CBRT rate decision · 22 January 2026
Policy rate cut by 100 bp to 37.00%.
Decision
One-week repo (policy) rate
Expectation before the decision
CBRT Survey of Market Participants, January 2026 — published on 16 January 2026; participants' average
hawkish surprise (+50 bp) The decision was 50 basis points tighter than expected (the rate is higher than expected).
A gap below 10 basis points counts as in line, 25 basis points or more as a surprise, and anything between as "slightly". Only expectations formed after the previous decision and before this one are used. How are expectations measured? · Source
What changed in the statement?
The summary is being prepared; it is added shortly after the statement is retrieved.
Difference from the previous statement
43 words added, 49 words removed. Additions are underlined, removals struck through.
The Monetary Policy Committee (the Committee) has decided to reduce the policy rate (the one-week repo auction rate) from [removed: 39.5] [added: 38] percent to [removed: 38] [added: 37] percent. The Committee has also lowered the Central Bank overnight lending rate from [removed: 42.5] [added: 41] percent to [removed: 41] [added: 40] percent and the overnight borrowing rate from [removed: 38] [added: 36.5] percent to [removed: 36.5] [added: 35.5] percent.
[removed: In November, consumer inflation was lower than expected due to a downward surprise in food prices. Quarterly GDP growth turned out higher than projected in the third quarter. Following an increase in September, the] [added: The] underlying trend of inflation declined [removed: slightly] in [removed: October and November.] [added: December. While leading indicators suggest that monthly consumer inflation has firmed in January, led by food prices, the rise in the underlying trend of inflation is limited.] [removed: Leading indicators] [added: Indicators] for the last quarter point [removed: out that] [added: to] demand conditions [added: that] continue to support the disinflation [removed: process.] [added: process, albeit at a moderating pace.] While showing signs of improvement, inflation expectations and pricing behavior continue to pose risks to the disinflation process.
The tight monetary policy stance, which will be maintained until price stability is achieved, will strengthen the disinflation process through demand, exchange rate, and expectation channels. The Committee will determine the policy rate by taking into account realized and expected inflation and its underlying trend in a way to ensure the tightness required by the projected disinflation path in line with the interim targets. The step size is reviewed prudently on a meeting-by-meeting basis with a focus on the inflation outlook. Monetary policy stance will be tightened in case of a significant deviation in inflation outlook from the interim targets.
In case of unanticipated developments in credit and deposit markets, monetary transmission mechanism will be supported via additional macroprudential measures. Liquidity conditions will continue to be closely monitored and liquidity management tools will continue to be used effectively.
The Committee will make its policy decisions so as to create the monetary and financial conditions necessary to reach the 5 percent inflation target in the medium term. The Committee will make its decisions in a predictable, data-driven and transparent framework.
The summary of the Monetary Policy Committee Meeting will be released within five working days.
Source: Central Bank of the Republic of Türkiye. Reproduced with the source acknowledged and for non-commercial purposes, as the CBRT's terms of use permit. Official statement →