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.