MPC cuts the policy rate by 100 bps, signals more to come

TURKEY - Report 22 Oct 2026 by Murat Ucer

The CBRT/MPC lowered the policy rate (one-week repo rate) 100 bps to 36% today, while also adjusting the O/N lending and borrowing rates by equal amounts, in line with the consensus.

In the descriptive part of the statement, the Bank now comes across more confident regarding underlying inflation dynamics stating that “recent inflation figures and leading indicators confirm the deceleration in the underlying trend of inflation” vs. “suggest” in the previous statement (emphasis ours). On the other hand, the reference to upside risks to inflation stemming from energy prices was, unsurprisingly, maintained.

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