Turkey Interest Rate

Last Release

Nov 21, 2024

Actual

Units In

Frequency

Daily

Next Release

Dec 26, 2024

Time to Release

1 Months 2 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
500 Mar 1994	4.5 May 2013	57.65 %	1990-2024	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 left its benchmark one-week repo auction rate unchanged at 50% for the eighth consecutive decision in its November 2024 meeting, as expected by markets, to hold the borrowing at their highest level since 2002. The Monetary Policy Committee committee noted that the underlying inflation trend has improved according to the latest data. While core goods inflation is stable and services inflation shows improvement, unprocessed food prices remain high due to temporary supply issues. The optimistic rhetoric regarding Turkey’s disinflation process marked a sharp change in the positioning of the central bank compared to prior meetings, driving TCMB watchers to interpret that rate cuts may be on the horizon for the monetary authority. Still, the MPC noted that upside risks to inflation persist and the central bank will prioritize policy to bring back inflation to its target.