As the decision week for policy interest rates approaches, movements in deposits continue. After months, interest rates on deposits have once again reached 50%. Following the Central Bank’s strict monetary policy steps, the increase in deposit interest rates continued. With the beginning of the interest rate cut cycle, deposit rates that had fallen below 45% saw a return to 50%. This rate was included in campaigns offered by banks to new customers. Short-term deposit offers predominantly ranged between 45-47.5%. DECISION WEEK ON INTEREST RATES All eyes in the domestic market are 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 the policy rate at 42.5%. WHY DID DEPOSIT INTEREST RATES RISE? In March, the CBRT held an extraordinary meeting to update the interest rate corridor. The Bank raised the overnight lending rate by 2 points to 46% to reduce the impact of sudden market movements on inflation. The market starting to fund above the policy rate also led to an increase in deposit rates. HOW MUCH WOULD 500 THOUSAND LIRA EARN? Principal: 500 thousand lira Term: 32 days Interest rate: 50% Total at term: 518,630 lira Net gain: 18,630 lira HOW MUCH WOULD 1 MILLION LIRA EARN? Principal: 1 million lira Term: 32 days Interest rate: 50% Total at term: 1,037,260 lira Net gain: 37,260 lira