The Central Bank of Turkey slashed its benchmark one-week repo rate by 50 bps to 8.25 percent during its May meeting, saying the decision aims to contain the negative effects of the pandemic on the Turkish economy while also maintaining a sustained disinflation process, which is a key factor for achieving lower sovereign risk, lower long-term interest rates, and stronger economic recovery. Policymakers noted that developments regarding the spread of the coronavirus have substantially weakened global growth outlook and inflation expectations remain low as a sharp decline in crude oil and metal prices offset the recent depreciation in the lira.

Interest Rate in Turkey averaged 58.58 percent from 1990 until 2020, reaching an all time high of 500 percent in March of 1994 and a record low of 4.50 percent in May of 2013. 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 - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: Central Bank of the Republic of Turkey

Interest Rate in Turkey is expected to be 7.25 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 5.50 in 12 months time. In the long-term, the Turkey Interest Rate is projected to trend around 6.00 percent in 2021 and 6.50 percent in 2022, according to our econometric models.

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Turkey Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
8.25 8.75 500.00 4.50 1990 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-02-19 11:00 AM TCMB Interest Rate Decision 10.75% 11.25% 10.75% 11%
2020-03-17 11:05 AM TCMB Interest Rate Decision 9.75% 10.75% 10.25% 9.5%
2020-04-22 11:00 AM TCMB Interest Rate Decision 8.75% 9.75% 9.25% 9%
2020-05-21 11:00 AM TCMB Interest Rate Decision 8.25% 8.75% 8.25% 7.75%
2020-06-25 11:00 AM TCMB Interest Rate Decision 8.25% 7.25%
2020-07-02 11:00 AM MPC Meeting Summary
2020-07-23 11:00 AM TCMB Interest Rate Decision
2020-07-29 07:30 AM CBRT Inflation Report


News Stream
Turkey Cuts Key Policy Rate to 8.25%
The Central Bank of Turkey slashed its benchmark one-week repo rate by 50 bps to 8.25 percent during its May meeting, saying the decision aims to contain the negative effects of the pandemic on the Turkish economy while also maintaining a sustained disinflation process, which is a key factor for achieving lower sovereign risk, lower long-term interest rates, and stronger economic recovery. Policymakers noted that developments regarding the spread of the coronavirus have substantially weakened global growth outlook and inflation expectations remain low as a sharp decline in crude oil and metal prices offset the recent depreciation in the lira.
2020-05-21
Turkey Lowers Key Policy Rate by 100bps
The Central Bank of Turkey slashed its benchmark one-week repo rate by 100bps to 8.75 percent during its April meeting, while markets had forecast a smaller 50bps cut. Policymakers noted that developments regarding the spread of the coronavirus have substantially weakened global growth outlook and inflation expectations remain low as a sharp decline in crude oil and metal prices offset recent depreciation in the lira.
2020-04-22
Turkey Unveils Additional Stimulus Measures
The Central Bank of Turkey announced a new package of stimulus measures on March 31st, to contain adverse effects of the global uncertainty led by the coronavirus pandemic on the economy. The bank will be boosting government debt buying and will be offering new pools of cheap funding, aiming to strengthen monetary transmission mechanisms, enhance banks' flexibility in liquidity management, secure uninterrupted credit flows to the corporate sector, and support the goods and services exporting firms, which are mostly affected by Covid-19. Policymakers had already cut its key interest rate by 100bps to 9.75 percent and loosened reserve requirements on March 17th.
2020-03-31
Turkey Slashes Policy Interest Rates by 100bps
The Central Bank of Turkey lowered its one-week repo auction rate by 100bps to 9.75 percent on March 17th, two days ahead of a scheduled meeting, with policymakers voicing concerns about the coronavirus outbreak. It is the seventh consecutive rate cut. The central bank noted that the sharp fall in international commodity prices, especially crude oil and metal prices, affected inflation outlook favorably despite the recent depreciation in the Turkish lira due to global developments. On the other hand, downside risks on the year-end inflation projection increased due to the weakening in global trade and measures such as travel restrictions. Policymakers also reduced FX reserve requirement ratios by 500bps in all liability types and all maturity brackets.
2020-03-17

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.