Interest rates

The Central Bank of Turkey has announced that it will hold an extraordinary general meeting on Feb. 3.

The advance payment of from the bank's 2021 profits to the shareholders and the distribution of reserve funds will be discussed at the meeting next month. The Treasury owns almost all shares o the Central Bank.

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 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.

Central banks around the world should not discard negative interest rates policies (NIRP) but instead keep them in their toolkit, even if using such policies is unlikely, the IMF suggested on March 3. 

"NIRP was and remains politically controversial, partly because it is often misunderstood," the global financial body stressed in a new report.

The Turkish Central Bank on Feb. 18 kept the policy rate stable in line with market expectations.

The bank's policy rate - also known as the one-week repo rate - stands at 17 percent, the bank said in a statement, noting that additional monetary tightening would be delivered if needed.

The Bank of Canada has decided to maintain its key benchmark interest rate unchanged at 0.25% despite a bleak economic outlook for the next couple of months because it is confident things will get better later in the year.

Turkey's Central Bank on Jan. 28 kept the country's year-end inflation forecasts unchanged at 9.4% this year and 7% next year.

The inflation rate will fluctuate between 7.3% and 11.5% through end of this year, the bank's governor told a virtual meeting held to release the bank's first quarterly inflation report in 2021.

The Turkish Central Bank on May 21 lowered its one-week repo rate by 50 base points, in line with market expectation.

A statement from the bank's fifth of 12 Monetary Policy Committee (MPC) meetings scheduled for this year said the policy rate was dropped to 8.25% from 8.75%.

Economists expect that Turkey's Central Bank will drop interest rates this week, an Anadolu Agency survey forecast on May 18.

The fifth meeting of the Monetary Policy Committee (MPC) this year will be held on May 21 to announce the bank's decision on interest rates.

The Central Bank of Turkey on April 22 reduced its one-week repo rate 100 basis points.

The bank's policy rate -- also known as the one-week repo rate -- fell to 8.75% from 9.75%.

The decision came in a statement from the bank's Monetary Policy Committee (MPC) meeting -- the fourth of twelve meetings scheduled for 2020.