The central bank of Turkey raised its benchmark one-week repo rate by 200bps to 17% on December 24th 2020, the highest since August of 2019, and above market forecasts of a 150bps hike. Policymakers said that uncertainties surrounding the global economic activity prevail due to a recent increase in Covid-19 cases, despite vaccine rollout. Moreover, restrictions introduced create uncertainties on the short-run outlook, particularly in the services sector. It is the second consecutive rate hike under the new central bank governor as he pledged to tighten policy to ensure price stability. In November, the central bank increased rates by 475bps. source: Central Bank of the Republic of Turkey
Interest Rate in Turkey averaged 58.41 percent from 1990 until 2020, 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 December of 2020.
Interest Rate in Turkey is expected to be 17.00 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 16.50 in 12 months time. In the long-term, the Turkey Interest Rate is projected to trend around 15.00 percent in 2021 and 12.50 percent in 2022, according to our econometric models.