CBRT rate decision · 23 July 2026
Policy rate held at 37.00%.
Decision
One-week repo (policy) rate
Expectation before the decision
CBRT Survey of Market Participants, July 2026 — published on 20 July 2026; participants' average
in line with expectations The decision matched the expectation before it.
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
46 words added, 64 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: The underlying trend of inflation, which increased in April due in part to higher energy prices, following its rise in the first months of the year, decreased slightly in May. Amid geopolitical developments and the resulting uncertainties, energy prices remain volatile and elevated. First quarter data point to a slowdown in economic activity, and leading indicators suggest a continued weak course in domestic demand.] [added: The underlying trend of inflation decreased slightly in June. Leading indicators suggest that the underlying trend will rise temporarily in July. As a result of the growing uncertainty amid geopolitical developments, energy prices started trending up again. Recent data confirm the ongoing weakening in domestic demand.] The impact of geopolitical developments on the inflation outlook through the cost channel, economic activity and expectations is 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. 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, monetary policy stance will be tightened. 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 →