Central Bank lowers interest rates – BRTK
The Central Bank of Turkey has announced a reduction in interest rates, which will take effect from Monday. This decision affects the interest rates applied to deposits, legal reserves, and rediscount transactions.
According to the Central Bank’s statement, the annual interest rate on Turkish Lira deposit accounts has been decreased from 46 percent to 43 percent. Similarly, the interest rate on US Dollar deposit accounts has been lowered from 2 percent to 1.75 percent, while the interest rate on Euro deposit accounts has been reduced from 1.25 percent to 1 percent. The interest rate on British Pound deposit accounts has also been decreased from 2 percent to 1.75 percent annually.
On the other hand, the interest rate on Turkish Lira legal reserves at the Central Bank remains at 15 percent annually. However, the interest rate on US Dollar legal reserves has been reduced from 1 percent to 0.75 percent annually, while the interest rate on Euro legal reserves has been lowered from 0.75 percent to 0.50 percent annually. The interest rate on British Pound legal reserves has also been decreased from 1 percent to 0.75 percent annually.
In terms of rediscount transactions, the discount interest rate for commercial bills issued in Turkish Lira will be increased from 55 percent to 50 percent annually. The discount rates for bills issued in various sectors such as industrial, export, tourism, education, and agriculture have also been adjusted. Additionally, the interest rate for small trades bills has been reduced from 46.5 percent to 41.5 percent annually.
The interest rate on foreign currency advance transactions will remain constant at 50 percent.
These new rates are scheduled to go into effect on Monday. It is advised for individuals and businesses to take note of these changes and adjust their financial strategies accordingly.
