The Central Bank of Turkey held its one-week repo rate at 19 percent on May 6th 2021, as expected, saying the decelerating impact of the monetary tightening on credit and domestic demand has begun to be observed. Turkey's consumer price inflation surged to a near 2-year high of 17.14 percent in April and last week the central bank said it expects it to decline to 12.2 percent by year-end. Policymakers noted domestic economic activity is strong but risks for economic activity exist in either direction depending on the progress of the pandemic and the vaccination process. 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. source: Central Bank of the Republic of Turkey

Interest Rate in Turkey averaged 58.32 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 May 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. Looking forward, we estimate Interest Rate in Turkey to stand at 15.50 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.

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Turkey Interest Rate

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


Calendar GMT Actual Previous Consensus TEForecast
2021-02-18 11:00 AM TCMB Interest Rate Decision 17% 17% 17% 17%
2021-03-18 11:00 AM TCMB Interest Rate Decision 19% 17% 18% 18.5%
2021-04-15 11:00 AM TCMB Interest Rate Decision 19% 19% 19% 19%
2021-05-06 11:00 AM TCMB Interest Rate Decision 19% 19% 19% 19%
2021-06-17 11:00 AM TCMB Interest Rate Decision
2021-06-24 11:00 AM MPC Meeting Summary
2021-07-14 11:00 AM TCMB Interest Rate Decision
2021-07-28 11:00 AM MPC Meeting Summary


News Stream
Turkey Keeps Rates on Hold as Expected
The Central Bank of Turkey held its one-week repo rate at 19 percent on May 6th 2021, as expected, saying the decelerating impact of the monetary tightening on credit and domestic demand has begun to be observed. Turkey's consumer price inflation surged to a near 2-year high of 17.14 percent in April and last week the central bank said it expects it to decline to 12.2 percent by year-end. Policymakers noted domestic economic activity is strong but risks for economic activity exist in either direction depending on the progress of the pandemic and the vaccination process. 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.
2021-05-06
Turkey Leaves Monetary Policy Unchanged
The Central Bank of Turkey held its one-week repo rate at 19 percent on April 15th, the first monetary policy meeting since Sahap Kavcioglu was appointed as the central bank's new governor. Policymakers noted that demand and cost factors, supply constraints in some sectors, and high levels of inflation expectations continued to pose risks to the pricing behavior and inflation outlook. At the same time, officials agreed that risks for economic activity existed in either direction depending on the progress of the pandemic and the vaccination process. Since November, the central bank has raised interest rates by 875 bps to counter a sharp rise in inflation, which hit in March its highest level since mid-2019. The bank pledged to maintain the policy rate at a level above inflation to maintain a strong disinflationary effect, but did not repeat last month's pledge to deliver more tightening if needed.
2021-04-15
Turkey Hikes Policy Rate to 19%
The Central Bank of Turkey raised its benchmark one-week repo rate by 200 bps to 19 percent on March 18th 2021, surprising markets who expected a hike of 100 bps and pushing borrowing costs to the highest since August 2019. Policymakers decided to implement a strong monetary tightening considering the upside risks to inflation expectations, pricing behavior and the medium-term inflation outlook associated with these developments. The annual inflation rose to 15.61 percent in February from 14.97 percent in January, the highest since July of 2019. The tight monetary policy stance will be maintained decisively for an extended period until strong indicators point to a permanent fall in inflation and price stability. Additional monetary tightening will be delivered if needed.
2021-03-18
Turkey Holds Rates, Pledges to Tight Policy if Needed
The Central Bank of Turkey held its benchmark one-week repo rate at 17.0 percent during its February 2021 meeting, saying that the tight monetary policy stance will be maintained decisively, taking into account the end-2021 forecast target, for an extended period until strong indicators point to a permanent fall in inflation and price stability. Policymakers also said that domestic demand conditions, alongside exchange rate effects, increasing international food and other commodity prices and high levels of inflation expectations continue to affect the pricing behavior and inflation outlook adversely, and that additional monetary tightening will be delivered if needed. At the same time, the central bank said economic activity is on a strong course, but uncertainties surrounding the short-run outlook prevail.
2021-02-18

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.