The Central Bank of Turkey paused its easing cycle and left the key one-week repo rate steady at 14% as expected during its first meeting of 2022. Since September last year the bank cut the rates by 500bps, sending the lira to record low levels and putting additional pressure on consumer prices. The central bank said it is monitoring the impact of recent policy changes while the review of the policy framework is being conducted with the aim to prioritize the Turkish lira. Policymakers also expect the disinflation process to start on the back of measures taken for sustainable price and financial stability along with the decline in inflation owing to the base effect. source: Central Bank of the Republic of Turkey

Interest Rate in Turkey averaged 58.16 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 January 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 12.50 percent in 2023, according to our econometric models.

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Turkey Interest Rate


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

Calendar GMT Actual Previous Consensus TEForecast
2021-11-18 11:00 AM TCMB Interest Rate Decision 15% 16% 15% 15%
2021-12-16 11:00 AM TCMB Interest Rate Decision 14% 15% 14% 14%
2022-01-20 11:00 AM TCMB Interest Rate Decision 14% 14% 14% 14%
2022-02-17 11:00 AM TCMB Interest Rate Decision 14% 14%
2022-02-24 11:00 AM MPC Meeting Summary
2022-03-17 11:00 AM TCMB Interest Rate Decision


Related Last Previous Unit Reference
Interest Rate 14.00 14.00 percent Jan/22
Money Supply M1 1930287943.40 1727721341.30 TRY Thousand Dec/21
Money Supply M2 4694211915.20 4531394149.80 TRY Thousand Dec/21
Money Supply M3 4809513799.10 4664623461.40 TRY Thousand Dec/21
Foreign Exchange Reserves 70800.00 70700.00 USD Million Jan/22
Banks Balance Sheet 6773944233.00 6682893014.00 TRY Thousand Aug/21
Loans to Private Sector 2359983738.00 2004264629.00 TRY Thousand Nov/21
Deposit Interest Rate 12.50 12.50 percent Jan/22
Lending Rate 15.50 15.50 percent Jan/22
Central Bank Balance Sheet 2537679003.00 1839852798.00 TRY Thousand Nov/21
Cash Reserve Ratio 23.00 21.00 percent Sep/21
Foreign Stock Investment 22048.00 21255.00 USD Million Aug/21


News Stream
Central Bank of Turkey Pauses Easing Cycle
The Central Bank of Turkey paused its easing cycle and left the key one-week repo rate steady at 14% as expected during its first meeting of 2022. Since September last year the bank cut the rates by 500bps, sending the lira to record low levels and putting additional pressure on consumer prices. The central bank said it is monitoring the impact of recent policy changes while the review of the policy framework is being conducted with the aim to prioritize the Turkish lira. Policymakers also expect the disinflation process to start on the back of measures taken for sustainable price and financial stability along with the decline in inflation owing to the base effect.
2022-01-20
Turkey Cuts Rates as Expected
The Central Bank of Turkey slashed its one-week repo auction rate by 100bps to 14% during its December meeting, following a 100bps cut in November, a 200bps cut in October, and a 100bps cut in September. The Committee said that the cumulative impact of recent policy decisions will be closely monitored during the first quarter of 2022, where the policy framework will be reassessed to create a foundation for sustainable price stability in the future. 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 over 20%, well above the mid-point target of 5% while the lira lost over 50% of its value since November.
2021-12-16
Turkey Cuts Rates for 3rd Successive Month
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.
2021-11-18