The Central Bank of Turkey kept its benchmark interest rate at 45% in February, in line with expectations, citing an increase in inflation as predicted. In January, the annual inflation rate edged up to 64.86%, the highest since November 2022. This decision signals a break in the trend of consecutive rate hikes that have been implemented since last May and is the first under the new central bank governor, Fatih Karahan. The Board emphasized that the current rate will remain unchanged until monthly inflation rates show a significant and sustained decrease and align with forecasts. Any signs of a deteriorating inflation outlook will prompt a tightening of monetary policy. It added that decisions will be guided by the goal of lowering inflation and achieving a 5% target in the medium term, taking into account the lagged effects of prior tightening measures. source: Central Bank of the Republic of Turkey
The benchmark interest rate in Turkey was last recorded at 45 percent. Interest Rate in Turkey averaged 57.69 percent from 1990 until 2024, reaching an all time high of 500.00 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 February of 2024.
The benchmark interest rate in Turkey was last recorded at 45 percent. Interest Rate in Turkey is expected to be 45.00 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 25.00 percent in 2025 and 12.00 percent in 2026, according to our econometric models.