CBRT rate decision · 22 April 2026
Policy rate held at 37.00%.
Decision
One-week repo (policy) rate
Expectation before the decision
CBRT Survey of Market Participants, April 2026 — published on 17 April 2026; participants' average
dovish surprise (−75 bp) The decision was 75 basis points looser than expected (the rate is lower than expected).
How the expectation moved
The rate expected for this meeting, from the previous decision up to this one. Dashed lines show the previous rate and the decision.
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
70 words added, 43 words removed. Additions are underlined, removals struck through.
The Monetary Policy Committee (the Committee) has decided to keep the policy rate (the one-week repo auction rate) at 37 percent. The Committee has also maintained the Central Bank overnight lending rate and the overnight borrowing rate at 40 percent and 35.5 percent, respectively.
[removed: 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 underlying trend of inflation [removed: was essentially flat] [added: declined] in [removed: February.] [added: March. Leading indicators suggest a slight increase in the underlying trend in April. Amid geopolitical developments and the resulting uncertainties, energy prices remain elevated and exhibit notable volatility.] The effects of [removed: geopolitical] [added: these] developments [added: and domestic energy prices] on the inflation outlook through the cost channel and economic activity are being closely monitored. [added: While indicators point to a slowdown in economic activity, potential second-round effects of recent developments on the inflation outlook will be of importance.]
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. Monetary policy decisions are made prudently on a meeting-by-meeting basis with a focus on the inflation outlook. In case of a significant and persistent deterioration in the inflation outlook, which can also be driven by the recent developments, monetary policy stance will be tightened. [added: The Committee reiterated that it remains highly attentive to upside risks on inflation.]
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 →