Interest rates in Turkey, which exceeded 11 percent in 2015, will depend on Fed decisions and those from n the Central Bank of the Republic of Turkey (TCMB), which is expected to take normalizing steps. Erkan said that with a positive investment environment in the second half of the year, interest rates might fall below 10 percent. According to Ürkün, with the TCMB's steps for simplification of monetary policies in 2016 plus an increase in the lower band might cause interest rates to increase. "However, due to the decrease in volatility, the upper band might also decrease, meaning the band to narrow," he added.