The Central Bank of Turkey raised its benchmark one-week repo rate by 200 bps to 19 percent on March 18th 2021, surprising markets who expected a hike of 100 bps and pushing borrowing costs to the highest since August 2019. Policymakers decided to implement a strong monetary tightening considering the upside risks to inflation expectations, pricing behavior and the medium-term inflation outlook associated with these developments. The annual inflation rose to 15.61 percent in February from 14.97 percent in January, the highest since July of 2019. The tight monetary policy stance will be maintained decisively for an extended period until strong indicators point to a permanent fall in inflation and price stability. Additional monetary tightening will be delivered if needed. source: Central Bank of the Republic of Turkey
Interest Rate in Turkey averaged 58.36 percent from 1990 until 2021, 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 April of 2021.
Interest Rate in Turkey is expected to be 19.00 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 18.00 in 12 months time. In the long-term, the Turkey Interest Rate is projected to trend around 12.50 percent in 2022, according to our econometric models.