With the decision week approaching for the policy interest rate, there is a movement in deposits. Interest rates on deposits have reached 50% again after months. Following the tight monetary policy steps of the Central Bank, the rise in deposit interest rates continued. After the start of the interest rate reduction cycle, deposit rates, which had dropped below 45%, have started to reach 50% again. This rate was included in campaigns offered by banks to new customers. Short-term deposit offers mainly ranged between 45-47.5%. DECISION WEEK FOR INTEREST RATES Eyes in the domestic markets are now on the interest rate decision that the Central Bank of the Republic of Turkey (CBRT) will announce on Thursday. It is expected that the CBRT will keep its policy rate at 42.5%. WHY DID DEPOSIT INTEREST RATES RISE? In March, the CBRT held an unscheduled meeting to update the interest rate corridor. The bank raised the overnight lending interest rate by 2 points to 46% in order to reduce the impact of sudden market movements on inflation. The beginning of funding above the policy rate in the market also led to an increase in deposit rates.
HOW MUCH DOES 500,000 LIRA EARN? Principal: 500,000 lira Term: 32 days Interest rate: 50% Final amount on maturity: 518,630 lira Net profit: 18,630 lira HOW MUCH DOES 1 MILLION LIRA EARN? Principal: 1 million TL Term: 32 days Interest rate: 50% Final amount on maturity: 1,037,260 lira Net profit: 37,260 TL