# Turkey interest rate: CBRT policy rate and next decision

URL: https://fincodelabs.com/en/blog/turkey-interest-rate · Publisher: Fincode (Fincode Yazılım ve Teknoloji A.Ş.), Istanbul, Turkey · Category: Investing in Turkey · Published: 2026-11-03 · Updated: 2026-11-05

Turkey interest rate as of November 2026: the CBRT policy rate of 36%, overnight rates, 2026 decisions, history since 2010 and the MPC dates for 2026 and 2027.

**Short answer:** As of 3 November 2026, the **Turkey interest rate** set by the Central Bank of the Republic of Türkiye (CBRT) is 36%. The Monetary Policy Committee cut the one-week repo rate from 37% on 22 October 2026 (press release 2026-45), and the new rate took effect on 23 October. The overnight lending rate is 39% and the overnight borrowing rate is 34.5%. The next decision is scheduled for 10 December 2026.

The policy rate is the number most people mean by "Turkey's interest rate", but it is not the rate a bank pays on a deposit or charges on a loan. It is the rate at which banks borrow lira from the central bank (*Türkiye Cumhuriyet Merkez Bankası*, TCMB in Turkish) for one week against collateral.

This guide gives the current rates, the 2026 decisions, a history since 2010 and the official calendar, all taken from CBRT tables and press releases. It contains no forecast, and it will be updated after the 10 December 2026 decision. Figures are as of 3 November 2026 unless a date says otherwise.

## What is Turkey's interest rate today?

Turkey's policy rate is 36%, in force since 23 October 2026 after the decision of 22 October 2026.

**CBRT rates from 23 October 2026 (press release 2026-45)**

| Rate | Level | Previous |
| --- | ---: | ---: |
| Policy rate (one-week repo auction rate) | 36% | 37% |
| Overnight lending rate (upper band) | 39% | 40% |
| Overnight borrowing rate (lower band) | 34.5% | 35.5% |

The decision date and the date in the CBRT's table differ by design: decisions come on the meeting day, and the one-week repo table shows the next business day, when the rate applies. That is why 22 October appears there as 23.10.2026.

## Turkey central bank rate decisions in 2026

The CBRT has held seven of its eight scheduled 2026 meetings so far, cutting the policy rate by 100 basis points twice and holding it five times.

**2026 Monetary Policy Committee decisions, as of 3 November 2026**

| Meeting | Release | Policy rate | Overnight lending | Overnight borrowing | Decision |
| --- | --- | --- | --- | --- | --- |
| 22 January | 2026-01 | 38% to 37% | 41% to 40% | 36.5% to 35.5% | Cut 100 bp |
| 12 March | 2026-12 | 37% | 40% | 35.5% | Hold |
| 22 April | 2026-17 | 37% | 40% | 35.5% | Hold |
| 11 June | 2026-23 | 37% | 40% | 35.5% | Hold |
| 23 July | 2026-28 | 37% | 40% | 35.5% | Hold |
| 10 September | 2026-38 | 37% | 40% | 35.5% | Hold |
| 22 October | 2026-45 | 37% to 36% | 40% to 39% | 35.5% to 34.5% | Cut 100 bp |
| 10 December | Not yet | Meeting not yet held |  |  | Not yet |

One detail matters when reading 2026. The CBRT suspended its one-week repo auctions on 1 March 2026 and decided to resume them on 23 August 2026 (press releases 2026-11 and 2026-35). The policy rate stayed at 37% through that period while those auctions were suspended.

## Turkey interest rate history since 2010

Since the one-week repo rate became the policy rate in May 2010, it has ranged from 4.50% (May 2013 to January 2014) to 50% (March to December 2024).

