Turkey Interest Rate  1990-2018 | Data | Chart | Calendar | Forecast

The Central Bank of Turkey unexpectedly held its benchmark interest rate at 17.75 percent on July 24th following a 125bps hike last month to support the lira, which already lost around 20 percent of its value so far this year. The projections were pointing to an increase of 100-125bps after inflation jumped in June to its highest level in 14 years. Interest Rate in Turkey averaged 59.02 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.

Turkey Interest Rate
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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.

The measures were taken to support financial stability and to sustain the effective functioning of markets, as the country will start implementing an economic action plan following the tumbling lira. The currency has lost more than 40 percent against the dollar so far this year, largely due to worries about President Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation and worsening ties with the US.

Press Release on Reserve Requirements:

To support effective functioning of financial markets and flexibility of the banks in their liquidity management;

  • Turkish lira reserve requirement ratios have been reduced by 250 basis points for all maturity brackets.
  • Reserve requirement ratios for non-core FX liabilities have been reduced by 400 basis points for up to 3-year maturities.
  • The maximum average maintenance facility for FX liabilities has been raised to 8 percent.
  • In addition to US dollars, euro can be used for the maintenance against Turkish lira reserves under the reserve options mechanism.
With this revision, approximately 10 billion TL, 6 billion US dollars, and 3 billion US dollars equivalent of gold liquidity will be provided to the financial system.


Central Bank of Turkey | Rida | rida@tradingeconomics.com
8/13/2018 7:39:10 AM


Recent Releases

Turkey Unexpectedly Holds Rates
The Central Bank of Turkey unexpectedly held its benchmark interest rate at 17.75 percent on July 24th following a 125bps hike last month to support the lira, which already lost around 20 percent of its value so far this year. The projections were pointing to an increase of 100-125bps after inflation jumped in June to its highest level in 14 years.
Published on 2018-07-24

Turkey Hikes Key Policy Rate to 17.75%
The Central Bank of Turkey raised its benchmark interest rate by 125bps to 17.75 percent on June 7th, after a surprise 300bps hike last month to support the lira. Also, policymakers said further monetary tightening will be delivered, if needed. Latest data showed the country's annual inflation jumped to 12.15 percent in May, the second-highest since February 2004, due to higher energy prices and a tumbling currency.
Published on 2018-06-07

Turkey Hikes Late Liquidity Rate to 16.5%
The central bank of Turkey left its key one-week repo rate steady at 8 percent at an emergency meeting on May 23rd 2018. However, policymakers raised its late liquidity window rate by 300bps to 16.5%, following a 75bps hike in the April meeting. The move aims to stop the plunge in the lira which already lost near 24% against the USD since the beginning of the year.
Published on 2018-05-24

Turkey Leaves Key Rate at 8%
The central bank of Turkey left its key one-week repo rate steady at 8 percent on April 25th 2018, in line with market expectations. The overnight lending rate was also kept at 9.25 percent and the overnight borrowing rate at 7.25 percent. In contrast, the late liquidity window rate was raised by 75bps to 13.5 percent, more than forecasts of a 50bps hike. Policymakers said the economy activity remains strong while high inflation continues to pose risks. As a result, tight monetary policy will be maintained until the inflation outlook improves.
Published on 2018-04-25



Calendar GMT Actual Previous Consensus TEForecast
2018-05-23 05:00 PM TCMB Interest Rate Decision 8% 8%
2018-06-07 11:00 AM TCMB Interest Rate Decision 17.75% 16.5% 19.5%
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 17.75% 17.75%
2018-10-25 11:00 AM TCMB Interest Rate Decision 17.75%
2018-12-13 11:00 AM TCMB Interest Rate Decision 17.5%


Turkey Money Last Previous Highest Lowest Unit
Interest Rate 17.75 17.75 500.00 4.50 percent [+]
Interbank Rate 22.55 22.39 22.55 4.74 percent [+]
Money Supply M1 511866340.40 499394060.90 511866340.40 55562063.00 TRY Thousand [+]
Money Supply M2 1888599441.00 1809447445.60 1888599441.00 236620702.00 TRY Thousand [+]
Money Supply M3 1948789006.20 1867310676.80 1948789006.20 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 130875.20 133521.80 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 3538464447.00 3351970496.00 3538464447.00 15859.80 TRY Thousand [+]
Loans to Private Sector 1223193168.00 1222377636.00 1223193168.00 3402.30 TRY Thousand [+]
Deposit Interest Rate 16.25 16.25 398.10 1.50 percent [+]
Private Debt to GDP 170.80 159.40 170.80 131.20 percent [+]
Lending Rate 19.25 19.25 2300.00 6.50 percent [+]
Foreign Stock Investment 29363.00 31645.00 82048.00 0.00 USD Million [+]
Cash Reserve Ratio 12.00 12.00 13.00 9.00 percent [+]
Central Bank Balance Sheet 698916599.00 713583786.00 713583786.00 9071.00 TRY Thousand [+]


Turkey Interest Rate

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 August of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
17.75 17.75 500.00 4.50 1990 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 17.75 Jul/18
Mexico 7.75 Aug/18
Russia 7.25 Jul/18
Brazil 6.50 Aug/18
India 6.50 Aug/18
Indonesia 5.50 Aug/18
China 4.35 Jul/18
United States 2.00 Aug/18
Australia 1.50 Aug/18
Canada 1.50 Jul/18
South Korea 1.50 Jul/18
United Kingdom 0.75 Aug/18
Euro Area 0.00 Jul/18
France 0.00 Jul/18
Germany 0.00 Jul/18
Italy 0.00 Jul/18
Netherlands 0.00 Jul/18
Spain 0.00 Jul/18
Japan -0.10 Jul/18
Switzerland -0.75 Jul/18


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