Turkey Interest Rate  1990-2018 | Data | Chart | Calendar | Forecast

The Central Bank of Turkey raised its benchmark interest rate by 125bps to 17.75 percent on June 7th, after a surprise 300bps hike last month to support the lira. Also, policymakers said further monetary tightening will be delivered, if needed. Latest data showed the country's annual inflation jumped to 12.15 percent in May, the second-highest since February 2004, due to higher energy prices and a tumbling currency. Interest Rate in Turkey averaged 59.04 percent from 1990 until 2018, reaching an all time high of 500 percent in March of 1994 and a record low of 4.50 percent in May of 2013.

Turkey Interest Rate
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Turkey Hikes Key Policy Rate to 17.75%


The Central Bank of Turkey raised its benchmark interest rate by 125bps to 17.75 percent on June 7th, after a surprise 300bps hike last month to support the lira. Also, policymakers said further monetary tightening will be delivered, if needed. Latest data showed the country's annual inflation jumped to 12.15 percent in May, the second-highest since February 2004, due to higher energy prices and a tumbling currency.

The overnight lending rate was raised by 275bps to 19.25 percent and the overnight borrowing rate by 125bps to 16.25 percent. Also, the central bank hiked its late liquidity window rate by 425bps to 20.75 percent.

Statement by the Central Bank of the Republic of Turkey:

Recently released data indicate a rebalancing trend in the economic activity. External demand maintains its strength, while domestic demand displays a more moderate course.

Cost factors have been the main driver of the recent upsurge in inflation. On the other hand, price increases have shown a generalized pattern across subsectors. Despite the mild outlook for demand conditions, elevated levels of inflation and inflation expectations continue to pose risks on the pricing behavior. Accordingly, the Committee decided to further strengthen the monetary tightening to support price stability.

The Central Bank will continue to use all available instruments in pursuit of the price stability objective. Tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement. Inflation expectations, pricing behavior and other factors affecting inflation will be closely monitored and, if needed, further monetary tightening will be delivered.

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
6/7/2018 2:28:15 PM



Calendar GMT Actual Previous Consensus TEForecast
2018-04-25 11:00 AM TCMB Interest Rate Decision 8% 8% 8% 8%
2018-05-23 05:00 PM TCMB Interest Rate Decision 8% 8%
2018-06-07 11:00 AM TCMB Interest Rate Decision 17.75% 16.5% 19.5%
2018-07-24 11:00 AM TCMB Interest Rate Decision 17.75% 18.88% 17.75%
2018-09-13 11:00 AM TCMB Interest Rate Decision 17.75%
2018-10-25 11:00 AM TCMB Interest Rate Decision 17.75%


Turkey Money Last Previous Highest Lowest Unit
Interest Rate 17.75 16.50 500.00 4.50 percent [+]
Interbank Rate 19.47 19.47 21.07 4.74 percent [+]
Money Supply M1 499394060.90 487318113.10 499394060.90 55562063.00 TRY Thousand [+]
Money Supply M2 1809447445.60 1778737930.70 1825422259.00 236620702.00 TRY Thousand [+]
Money Supply M3 1867310676.80 1838390210.20 1885049319.40 260092810.00 TRY Thousand [+]
Foreign Exchange Reserves 130875.20 133521.80 150428.70 1240.00 USD Million [+]
Banks Balance Sheet 3353671813.00 3294047609.00 3353671813.00 15859.80 TRY Thousand [+]
Loans to Private Sector 1222377636.00 1161696522.00 1222377636.00 3402.30 TRY Thousand [+]
Deposit Interest Rate 16.25 16.25 398.10 1.50 percent [+]
Private Debt to GDP 170.80 159.40 170.80 131.20 percent [+]
Lending Rate 19.25 16.50 2300.00 6.50 percent [+]
Foreign Stock Investment 31562.00 36280.00 82048.00 0.00 USD Million [+]
Cash Reserve Ratio 12.00 12.00 13.00 9.00 percent [+]
Central Bank Balance Sheet 713583786.00 644507455.00 713583786.00 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 2018.

Actual Previous Highest Lowest Dates Unit Frequency
17.75 16.50 500.00 4.50 1990 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 17.75 Jun/18
Mexico 7.75 Jun/18
Russia 7.25 Jun/18
Brazil 6.50 Jun/18
India 6.25 Jun/18
Indonesia 5.25 Jul/18
China 4.35 Jun/18
United States 2.00 Jun/18
Australia 1.50 Jul/18
Canada 1.50 Jul/18
South Korea 1.50 Jul/18
United Kingdom 0.50 Jul/18
Euro Area 0.00 Jun/18
France 0.00 Jun/18
Germany 0.00 Jun/18
Italy 0.00 Jun/18
Netherlands 0.00 Jun/18
Spain 0.00 Jun/18
Japan -0.10 Jun/18
Switzerland -0.75 Jun/18


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