The Central Bank of Turkey held its one-week repo auction rate at 24 percent during its June meeting, saying that a tight monetary policy supports the disinflation process. Annual inflation fell to a nine-month low of 18.71 percent in May, easing further from October's 15-year peak of 25.24 percent after a currency crisis plunged the economy into its first recession in a decade. Interest Rate in Turkey averaged 58.82 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 17.50 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
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% 24% 24%
2019-07-25 11:00 AM TCMB Interest Rate Decision 24% 21.5% 21.5%
2019-07-31 11:00 AM MPC Meeting Summary
2019-09-12 11:00 AM TCMB Interest Rate Decision



Turkey Holds Policy Rate at 24%

The Central Bank of Turkey held its one-week repo auction rate at 24 percent during its June meeting, saying that a tight monetary policy supports the disinflation process. Annual inflation fell to a nine-month low of 18.71 percent in May, easing further from October's 15-year peak of 25.24 percent after a currency crisis plunged the economy into its first recession in a decade.

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 and the tight monetary policy support disinflation. In order to contain the risks to the pricing behavior and to reinforce the disinflation process, 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. Factors affecting inflation will be closely monitored and, monetary stance will be determined to keep inflation in line with the targeted path.

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

The summary of the Monetary Policy Committee Meeting will be released within five working days.


Central Bank of Turkey | Joana Ferreira | joana.ferreira@tradingeconomics.com
6/12/2019 11:22:51 AM



Turkey Money Last Previous Highest Lowest Unit
Interest Rate 24.00 24.00 500.00 4.50 percent [+]
Money Supply M1 608221024.80 612217953.30 612217953.30 55562063.00 TRY Thousand [+]
Interbank Rate 20.75 21.52 28.52 4.74 percent [+]
Money Supply M2 2160902946.90 2170543798.50 2170543798.50 236620702.00 TRY Thousand [+]
Money Supply M3 2263038131.50 2273653617.90 2273653617.90 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 136420.40 137336.40 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 4213258176.00 4227572800.00 4345002487.00 15859.80 TRY Thousand [+]
Loans to Private Sector 1294909915.00 1310650898.00 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 30601.00 31402.00 82048.00 0.00 USD Million [+]
Cash Reserve Ratio 13.00 12.00 13.00 9.00 percent [+]
Central Bank Balance Sheet 775040152.00 780697315.00 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 July 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 58.72 Jul/19
Turkey 24.00 Jun/19
Mexico 8.25 Jul/19
Russia 7.50 Jun/19
Brazil 6.50 Jun/19
South Africa 6.50 Jul/19
India 5.75 Jul/19
Indonesia 5.75 Jul/19
China 4.35 Jun/19
Saudi Arabia 3.00 Jun/19
United States 2.50 Jun/19
Canada 1.75 Jul/19
Singapore 1.67 Jun/19
South Korea 1.50 Jul/19
Australia 1.00 Jul/19
United Kingdom 0.75 Jun/19
Euro Area 0.00 Jun/19
France 0.00 Jun/19
Germany 0.00 Jun/19
Italy 0.00 Jun/19
Netherlands 0.00 Jun/19
Spain 0.00 Jun/19
Japan -0.10 Jun/19
Switzerland -0.75 Jun/19


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