The Central Bank of Turkey slashed its one-week repo auction rate by 100bps to 15% during its November meeting, following a 200bps cut in October and a 100bps cut in September. The move was expected after Turkish President Erdogan, who backs an unconventional theory that high rates cause inflation, vowed to fight for lower rates as the country grapples with inflation at near 20%, well above the mid-point target of 5% and the lira is down almost 11% in November. The Committee said it expects that the transitory effects of supply-side factors and other factors beyond monetary policy’s control on price increases will persist through the first half of 2022 and it will consider to complete the use of the limited room implied by these factors in December. source: Central Bank of the Republic of Turkey
Interest Rate in Turkey averaged 58.20 percent from 1990 until 2021, 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 November of 2021.
Interest Rate in Turkey is expected to be 15.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Turkey Interest Rate is projected to trend around 12.50 percent in 2022, according to our econometric models.