The Central Bank of Turkey lowered its one-week repo rate by 100 bps to 18% during its September meeting, contrary to expectations that rate would be left unchanged, claiming that the tightness of the monetary policy stance had created a larger-than-expected contractionary effect on commercial loans. Additionally, the central bank said it was committed to strengthen the macroprudential policy framework to curb personal loan growth. Policymakers noted that the increase in inflation was still transitory and driven by the rise in food and import prices, due to supply constraints and an expansion in demand following the reopening of the economy. The committee added that domestic economic activity remained strong in Q3, supported by external demand, while the quickening vaccination drive enabled a faster recovery in services, tourism and related sectors. source: Central Bank of the Republic of Turkey

Interest Rate in Turkey averaged 58.24 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 September 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. In the long-term, the Turkey Interest Rate is projected to trend around 12.50 percent in 2022, according to our econometric models.

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Turkey Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
18.00 19.00 500.00 4.50 1990 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-06-17 11:00 AM TCMB Interest Rate Decision 19% 19% 19% 19%
2021-07-14 11:00 AM TCMB Interest Rate Decision 19% 19% 19% 19%
2021-08-12 11:00 AM TCMB Interest Rate Decision 19% 19% 19% 19%
2021-09-23 11:00 AM TCMB Interest Rate Decision 18% 19% 19% 19%
2021-09-30 11:00 AM MPC Meeting Summary
2021-10-21 11:00 AM TCMB Interest Rate Decision 18%
2021-10-28 11:00 AM MPC Meeting Summary
2021-11-18 11:00 AM TCMB Interest Rate Decision


News Stream
Turkey Unexpectedly Lowers Rates
The Central Bank of Turkey lowered its one-week repo rate by 100 bps to 18% during its September meeting, contrary to expectations that rate would be left unchanged, claiming that the tightness of the monetary policy stance had created a larger-than-expected contractionary effect on commercial loans. Additionally, the central bank said it was committed to strengthen the macroprudential policy framework to curb personal loan growth. Policymakers noted that the increase in inflation was still transitory and driven by the rise in food and import prices, due to supply constraints and an expansion in demand following the reopening of the economy. The committee added that domestic economic activity remained strong in Q3, supported by external demand, while the quickening vaccination drive enabled a faster recovery in services, tourism and related sectors.
2021-09-23
Turkey Holds Interest Rate at 19%
The Central Bank of Turkey held its one-week repo rate at 19% during its August meeting, as expected and repeated a pledge for tight policy after inflation jumped to a two-year high of 18.95% in July. Policymakers noted that the increase in inflation was driven by the rise in food inflation, due to supply-side effects in some products led by climate conditions, the high levels of international agricultural commodity and food prices, as well as the effects of the reopening. Taking into account the high levels of inflation and inflation expectations, the current tight monetary policy stance will be maintained decisively until the significant fall in the Inflation Report’s forecast path is achieved. The policy rate will continue to be determined at a level above inflation to maintain a strong disinflationary effect until strong indicators point to a permanent fall in inflation and the medium-term 5 percent target is reached.
2021-08-12
Turkey Keeps Rates on Hold as Expected
The Central Bank of Turkey held its one-week repo rate at 19 percent during its July meeting, as expected warning for possible volatility in inflation during the summer due to the reopening and high levels of inflation expectations continue to pose risks to the pricing behavior and inflation outlook. Taking into account the high levels of inflation and inflation expectations, the current tight monetary policy stance will be maintained decisively until the significant fall in the April Inflation Report’s forecast path is achieved.The CBRT will continue to use decisively all available instruments in pursuit of the primary objective of price stability. The policy rate will continue to be determined at a level above inflation to maintain a strong disinflationary effect until strong indicators point to a permanent fall in inflation and the medium-term 5 percent target is reached.
2021-07-14
Turkey Central Bank Holds Rates as Expected
The Central Bank of Turkey held its one-week repo rate at 19 percent during its June meeting, saying the current tight monetary policy stance will be maintained decisively until a significant fall in inflation towards the April Inflation Report’s forecast path is achieved. Policymakers noted that the strong economic growth has been supported by solid external demand, despite the deceleration of domestic demand in the second quarter due to pandemic restrictions and the tightening in financial conditions. In addition, the current account balance is seen improving, as the strong upward trend in exports, the slowdown in credit growth, the significant fall in gold imports and the strong progress in the vaccination program stimulating tourism activities more than offset the rise in commodity prices.
2021-06-17

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.