The CBRT's September interest rate decision will be announced today

The Central Bank of the Republic of Turkey (CBRT) will announce its interest rate decision for September after the Monetary Policy Committee (PPK) meeting to be held today. The new decision of the Central Bank, which kept the policy rate constant at 37 percent at the July meeting, is closely followed by the markets.

CBRT Monetary Policy Board will meet today under the chairmanship of Governor Fatih Karahan. The interest rate decision is expected to be announced at 14:00.

WHAT ARE THE INTEREST EXPECTATIONS OF ECONOMISTS?

AA Finans' expectation survey regarding the September MPC meeting was concluded with the participation of 25 economists.

24 economists participating in the survey expect the Central Bank to keep the policy rate constant at 37 percent. An economist predicts that the interest rate will be reduced to 36 percent with a 100 basis point reduction.

The median expectation of economists regarding the September interest rate decision was to keep the policy rate unchanged at 37 percent.

The median year-end policy rate expectations of the economists participating in the survey was calculated as 35 percent.

THE CENTRAL BANK KEPT THE INTEREST RATE FIXED IN JULY

CBRT left the one-week repo auction interest rate constant at 37 percent at the Monetary Policy Committee meeting on July 23.

At the same meeting, the bank maintained its overnight lending interest rate at 40 percent and its overnight borrowing interest rate at 35.5 percent.

INTEREST RATE DECISIONS OF THE CENTRAL BANK

The Central Bank started 2025 with a policy rate of 47.5 percent. In addition to the interest rate cuts during the year, the interest rate was also increased in April and the policy rate completed the year at 38 percent.

CBRT's interest rate decisions for the 2025 and 2026 periods are as follows:

January 2025: Policy rate was reduced from 47.5 percent to 45 percent.

March 2025: Policy rate was reduced from 45 percent to 42.5 percent.

April 2025: Policy rate increased from 42.5 percent to 46 percent.

June 2025: Policy rate was kept constant at 46 percent.

July 2025: Policy rate remained constant.

September 2025: Policy rate was reduced from 43 percent to 40.5 percent.

October 2025: Policy rate reduced from 40.5 percent to 39.5 percent.

December 2025: Policy rate was reduced from 39.5 percent to 38 percent.

January 2026: Policy rate was reduced from 38 percent to 37 percent.

March 2026: Policy rate was kept constant at 37 percent.

April 2026: Policy rate maintained at 37 percent.

May 2026: MPC interest rate decision was not announced.

June 2026: Policy rate kept constant at 37 percent.

July 2026: Policy rate was left at 37 percent.

The focus of the markets is now on the September interest rate decision to be announced by the CBRT today and the messages to be given in the decision text regarding the upcoming period of monetary policy.