The central bank of Turkey kept its benchmark one-week repo rate steady at 17% on January 21st 2021, in line with expectations, following a 200bps rise in the previous month. Policymakers said tight policy stance will remain until indicators point to a permanent fall in inflation and that additional tightening will be delivered if needed. The inflation rate in Turkey increased to 14.6 percent in December, reaching the highest level since August of 2019. source: Central Bank of the Republic of Turkey

Interest Rate in Turkey averaged 58.39 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 February of 2021.

Interest Rate in Turkey is expected to be 17.00 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 15.00 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.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
Turkey Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
17.00 17.00 500.00 4.50 1990 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-10-22 11:00 AM TCMB Interest Rate Decision 10.25% 10.25% 12% 12%
2020-11-19 11:00 AM TCMB Interest Rate Decision 15% 10.25% 15% 15%
2020-12-24 11:00 AM TCMB Interest Rate Decision 17% 15% 16.5% 16.5%
2021-01-21 11:00 AM TCMB Interest Rate Decision 17% 17% 17% 17%
2021-02-18 11:00 AM TCMB Interest Rate Decision
2021-02-25 11:00 AM MPC Meeting Summary
2021-03-18 11:00 AM TCMB Interest Rate Decision
2021-03-25 11:00 AM MPC Meeting Summary


News Stream
Turkey Keeps Rates on Hold as Expected
The central bank of Turkey kept its benchmark one-week repo rate steady at 17% on January 21st 2021, in line with expectations, following a 200bps rise in the previous month. Policymakers said tight policy stance will remain until indicators point to a permanent fall in inflation and that additional tightening will be delivered if needed. The inflation rate in Turkey increased to 14.6 percent in December, reaching the highest level since August of 2019.
2021-01-21
Turkey Hikes Benchmark Rate to 17%
The central bank of Turkey raised its benchmark one-week repo rate by 200bps to 17% on December 24th 2020, the highest since August of 2019, and above market forecasts of a 150bps hike. Policymakers said that uncertainties surrounding the global economic activity prevail due to a recent increase in Covid-19 cases, despite vaccine rollout. Moreover, restrictions introduced create uncertainties on the short-run outlook, particularly in the services sector. It is the second consecutive rate hike under the new central bank governor as he pledged to tighten policy to ensure price stability. In November, the central bank increased rates by 475bps.
2020-12-24
Turkey Central Bank Hikes Policy Rate to 15%
The Central Bank of Turkey raised its benchmark one-week repo rate by 475 bps to 15 percent during its November meeting, saying the tightness of monetary policy will be decisively sustained until a permanent fall in inflation is achieved. Policymakers also said that the central funding will be provided through the one-week repo rate, which will be the main policy tool and the only indicator for the monetary stance. On a more positive note, the central bank noted that the recovery in Turkey's economic activity continued, despite uncertainties on the short-run outlook due to partial restrictions introduced to curb the increasing number of COVID-19 cases.
2020-11-19
Turkey Unexpectedly Holds Key Interest Rate at 10.25%
The Central Bank of Turkey held its benchmark one-week repo rate at 10.25 percent during its October meeting, surprising market expectations of a 175 basis points rate hike. At the same time, policymakers announced an adjustment to the monetary policy operational framework by setting the margin between the CBRT Late Liquidity Window lending rate and overnight lending rate as 300 basis points. The bank said that inflation has followed a higher-than-envisaged path as a result of fast economic recovery with strong credit momentum, and financial market developments; and that a significant tightening in financial conditions has been achieved, following the monetary policy and liquidity management steps taken to contain inflation expectations and risks to the inflation outlook.
2020-10-22

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.