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

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. Just after the announcement the currency was up 5 percent from Wednesday’s closing level to almost reach 6 to the USD, the level not seen since August 27th. Interest Rate in Turkey averaged 58.98 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 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.

Statement by the Central Bank of the Republic of Turkey:

Recently released data indicate a more significant rebalancing trend in the economic activity. External demand maintains its strength, while slowdown in domestic demand accelerates.

Recent developments regarding the inflation outlook point to significant risks to price stability. Price increases have shown a generalized pattern across subsectors, reflecting the movements in exchange rates. Deterioration in the pricing behavior continues to pose upside risks on the inflation outlook, despite weaker domestic demand conditions. Accordingly, the Committee has decided to implement a strong monetary tightening to support price stability.

The Central Bank will continue to use all available instruments in pursuit of the price stability objective. Tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement. 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.


Central Bank of Turkey | Stefanie Moya | stefanie.moya@tradingeconomics.com
9/13/2018 11:33:31 AM



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


Turkey Money Last Previous Highest Lowest Unit
Interest Rate 24.00 17.75 500.00 4.50 percent [+]
Interbank Rate 25.82 25.81 25.83 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 128672.90 124281.60 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 3569291394.00 3538744359.00 3569291394.00 15859.80 TRY Thousand [+]
Loans to Private Sector 1256464846.00 1223193168.00 1256464846.00 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 24.00 19.25 2300.00 6.50 percent [+]
Foreign Stock Investment 25246.00 23798.00 82048.00 0.00 USD Million [+]
Cash Reserve Ratio 12.00 12.00 13.00 9.00 percent [+]
Central Bank Balance Sheet 736370209.00 698916599.00 736370209.00 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 September of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
24.00 17.75 500.00 4.50 1990 - 2018 percent Daily




interest rate by Country
Country Last
Argentina 60.00 Sep/18
Turkey 24.00 Sep/18
Mexico 7.75 Aug/18
Russia 7.50 Sep/18
Brazil 6.50 Sep/18
India 6.50 Aug/18
South Africa 6.50 Sep/18
Indonesia 5.50 Aug/18
China 4.35 Aug/18
Saudi Arabia 2.50 Aug/18
United States 2.00 Aug/18
Australia 1.50 Sep/18
Canada 1.50 Sep/18
South Korea 1.50 Aug/18
Singapore 1.06 Aug/18
United Kingdom 0.75 Sep/18
Euro Area 0.00 Sep/18
France 0.00 Sep/18
Germany 0.00 Sep/18
Italy 0.00 Sep/18
Netherlands 0.00 Sep/18
Spain 0.00 Sep/18
Japan -0.10 Sep/18
Switzerland -0.75 Sep/18


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