Turkey Interest Rate

Last Release

Jan 23, 2025

Actual

Units In

47.5

Frequency

Daily

Next Release

Mar 06, 2025

Time to Release

1 Months 9 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
500 Mar 1994	4.5 May 2013	57.64 %	1990-2025	Central Bank of the Republic of Turkey

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.

Latest Updates

The Central Bank of Turkey cut its benchmark one-week repo auction rate by 250bps to 45% in its January 2025 decision, as expected by financial markets, extending the 250bps rate cut in the previous month, which was the first rate cut since a series of unorthodox policy loosening drove the rate to bottom at 8.5% in February 2023. The Monetary Policy Committee noted that the main trend of inflation declined according to the latest data, warranting the continuation of policy normalization. The softer price growth was underscored by lower inflation for core goods, although leading indicators for services inflation indicated an upturn for the gauge in upcoming months. Despite the cut, the MPC deemed policy to be sufficiently restrictive to aid the ongoing disinflation trend. The central bank sees inflation ending the year at 21%, while surveys showed a greater degree of skepticism by markets, which forecast inflation to end the year at 27%.