Nov/18	-0.1	9 : -0.1	%
Switzerland	-0.75	Dec/18	-0.75	3.5 : -0.75	%