The Central Bank of Turkey held its benchmark one-week repo rate at 8 percent on December 20th, in a move unexpected by markets and following a 50bps increase in November. Policymakers said the recovery in the economic activity is expected to continue at a moderate pace while a weaker lira, which already lost 17 percent of its value against the dollar this year, and higher oil prices pose upside risks on the inflation outlook. The central bank also kept its overnight lending rate at 8.5 percent and its overnight borrowing rate at 7.25 percent. Inflation was last recorded at 7 percent in November, well above central bank's 5 percent target, while the country's gross domestic product contracted for the first time in seven years in the third quarter of 2016. Interest Rate in Turkey averaged 59.51 percent from 1990 until 2016, 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). Since May 18, 2010 the main interest rate is 1 Week Repo Lending Rate. 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.