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No change on Turkish interest rates PDF Print E-mail
Friday, 20 August 2010
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Interest ratesThe Monetary Policy Committee of the Central Bank of Turkey met yesterday, Thursday 19th August, and decided to keep interest rates unchanged.  Lending rate remains at 9%.

The official announcement states, "The Committee reiterated that it would be necessary to maintain policy rates at current levels for some time, and to keep them at low levels for a long period".


The last time interest rates were changed was back in November 2009, when the lending rate came down from 9.25% to 9%.

The Committee sets a number of interest rates, not just lending rate.  You may see the borrowing rate quoted in some news articles - this is currently 6.5%.  

For consistency, KTLN has always reported the lending rate, as this is close to the type of rate you would get on money invested in a Turkish bank, and we imagine that is what many of you will be most interested in.

The heady days of 20%+ interest rates on savings are nothing more than a fading memory now.  Turkey has moved on, and the global financial landscape has significantly changed, and we do not believe that those historically high rates will be seen again.

We thought you may like to see how things have changed over recent years.  The following table shows you lending rate, the exchange rate (GBP v TL), and inflation (CPI).

 DateLending rate
Exchange rate
Inflation (CPI)
 25/06/2006 20.25
 3.12
 10.12
 14/06/2007 22.50 2.66 8.60
 16/06/2008 20.25 2.46 10.61
 16/06/2009 11.25 2.53 5.73
 16/06/2010 9.00 2.32 8.37

 

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Last Updated on Friday, 20 August 2010