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Turkey Interest Rate
The Central Bank of Turkey left the key one-week repo rate steady at 14% as expected during its June meeting of 2022, saying that in the rise observed in inflation energy cost increases caused by geopolitical developments, temporary effects of pricing formations that are far from economic fundamentals, strong negative supply shocks caused by increases in global energy, food and agricultural commodity prices continue to be influential. Inflation rate in Turkey surged to 73.5% in May, the highest since 1998. The Board foresees that the disinflationary process will begin with the re-establishment of the global peace environment and the elimination of base effects in inflation, together with the steps taken and determinedly implemented to strengthen sustainable price stability and financial stability. The Board will continue to take its decisions in a transparent, predictable and data-oriented framework. Interest Rate in Turkey averaged 58.03 percent from 1990 until 2022, reaching an all time high of 500 percent in March of 1994 and a record low of 4.50 percent in May of 2013. 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. 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.
https://tradingeconomics.com/turkey/interest-rate
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