What is the CBRT policy rate? Latest MPC decision and rate corridor

The Monetary Policy Committee (MPC) of the Central Bank of the Republic of Türkiye (CBRT) announced its rate decision at 14:00 on Thursday, 22 October 2026. The Committee cut the policy rate, the one-week repo auction rate, from 37 percent to 36 percent. This is a 100 basis point cut.

Current rates and the corridor

• Policy rate (one-week repo auction rate): Cut from 37 percent to 36 percent.
• Overnight lending rate (upper bound of the corridor): Cut from 40 percent to 39 percent.
• Overnight borrowing rate (lower bound of the corridor): Cut from 35.5 percent to 34.5 percent.

The rate corridor is the range formed by the Central Bank's overnight borrowing and lending rates. The policy rate sits between these two rates.

The MPC's rationale

According to the Committee's statement, despite monthly fluctuations, recent inflation outturns and leading indicators confirm the decline in the underlying trend. Data on economic activity and the limited pass-through of supply shocks to domestic prices indicate that weak domestic demand continues. Upside risks to the inflation outlook from energy prices, which remain high due to persistent geopolitical tensions, continue.

The Committee stated that it will set the steps on the policy rate by taking into account inflation outturns, the underlying trend and expectations, so as to provide the tightness required by disinflation in line with interim targets. The size and timing of the steps will be determined with an inflation-outlook-focused, meeting-by-meeting and cautious approach.

2026 policy rate decisions

• 22 January 2026: Cut from 38 percent to 37 percent (100 basis points).
• 12 March 2026: Held at 37 percent.
• 22 April 2026: Held at 37 percent.
• 11 June 2026: Held at 37 percent.
• 23 July 2026: Held at 37 percent.
• 10 September 2026: Held at 37 percent.
• 22 October 2026: Cut from 37 percent to 36 percent (100 basis points).

What was expected?

Before the decision, 19 of the 20 economists in the AA Finans expectations survey expected the policy rate to be cut by 100 basis points to 36 percent. The announced decision was in line with this expectation. The meeting, chaired by CBRT Governor Fatih Karahan, was the seventh MPC meeting of the year.