CBRT rate decision · 12 March 2026
Policy rate held at 37.00%.
Decision
One-week repo (policy) rate
Expectation before the decision
CBRT Survey of Market Participants, February 2026 — published on 13 February 2026; participants' average
hawkish surprise (+92 bp) The decision was 92 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
95 words added, 100 words removed. Additions are underlined, removals struck through.
The Monetary Policy Committee (the Committee) has decided to [removed: reduce] [added: keep] the policy rate (the one-week repo auction rate) [removed: from 38 percent to] [added: at] 37 percent. The Committee has also [removed: lowered] [added: maintained] the Central Bank overnight lending rate [removed: from 41 percent to 40 percent] and the overnight borrowing rate [removed: from 36.5] [added: at 40] percent [removed: to] [added: and] 35.5 [removed: percent.] [added: percent, respectively.]
[removed: 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. Indicators for the last quarter point to demand conditions that continue to support the disinflation 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 underlying trend of inflation [removed: declined] [added: was essentially flat] in [removed: December.] [added: February. As uncertainty heightened amid geopolitical developments, global risk appetite deteriorated and energy prices increased. To contain the risks posed by these factors to the inflation outlook, decisions supporting tight monetary policy have been enacted alongside coordinated fiscal measures. The effects of geopolitical developments on the inflation outlook through the cost channel and economic activity are being closely monitored.]
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. [removed: The step size is reviewed] [added: Monetary policy decisions are made] prudently on a meeting-by-meeting basis with a focus on the inflation outlook. [removed: Monetary policy stance will be tightened in] [added: In] case of a significant [removed: deviation] [added: and persistent deterioration] in [added: the] inflation [removed: outlook from] [added: outlook, which can also be driven by] the [removed: interim targets.] [added: recent developments, monetary policy stance will be tightened.]
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 →