CBRT holds its policy rate at 37%, flags energy-price risks

The Central Bank of the Republic of Türkiye’s Monetary Policy Committee kept its one-week repo auction rate at 37% at its 10 September 2026 meeting. The decision followed the resumption of one-week repo auctions in August and confirmed that the policy rate was unchanged.

The overnight lending rate remained at 40% and the overnight borrowing rate at 35.5%. These are separate rates for overnight transactions and should not be treated as interchangeable with the one-week policy rate.

The committee said recent inflation readings and leading indicators pointed to a decline in the underlying trend, while economic activity data confirmed weak domestic demand. It also described elevated energy prices linked to geopolitical developments as an upside risk. The bank said it would maintain a tight stance until price stability is achieved and set future steps meeting by meeting, taking inflation outcomes, the underlying trend and expectations into account.