NEWS Finance        21/08/2020

Turkish Central Bank in effect raises its one week repo interest rate to 9.75%

The Turkish Central Bank, despite officially declaring its one week repo policy interest rate as 8.25%, in practice is applying a rate of 9.75% for its one week swap agreements with banks. The Bank has been forced to increase its back door monetary policies to squeeze liquidity in order to relieve pressure on the Turkish lira. However, the official policy rate of 8.25% is now a rate in name only, as the Bank is continually looking at all means available to support the Turkish lira without touching the official policy interest rate, any increase of which would attract the wrath of the Turkish President. Yesterday, the Bank decided for the third month in a row to leave the policy rate unchanged.


Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 19.25% in August 2021       Turkey’s official unemployment rate shoots back up to 12% in July 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020