Interest rate

Turkish state-owned lenders Ziraat, Vakıfbank and Halkbank have lowered loan interest rates between 50 and100 basis points on Nov. 19.

After the Central Bank cut its benchmark rate from 16 percent to 15 percent on Nov. 18, the three banks decided to follow suit.

The Turkish Central Bank on Nov. 18 cut its benchmark one-week repo rate by 100 basis points from 16 percent to 15 percent in line with market expectations.

At its 11th Monetary Policy Committee meeting this year, the bank said recent increases in inflation had been driven by supply-side factors such as rising food and import prices, especially in energy, and supply constraints.

President Recep Tayyip Erdoğan has reiterated his continued fight against high interest rates and inflation, vowing to take measures to protect the low-income groups in the face of rising living costs. 

According to a Reuters poll, the Turkish central bank is expected to cut its key interest rate to 15% from 16% this week

Home sales are expected to receive a boost following state-lenders' decision to slash interest rates, according to representatives from the sector.

After the Central Bank's decision last week to reduce the key policy rate by 200 basis points, three state-owned lenders, namely Ziraat Bank, Halkbank and Vakıfbank, this week cut interest rates on loans, including housing loans.

The Turkish Central Bank on Oct. 21 lowered its one-week repo rate by 200 basis points, well above market expectation.

The policy rate- also known as the one-week repo rate- decreased to 16% from 18%, the bank said in a statement following its 10th Monetary Policy Committee (MPC) meeting this year.

Turkish Central Bank Governor Şahap Kavcıoğlu told investors on Oct. 7 that policy was sufficiently tight to tackle inflation and that he expected core price measures to fall in the short term.

The bank cut its key interest rate by 100 basis points to 18 percent.

In 11 years, less than half of the amount of the guaranteed student loans have been reimbursed to the state. Students refrain from borrowing money because of the high interest rates, although a total of EUR 20 million was earmarked for student loans in 2021. In 11 years, only 1,274 students have applied for a student loan.

Turkey's Central Bank on Sept. 23 lowered its one-week repo rate - also known as the policy rate - by 100 basis points to 18 percent.

The Monetary Policy Committee at its ninth meeting this year evaluated core inflation and supply shocks which can be affected by monetary policy, and decided to revise the bank's monetary policy stance.

Turkey's Central Bank on Aug. 12 kept its one-week repo rate- also known as the policy rate-steady at 19%, in line with market expectations, for the fifth month in a row.

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