The Central Bank of the Republic of Türkiye kept its benchmark one-week repo auction rate unchanged at 37% at the Monetary Policy Committee meeting held on September 10, 2026. The committee also maintained the overnight lending rate at 40% and the overnight borrowing rate at 35.5%. The decision was broadly in line with market expectations and left the entire interest-rate corridor unchanged.
The framework behind the decision
According to the central bank’s decision statement, recent inflation readings and leading indicators point to a decline in the underlying inflation trend despite monthly volatility. The bank said data on economic activity and the limited transmission of supply shocks to domestic prices confirmed weak domestic demand. It nevertheless highlighted elevated energy prices as an upside risk to the inflation outlook.
The committee said it was closely monitoring how geopolitical developments could affect inflation through costs, economic activity and expectations. That language indicates that keeping rates steady does not amount to an automatic shift toward monetary easing. The bank repeated that future steps would be decided meeting by meeting, with actual inflation, its underlying trend and expectations assessed against interim objectives.
Tight-policy message remains
The statement said a tight monetary stance would be maintained until price stability is achieved. The central bank expects this approach to support disinflation through demand, exchange-rate and expectations channels. It also said monetary policy would be tightened if the inflation outlook deteriorated significantly and persistently. The 37% rate should therefore be read as the decision for this meeting, not as a firm promise about the direction of later meetings.
The bank added that unexpected developments in credit and deposit markets could be addressed with additional macroprudential measures to support monetary transmission. Liquidity conditions will continue to be monitored closely, and liquidity-management instruments will remain in active use. The summary of the Monetary Policy Committee meeting is scheduled to be published within five business days.
A result aligned with expectations
Bloomberg HT reported before the meeting that institutions in its survey expected the policy rate to remain at 37%. Because the outcome matched that central forecast, the headline decision contained a limited surprise. The more important question for businesses and market participants is how new data on energy costs and the underlying inflation trend will influence subsequent meetings.
The Wall Street Journal also covered the decision in the context of continuing inflation risks and uncertainty created by energy prices. Its report confirmed that the benchmark rate and both overnight rates were left unchanged. Those independently reported figures match the official policy framework and Turkish coverage from Bloomberg HT and TRT Haber.
What it means for households and companies
An unchanged policy rate does not mean that every loan or deposit rate will remain fixed by the same amount on the same day. Banks set prices using their funding costs, liquidity conditions, risk assessments and regulatory requirements. The central bank’s focus on credit and deposit markets shows that this transmission process will be monitored separately. Any effect on consumer loans, business credit or deposit returns should therefore be evaluated using actual market data as it becomes available.
What comes next?
The central bank’s wording leaves the next decision dependent on incoming data. Monthly inflation, expectations, domestic-demand indicators, credit and deposit conditions, and energy prices will be among the key areas to watch. The bank said its decisions would seek to create the monetary and financial conditions needed to bring inflation toward its 5% medium-term target.
The September decision therefore combines continuity in the headline rate with a warning that upside risks have not disappeared. It also preserves the committee’s ability to respond if the inflation outlook changes. This report does not provide investment advice; it summarizes the verified September 10 decision, the three policy rates and the central bank’s stated approach to future meetings.
