The movement in the market has affected deposit interest rates. Banks’ deposit interest rate offerings have increased. Here is the latest on deposit interest rates…Following the volatility in the markets, the tide turned on deposit interest rates. The deposit interest rates, which turned downward due to the Central Bank’s interest rate cuts, started to rise as a result of the measures taken by the economy management. The interest rates applied to deposits by banks exceeded the policy rate of 42.5 percent. Interest rates on short-term deposits have risen back to the range of 45-48 percent. Last week, the interest rate on 32-day deposits was applied at 42.5 percent. The Central Bank of Turkey (CBRT) had increased the overnight lending rate to support the Turkish Lira by 2 points to 46 percent. Additionally, according to a news report on Bloomberg, it is stated that the economy management is reconsidering reducing the withholding tax on deposits. RETURN ON 100 THOUSAND LIRA Deposit amount: 100 thousand lira Deposit rate: 48 percent Deposit term: 32 days End-of-term return: 3,577 lira RETURN ON 1 MILLION LIRA Deposit amount: 1 million lira Deposit rate: 48 percent Deposit term: 32 days End-of-term return: 35,770 lira