The Central bank of Turkey held its interest rate at 9% in its January 2023 meeting, as previously signaled, marking the end of its interest rate-cutting cycle. The decision followed the 10 percentage points in unorthodox interest rate cuts since September of 2021, triggering a plunge in the lira, soaring consumer prices, and a deeply unbalanced current account. Annual inflation soared to 86% in October before easing back to 64% in December, as the weak currency exacerbated the soaring prices of international energy that Turkey must import. The lira has plunged 55% since the start of the bank’s rate-cutting path last year to hover at record lows. Meanwhile, the bank’s Monetary Policy Committee stated that the disinflation process to the 5% target should begin with further implementation of liraization measures that pursue currency and price stability, in addition to the resolution of geopolitical conflict. source: Central Bank of the Republic of Turkey

Interest Rate in Turkey averaged 57.89 percent from 1990 until 2023, reaching an all time high of 500.00 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 2023.

Interest Rate in Turkey is expected to be 9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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Turkey Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-24 11:00 AM TCMB Interest Rate Decision 9% 10.5% 9% 9%
2022-12-22 11:00 AM TCMB Interest Rate Decision 9% 9% 9% 9%
2023-01-19 11:00 AM TCMB Interest Rate Decision 9% 9% 9% 9%
2023-02-23 11:00 AM TCMB Interest Rate Decision 9% 9%
2023-03-02 11:00 AM MPC Meeting Summary
2023-03-23 11:00 AM TCMB Interest Rate Decision


Related Last Previous Unit Reference
Interest Rate 9.00 9.00 percent Jan 2023
Money Supply M1 3077053390.50 2987328370.10 TRY Thousand Dec 2022
Money Supply M2 8134763610.80 7935821564.70 TRY Thousand Dec 2022
Money Supply M3 8366091066.30 8099495079.80 TRY Thousand Dec 2022
Foreign Exchange Reserves 79150.00 79180.00 USD Million Jan 2023
Banks Balance Sheet 13763742839.00 13408934905.00 TRY Thousand Nov 2022
Loans to Private Sector 3586114258.00 3518022332.00 TRY Thousand Nov 2022
Deposit Interest Rate 7.50 7.50 percent Jan 2023
Lending Rate 10.50 10.50 percent Jan 2023
Cash Reserve Ratio 25.00 25.00 percent Dec 2022
Central Bank Balance Sheet 3535540570.00 3290051861.00 TRY Thousand Nov 2022
Foreign Stock Investment 22048.00 21255.00 USD Million Aug 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
9.00 9.00 500.00 4.50 1990 - 2023 percent Daily

News Stream
Turkey Holds Interest Rate at 9% as Expected
The Central bank of Turkey held its interest rate at 9% in its January 2023 meeting, as previously signaled, marking the end of its interest rate-cutting cycle. The decision followed the 10 percentage points in unorthodox interest rate cuts since September of 2021, triggering a plunge in the lira, soaring consumer prices, and a deeply unbalanced current account. Annual inflation soared to 86% in October before easing back to 64% in December, as the weak currency exacerbated the soaring prices of international energy that Turkey must import. The lira has plunged 55% since the start of the bank’s rate-cutting path last year to hover at record lows. Meanwhile, the bank’s Monetary Policy Committee stated that the disinflation process to the 5% target should begin with further implementation of liraization measures that pursue currency and price stability, in addition to the resolution of geopolitical conflict.
2023-01-19
Turkey Holds Interest Rate at 9% as Expected
The Central Bank of Turkey left its key one-week repo rate unchanged at 9% in its December meeting, as expected, saying the current policy rate is adequate. The central bank expects the disinflationary process to start on the back of the measures taken. The annual inflation rate in Turkey slowed for the first time in 18 months to 84.4 percent in November, from 85.5 percent in October. Looking at growth, the bank said leading indicators for the current quarter point to a slowdown in growth due to the weakening of foreign demand.
2022-12-22
Turkey Slashes Rates, Signals End of Cutting Cycle
The Central Bank of Turkey cut its interest rate by 150bps to 9% in its November 2022 meeting and stated that it will end its current rate-cutting cycle, as previously signaled. The decision added to the 10 percentage points in unorthodox rate curs since September of 2021 despite the lira’s plunge, soaring consumer prices, and an unbalanced current account. Inflation crossed 85% in October, the highest since 1998, largely due to surging costs of importing energy with an increasingly weak currency. The lira has plunged 55% since the start of the bank’s rate-cutting path last year to hover at record lows. Meanwhile, the TCMB’s board stated that the disinflation process to the 5% target should begin with further implementation of liraization measures that pursue currency and price stability, in addition to the resolution of geopolitical conflict.
2022-11-24