The Central Bank of Turkey left its key one-week repo rate unchanged at 14% in its July 2022 meeting, as expected, and signaled that it will continue to implement measures to promote the liraization of the Turkish economy. It marks the seventh consecutive decision to hold rates constant after 500bps of interest rate slashes since August 2021. The central bank stated that the increase in observed inflation is due to rising energy costs due to geopolitical conflicts in Ukraine, strong negative supply shocks of food, and emphasized that the higher prices are not a result of economic fundamentals. Annual inflation in Turkey rose to 79% in June, the highest since 1998. The Board foresees that the disinflationary process will begin with the re-establishment of the global peace environment and the elimination of base effects in inflation. At the same time, policymakers revised growth projections downward and stated that the likelihood of a recession has increased. source: Central Bank of the Republic of Turkey

Interest Rate in Turkey averaged 58.03 percent from 1990 until 2022, 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 August of 2022.

Interest Rate in Turkey is expected to be 14.00 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 14.00 percent in 2023 and 12.50 percent in 2024, according to our econometric models.

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Turkey Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-26 11:00 AM TCMB Interest Rate Decision 14% 14% 14% 14%
2022-06-23 11:00 AM TCMB Interest Rate Decision 14% 14% 14% 14%
2022-07-21 11:00 AM TCMB Interest Rate Decision 14% 14% 14% 14%
2022-08-18 11:00 AM TCMB Interest Rate Decision 14% 14% 14%
2022-08-25 11:00 AM MPC Meeting Summary
2022-09-22 11:00 AM TCMB Interest Rate Decision


Related Last Previous Unit Reference
Interest Rate 14.00 14.00 percent Jul 2022
Money Supply M1 2676783502.20 2662061648.30 TRY Thousand Jul 2022
Money Supply M2 6820437968.40 6672682758.20 TRY Thousand Jul 2022
Money Supply M3 6922580303.10 6775859616.10 TRY Thousand Jul 2022
Foreign Exchange Reserves 67770.00 61101.00 USD Million Aug 2022
Banks Balance Sheet 10140316743.00 9467288836.00 TRY Thousand Mar 2022
Loans to Private Sector 3137841856.00 3079089238.00 TRY Thousand Jun 2022
Deposit Interest Rate 12.50 12.50 percent Jul 2022
Central Bank Balance Sheet 3156169595.00 3078845664.00 TRY Thousand Jul 2022
Lending Rate 15.50 15.50 percent Jul 2022
Cash Reserve Ratio 25.00 25.00 percent Apr 2022
Foreign Stock Investment 22048.00 21255.00 USD Million Aug 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
14.00 14.00 500.00 4.50 1990 - 2022 percent Daily

News Stream
Turkey Holds Interest Rate at 14% as Expected
The Central Bank of Turkey left its key one-week repo rate unchanged at 14% in its July 2022 meeting, as expected, and signaled that it will continue to implement measures to promote the liraization of the Turkish economy. It marks the seventh consecutive decision to hold rates constant after 500bps of interest rate slashes since August 2021. The central bank stated that the increase in observed inflation is due to rising energy costs due to geopolitical conflicts in Ukraine, strong negative supply shocks of food, and emphasized that the higher prices are not a result of economic fundamentals. Annual inflation in Turkey rose to 79% in June, the highest since 1998. The Board foresees that the disinflationary process will begin with the re-establishment of the global peace environment and the elimination of base effects in inflation. At the same time, policymakers revised growth projections downward and stated that the likelihood of a recession has increased.
2022-07-21
Turkey Keeps Rates on Hold as Expected
The Central Bank of Turkey left the key one-week repo rate steady at 14% as expected during its June meeting of 2022, saying that in the rise observed in inflation energy cost increases caused by geopolitical developments, temporary effects of pricing formations that are far from economic fundamentals, strong negative supply shocks caused by increases in global energy, food and agricultural commodity prices continue to be influential. Inflation rate in Turkey surged to 73.5% in May, the highest since 1998. The Board foresees that the disinflationary process will begin with the re-establishment of the global peace environment and the elimination of base effects in inflation, together with the steps taken and determinedly implemented to strengthen sustainable price stability and financial stability. The Board will continue to take its decisions in a transparent, predictable and data-oriented framework.
2022-06-23
Turkey Holds Interest Rate at 14%
The Central Bank of Turkey left the key one-week repo rate steady at 14% as expected during its May meeting of 2022 saying the increase in inflation is driven by rising energy costs resulting from geopolitical developments, temporary effects of pricing formations that are not supported by economic fundamentals, strong negative supply shocks caused by the rise in global energy, food and agricultural commodity prices. The Committee expects disinflation process to start on the back of strengthened measures for sustainable price and financial stability along with the decline in inflation owing to the base effect and the resolution of the ongoing regional conflict.
2022-05-26