Deposit Interest Exceeded 18 Percent

Deposit interest exceeded 18 percent. The Central Bank of the Republic of Turkey (CBRT), is experiencing an increase in deposit interests in parallel to the interest rate hikes. According to the data announced by the CBRT, the average interest rate on term deposits up to 3 months was above 18 percent. The momentum in deposit rates gained increased. According to data released by Central Bank of the Republic of Turkey (CBRT), term deposits up to 3 months in average annual interest rate has reached the level of 18.18 percent. Compared to the previous week, the interest rate on the same time deposits increased by 1.45 points. Thus, the average interest rate on time deposits up to 3 months experienced the fastest increase since April 2019. According to the announced data, the average annual interest on time deposits up to 1 month was above 16 percent, while the average interest on time deposits up to 6 months increased up to 17.42 percent. In December, the CBRT decided to increase the interest rate by 200 basis points despite the 150 basis points expectation of the economists and raised the policy rate to 17 percent.