The Central Bank of Turkey held its one week repo auction rate at 24 percent on September 25th as widely expected, following a 625 bps hike last month to support the lira. Policymakers noted that external demand maintains its strength while slowdown in economic activity continues, partly due to tighter financial conditions. Still, the central bank pledged to tighten monetary policy further if necessary. The lira has rebounded recently, erasing the losses inflicted by American sanctions in August, after diplomatic relations with Washington improved. Interest Rate in Turkey averaged 58.96 percent from 1990 until 2018, reaching an all time high of 500 percent in March of 1994 and a record low of 4.50 percent in May of 2013.

Turkey Interest Rate
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Turkey Leaves Policy Rate Unchanged at 24%


The Central Bank of Turkey held its one week repo auction rate at 24 percent on September 25th as widely expected, following a 625 bps hike last month to support the lira. Policymakers noted that external demand maintains its strength while slowdown in economic activity continues, partly due to tighter financial conditions. Still, the central bank pledged to tighten monetary policy further if necessary. The lira has rebounded recently, erasing the losses inflicted by American sanctions in August, after diplomatic relations with Washington improved.

Statement by the Central Bank of the Republic of Turkey:

Recently released data show that rebalancing trend in the economy has become more noticeable. External demand maintains its strength while slowdown in economic activity continues, partly due to tighter financial conditions.

Recent developments regarding the inflation outlook point to significant risks to price stability. Price increases have shown a generalized pattern across subsectors, reflecting the movements in exchange rates. Although weaker domestic demand conditions will partially mitigate the deterioration in the inflation outlook, upside risks on the pricing behavior continue to prevail. Accordingly, the Committee has decided to maintain the tight monetary policy stance.

The Central Bank will continue to use all available instruments in pursuit of the price stability objective. Tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement. Inflation expectations, pricing behavior, lagged impact of recent monetary policy decisions, contribution of fiscal policy to rebalancing process, and other factors affecting inflation will be closely monitored and, if needed, further monetary tightening will be delivered.

It should be emphasized that any new data or information may lead the Committee to revise its stance.


Central Bank of Turkey | Joana Ferreira | joana.ferreira@tradingeconomics.com
10/25/2018 11:17:44 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-07-24 11:00 AM TCMB Interest Rate Decision 17.75% 17.75% 18.75% 17.75%
2018-09-13 11:00 AM TCMB Interest Rate Decision 24% 17.75% 22% 20.75%
2018-10-25 11:00 AM TCMB Interest Rate Decision 24% 24% 24% 24%
2018-12-13 11:00 AM TCMB Interest Rate Decision 24% 24%


Turkey Money Last Previous Highest Lowest Unit
Interest Rate 24.00 24.00 500.00 4.50 percent [+]
Interbank Rate 24.71 24.69 28.52 4.74 percent [+]
Money Supply M1 522974069.80 559184534.70 559184534.70 55562063.00 TRY Thousand [+]
Money Supply M2 1984450421.40 2031956192.40 2031956192.40 236620702.00 TRY Thousand [+]
Money Supply M3 2028975586.30 2080428515.90 2080428515.90 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 128160.30 128672.90 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 4098487430.00 4345002487.00 4345002487.00 15859.80 TRY Thousand [+]
Loans to Private Sector 1362830642.00 1438571065.00 1438571065.00 3402.30 TRY Thousand [+]
Deposit Interest Rate 22.50 22.50 398.10 1.50 percent [+]
Private Debt to GDP 170.80 159.40 170.80 131.20 percent [+]
Lending Rate 25.50 25.50 2300.00 6.50 percent [+]
Foreign Stock Investment 28145.00 27388.00 82048.00 0.00 USD Million [+]
Cash Reserve Ratio 12.00 12.00 13.00 9.00 percent [+]
Central Bank Balance Sheet 801298893.00 858925152.00 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 November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
24.00 24.00 500.00 4.50 1990 - 2018 percent Daily




Country Last
Argentina 63.29 Nov/18
Turkey 24.00 Oct/18
Mexico 8.00 Nov/18
Russia 7.50 Oct/18
Brazil 6.50 Oct/18
India 6.50 Oct/18
South Africa 6.50 Oct/18
Indonesia 6.00 Nov/18
China 4.35 Oct/18
Saudi Arabia 2.75 Oct/18
United States 2.25 Nov/18
Canada 1.75 Oct/18
Australia 1.50 Nov/18
South Korea 1.50 Oct/18
Singapore 1.45 Oct/18
United Kingdom 0.75 Nov/18
Euro Area 0.00 Oct/18
France 0.00 Oct/18
Germany 0.00 Oct/18
Italy 0.00 Oct/18
Netherlands 0.00 Oct/18
Spain 0.00 Oct/18
Japan -0.10 Oct/18
Switzerland -0.75 Oct/18


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