The Central Bank of Turkey left its one-week repo auction rate unchanged at 24 percent on April 25th 2019, as widely expected. Policymakers said that they will continue to use all available instruments in pursuit of the price stability objective. The Committee noted an improvement in inflation indicators, still factors including higher import and food prices and the elevated course of inflation expectations point to continued risks to price stability. The country's annual inflation rate rose to 19.71 percent in March from a six-month low of 19.67 percent in February, way above the central bank's midpoint target of 5 percent. Interest Rate in Turkey averaged 58.88 percent from 1990 until 2019, reaching an all time high of 500 percent in March of 1994 and a record low of 4.50 percent in May of 2013.

Interest Rate in Turkey is expected to be 24.00 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 19.00 in 12 months time. In the long-term, the Turkey Interest Rate is projected to trend around 11.50 percent in 2020, according to our econometric models.

Turkey Interest Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-13 11:00 AM TCMB Interest Rate Decision 24% 24% 24% 24%
2019-01-16 11:00 AM TCMB Interest Rate Decision 24% 24% 24% 24%
2019-03-06 11:00 AM TCMB Interest Rate Decision 24% 24% 24% 24%
2019-04-25 11:00 AM TCMB Interest Rate Decision 24% 24% 24% 24%
2019-06-12 11:00 AM TCMB Interest Rate Decision 24% 24%
2019-06-19 11:00 AM MPC Meeting Summary
2019-07-25 11:00 AM TCMB Interest Rate Decision



Turkey Leaves Policy Rate Unchanged at 24%

The Central Bank of Turkey left its one-week repo auction rate unchanged at 24 percent on April 25th 2019, as widely expected. Policymakers said that they will continue to use all available instruments in pursuit of the price stability objective. The Committee noted an improvement in inflation indicators, still factors including higher import and food prices and the elevated course of inflation expectations point to continued risks to price stability. The country's annual inflation rate rose to 19.71 percent in March from a six-month low of 19.67 percent in February, way above the central bank's midpoint target of 5 percent.

Statement by the Central Bank of the Republic of Turkey:

Recently released data show that rebalancing trend in the economy has continued. External demand maintains its relative strength while economic activity displays a slow pace, partly due to tight financial conditions. Current account balance is expected to maintain its improving trend. 

Developments in domestic demand conditions have led to some improvement in inflation indicators. Yet, higher food and import prices and the elevated course of inflation expectations point to continued risks to price stability. Accordingly, the Committee has decided to maintain the tight monetary policy stance until inflation outlook displays a significant improvement.

The Central Bank will continue to use all available instruments in pursuit of the price stability objective. Factors affecting inflation will be closely monitored and monetary stance will be determined to keep inflation in line with the targeted path.


Central Bank of Turkey | Stefanie Moya | stefanie.moya@tradingeconomics.com
4/25/2019 11:04:03 AM



Turkey Money Last Previous Highest Lowest Unit
Interest Rate 24.00 24.00 500.00 4.50 percent [+]
Money Supply M1 567654053.50 569489896.20 569489896.20 55562063.00 TRY Thousand [+]
Interbank Rate 26.13 26.13 28.52 4.74 percent [+]
Money Supply M2 2139582203.20 2068386069.80 2139582203.20 236620702.00 TRY Thousand [+]
Money Supply M3 2240589216.50 2157053749.70 2240589216.50 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 138891.90 139273.00 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 3800152261.00 3764100502.00 4345002487.00 15859.80 TRY Thousand [+]
Loans to Private Sector 1285634717.00 1168557625.00 1438571065.00 3402.30 TRY Thousand [+]
Deposit Interest Rate 22.50 22.50 398.10 1.50 percent [+]
Private Debt to GDP 170.20 170.50 170.50 131.20 percent [+]
Lending Rate 25.50 25.50 2300.00 6.50 percent [+]
Foreign Stock Investment 25145.00 25035.00 82048.00 0.00 USD Million [+]
Cash Reserve Ratio 13.00 12.00 13.00 9.00 percent [+]
Central Bank Balance Sheet 757449524.00 758413514.00 858925152.00 9071.00 TRY Thousand [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
24.00 24.00 500.00 4.50 1990 - 2019 percent Daily




Country Last Previous
Argentina 71.22 May/19
Turkey 24.00 Apr/19
Mexico 8.25 May/19
Russia 7.75 Apr/19
South Africa 6.75 May/19
Brazil 6.50 May/19
India 6.00 Apr/19
Indonesia 6.00 May/19
China 4.35 Apr/19
Saudi Arabia 3.00 Apr/19
United States 2.50 May/19
Singapore 2.24 Mar/19
Canada 1.75 Apr/19
South Korea 1.75 Apr/19
Australia 1.50 May/19
United Kingdom 0.75 May/19
Euro Area 0.00 Apr/19
France 0.00 Apr/19
Germany 0.00 Apr/19
Italy 0.00 Apr/19
Netherlands 0.00 Apr/19
Spain 0.00 Apr/19
Japan -0.10 Apr/19
Switzerland -0.75 Apr/19


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