The Central Bank of Turkey cut its benchmark policy rate by one percentage point to 37% in its first meeting of 2026, less than the median market expectations of a 1.5 percentage point cut, but still marking the lowest rate since November of 2023. The central bank noted that the underlying inflation trend softened in the end of last year despite the increase in the headline rate due to higher food prices, warranting a slight reduction in tight monetary conditions. Still, policymakers stressed that upside risks to inflation remain, as unpredictable pricing behaviour and elevated inflation expectations continued to pose risks to the disinflation process. source: Central Bank of the Republic of Turkey

The benchmark interest rate in Turkey was last recorded at 37 percent. Interest Rate in Turkey averaged 57.58 percent from 1990 until 2026, reaching an all time high of 500.00 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 February of 2026.

The benchmark interest rate in Turkey was last recorded at 37 percent. Interest Rate in Turkey is expected to be 35.00 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 22.00 percent in 2027 and 17.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-10-23 11:00 AM TCMB Interest Rate Decision 39.5% 40.5% 39.5% 39%
2025-12-11 11:00 AM TCMB Interest Rate Decision 38% 39.5% 38.5% 38.5%
2026-01-22 11:00 AM TCMB Interest Rate Decision 37% 38% 36.5% 37%
2026-03-12 11:00 AM TCMB Interest Rate Decision 35%
2026-03-18 11:00 AM MPC Meeting Summary
2026-04-22 11:00 AM TCMB Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 46798360136.00 44833341136.00 TRY Thousand Dec 2025
Cash Reserve Ratio 25.00 25.00 percent Dec 2025
Central Bank Balance Sheet 12071962275.00 12157882198.00 TRY Thousand Nov 2025
Overnight Borrowing Rate 35.50 36.50 percent Jan 2026
Foreign Exchange Reserves 78870.00 84410.00 USD Million Feb 2026
Interest Rate 37.00 38.00 percent Jan 2026
Overnight Lending Rate 40.00 41.00 percent Jan 2026
Loans to Non Financial Companies 12059977094.00 11655740178.00 TRY Thousand Dec 2025
Money Supply M0 809257432.40 817566127.40 TRY Thousand Jan 2026
Money Supply M1 10610874418.00 9759279555.00 TRY Thousand Jan 2026
Money Supply M2 25239085938.00 24560207201.00 TRY Thousand Jan 2026
Money Supply M3 28121442919.00 27233238495.00 TRY Thousand Jan 2026


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
37.00 38.00 500.00 4.50 1990 - 2026 percent Daily

News Stream
Turkey Cuts Rate by Less than Expected
The Central Bank of Turkey cut its benchmark policy rate by one percentage point to 37% in its first meeting of 2026, less than the median market expectations of a 1.5 percentage point cut, but still marking the lowest rate since November of 2023. The central bank noted that the underlying inflation trend softened in the end of last year despite the increase in the headline rate due to higher food prices, warranting a slight reduction in tight monetary conditions. Still, policymakers stressed that upside risks to inflation remain, as unpredictable pricing behaviour and elevated inflation expectations continued to pose risks to the disinflation process.
2026-01-22
Turkey Cuts Rate by 150 bps to 38%
The Central Bank of Turkey cut its policy rate to 38% from 39.5% in December 2025, marking a fourth consecutive reduction, and by more than market expectations of a softer cut to 38.5%, amid softer-than-expected November inflation. Food prices came in lower than projections, helping ease the underlying inflation trend for a second month. The bank also reduced its overnight lending and borrowing rates to 41% and 36.5%, respectively. Despite improving demand conditions and a slight cooling in price pressures, the Monetary Policy Committee warned that inflation expectations and pricing behavior still threaten the disinflation path. It reaffirmed that tight monetary policy will continue until price stability is secured, with rate decisions made cautiously and guided by data. The bank aims to steer inflation toward its 5% medium-term target, even as annual inflation at 31.1% in November remains well above the 24% year-end goal.
2025-12-11
Turkey Cuts Policy Rate to 39.5% as Expected
The Central Bank of Turkey cut its key one-week repo rate by 100bps to 39.5% in October 2025, as expected, alongside reductions in the overnight lending rate to 42.5% and the borrowing rate to 38%. While demand conditions suggest disinflationary pressures, recent data indicate a slower pace of disinflation and rising risks from food prices. The Bank reaffirmed its commitment to a tight monetary stance until price stability is secured, emphasizing that policy will be guided by realized and expected inflation and its underlying trend. The Committee will adjust rates cautiously, reviewing each step based on inflation dynamics, and stands ready to tighten further if inflation deviates from interim targets. It also signaled potential macroprudential measures to support monetary transmission if needed. Liquidity conditions will be closely managed, with the overarching goal of achieving a 5% medium-term inflation target through a transparent, data-driven approach.
2025-10-23