Interest Rates On Deposits Down To Three-Year Low

Average interest rates on deposits in the Turkish banking industry have been falling since the second half of 2019 and hit 9.6 percent, which marked a three-year low, state-run Anadolu Agency reported.

The country’s Central Bank delivered a significant 1,275 basis point cut since July 2019, slashing its benchmark one week-repo rate from 24 percent to 11.15 percent.

Interest rates for deposits, which averaged at around 23 percent in June last year, have gradually come down below 10 percent in 2020. As of Jan. 17, those rates were 9.6 percent.

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