The Central Bank of Turkey held its benchmark one-week repo at 8.25 percent during its July meeting as widely expected, after the country's headline inflation rate hit the highest level for 10 months in June boosted by a surge in food inflation due to seasonal and pandemic-related effects, while commodity prices continued to restrain consumer prices. Policymakers said that demand-driven disinflationary effects will become more prevalent in the second half of the year as the normalization process continues, while the economic recovery will continue helped by recent monetary and fiscal measures.

Interest Rate in Turkey averaged 58.53 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 August of 2020. source: Central Bank of the Republic of Turkey

Interest Rate in Turkey is expected to be 8.75 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 8.50 in 12 months time. In the long-term, the Turkey Interest Rate is projected to trend around 8.50 percent in 2021, according to our econometric models.

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Turkey Interest Rate

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


Calendar GMT Actual Previous Consensus TEForecast
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% 8.25% 8% 8%
2020-07-23 11:00 AM TCMB Interest Rate Decision 8.25% 8.25% 8.25% 8.25%
2020-08-20 11:00 AM TCMB Interest Rate Decision 8.25% 8.75%
2020-08-27 11:00 AM MPC Meeting Summary
2020-09-24 11:00 AM TCMB Interest Rate Decision
2020-10-01 11:00 AM MPC Meeting Summary


News Stream
Turkish Central Bank Holds Policy Rate at 8.25%
The Central Bank of Turkey held its benchmark one-week repo at 8.25 percent during its July meeting as widely expected, after the country's headline inflation rate hit the highest level for 10 months in June boosted by a surge in food inflation due to seasonal and pandemic-related effects, while commodity prices continued to restrain consumer prices. Policymakers said that demand-driven disinflationary effects will become more prevalent in the second half of the year as the normalization process continues, while the economic recovery will continue helped by recent monetary and fiscal measures.
2020-07-23
Turkey Unexpectedly Holds Key Interest Rate at 8.25%
The Central Bank of Turkey held its benchmark one-week repo at 8.25 percent during its June meeting, surprising markets that had forecast a 25 bps rate cut, saying that pandemic-related rise in unit costs have led to some increase in the trends of core inflation indicators despite the restraining effects of aggregate demand conditions. Policymakers also said that demand-driven disinflationary effects will become more prevalent in the second half of the year as the normalization process continues. Activity is seen recovering further, while the projected rebound in exports and low levels of commodity prices will support the current account balance in the upcoming periods.
2020-06-25
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 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.