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.

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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

Recent Releases

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.
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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

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

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interest rate by Country

Country	Last		Previous	Highest	Lowest
Argentina	60.00	Sep/18	60	1390	1.2	%	Daily
Turkey	24.00	Sep/18	17.75	500	4.5	%	Daily
Mexico	7.75	Aug/18	7.75	9.25	3	%	Daily
Russia	7.50	Sep/18	7.25	17	5	%	Daily
Brazil	6.50	Sep/18	6.5	45	6.5	%	Daily
India	6.50	Aug/18	6.25	14.5	4.25	%	Daily
South Africa	6.50	Sep/18	6.5	23.99	5	%	Daily
Indonesia	5.50	Aug/18	5.25	12.75	4.25	%	Daily
China	4.35	Aug/18	4.35	10.98	4.35	%	Daily
Saudi Arabia	2.50	Aug/18	2.5	7	1.5	%	Daily
United States	2.00	Aug/18	2	20	0.25	%	Daily
Australia	1.50	Sep/18	1.5	17.5	1.5	%	Daily
Canada	1.50	Sep/18	1.5	16	0.25	%	Daily
South Korea	1.50	Aug/18	1.5	5.25	1.25	%	Daily
Singapore	1.06	Aug/18	1.73	20	-0.75	%	Daily
United Kingdom	0.75	Sep/18	0.75	17	0.25	%	Daily
Euro Area	0.00	Sep/18	0	4.75	0	%	Daily
France	0.00	Sep/18	0	4.75	0	%	Daily
Germany	0.00	Sep/18	0	4.75	0	%	Daily
Italy	0.00	Sep/18	0	4.75	0	%	Daily
Netherlands	0.00	Sep/18	0	4.75	0	%	Daily
Spain	0.00	Sep/18	0	4.75	0	%	Daily
Japan	-0.10	Sep/18	-0.1	9	-0.1	%	Daily
Switzerland	-0.75	Sep/18	-0.75	3.5	-0.75	%	Daily