TRY deposit interest rates drop below 37 percent threshold
The average 1-3 month TRY deposit interest rate in Turkey fell to 36.9 percent in the week of September 25, marking a first since 2023.
According to data from the Central Bank of the Republic of Turkey, the average 1-3 month Turkish Lira deposit interest rate in the banking sector fell to 36.9 percent in the week of September 25, dropping below the 37 percent threshold for the first time since 2023.
Decline in Interest Rates Seen After Years
According to data from the Central Bank of the Republic of Turkey, the average 1-3 month TRY deposit interest rate in the banking sector fell to 36.9 percent in the week of September 25. With this development, rates below the 37 percent level were recorded for the first time since 2023 in TRY deposit interest rates.
Funding Cost and Commercial Loan Rates
During the same period, the Central Bank of the Republic of Turkey's Weighted Average Funding Cost also materialized at the 36.9 percent level. Commercial loan interest rates, excluding overdraft accounts (KMH) and commercial credit cards, continued to maintain their course at the 39.9 percent level.
Changes Since the Beginning of the Year
Deposit interest rates have shown a gradual downward trend since the beginning of 2025. While the average 1-3 month TRY deposit interest rate was around 50 percent at the beginning of 2025, it declined to 36.9 percent by the end of September 2026.
This downward trend observed in deposit interest rates took place simultaneously with the changes experienced in money market and lending conditions over the same period.