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.