**Year-end policy rate, from the CBRT one-week repo table**

| Year | Year-end rate | Changes in the year | Change over the year (bp) |
| --- | ---: | ---: | ---: |
| 2010 | 6.50% | 1 | −50 |
| 2011 | 5.75% | 2 | −75 |
| 2012 | 5.50% | 1 | −25 |
| 2013 | 4.50% | 2 | −100 |
| 2014 | 8.25% | 4 | +375 |
| 2015 | 7.50% | 2 | −75 |
| 2016 | 8.00% | 1 | +50 |
| 2017 | 8.00% | 0 | 0 |
| 2018 | 24.00% | 3 | +1,600 |
| 2019 | 12.00% | 4 | −1,200 |
| 2020 | 17.00% | 8 | +500 |
| 2021 | 14.00% | 5 | −300 |
| 2022 | 9.00% | 4 | −500 |
| 2023 | 42.50% | 8 | +3,350 |
| 2024 | 47.50% | 3 | +500 |
| 2025 | 38.00% | 7 | −950 |

The 2010 change is measured from the starting level of 7%. The 50% peak is missing from the year-end column because the 26 December 2024 decision lowered the rate to 47.5% before the year closed. The last increase came on 17 April 2025, from 42.5% to 46%; every change since then has been a cut.

A long table can mislead, because the rate has not always described actual funding costs. The table shows 8% until mid-2018, yet the CBRT's announcement of 28 May 2018 set the policy rate equal to the existing funding rate of 16.50% from 1 June 2018, so funding was already well above 8%.

## How the policy rate and interest rate corridor work

The policy rate sits inside a corridor formed by the two overnight rates, at which the CBRT lends to and borrows from banks for one night.

Banks that need lira can borrow at the one-week repo auction rate against collateral, when auctions are held, or overnight at the upper band. Banks with surplus lira can place it overnight at the lower band. Since 23 October 2026 the upper band is 300 basis points above the policy rate (39% against 36%) and the lower band is 150 basis points below it (34.5%).

The gap is not fixed. The May 2018 framework set both bands 150 basis points from the policy rate, and on 20 March 2025 an interim decision raised overnight lending to 46% while the policy rate stayed at 42.5%. Comparing periods therefore means looking at all three rates and at the CBRT's funding announcements, not at the policy rate alone.

## How to read a CBRT rate decision

Read the decision in three layers: the rates, the guidance sentences and then the meeting summary published afterward.

1. **The rates.** The 2026 monetary policy text says the decision and a short rationale are published in Turkish and English at 14:00 on the meeting day.
2. **The guidance.** In the 22 October 2026 release the CBRT said the tight stance stays until price stability is achieved, that steps are reviewed meeting by meeting, and that the stance would be tightened if the inflation outlook worsened significantly and persistently. It also repeated the 5% medium-term inflation target.
3. **The summary.** A longer summary follows within five working days; the one for the 10 December meeting is scheduled for 17 December 2026.
4. **The reports.** The CBRT calendar lists the Inflation Report on 12 November 2026 and the Financial Stability Report on 27 November 2026.

> **Worked example with official figures.** One basis point is 0.01 percentage point, so the October cut is (36 − 37) × 100 = −100 bp. Annual consumer inflation was 29.77% in October 2026 (data from the Turkish Statistical Institute, TÜİK, in the CBRT table), and 36 − 29.77 = 6.23 percentage points. Compounding gives (1.36 ÷ 1.2977) − 1 = 4.80%. This compares a current rate with past inflation; it is arithmetic, not a forecast.

What drives inflation data and how real returns are calculated is covered in [the Turkish lira inflation guide](https://fincodelabs.com/en/blog/turkish-lira-inflation-rate).

## When is the next CBRT decision? 2026 and 2027 calendar

The next decision is scheduled for 10 December 2026, and the first of 2027 for 21 January 2027.

**Monetary Policy Committee calendar (CBRT, checked 3 November 2026)**

| Decision | Meeting summary |
| --- | --- |
| 10 December 2026 | 17 December 2026 |
| 21 January 2027 | 28 January 2027 |
| 18 March 2027 | 25 March 2027 |
| 22 April 2027 | 29 April 2027 |
| 10 June 2027 | 17 June 2027 |

Dates for the second half of 2027 were not on the CBRT calendar when checked. The committee can also meet outside the calendar, as it did for the interim decision of 20 March 2025. This guide does not estimate what any meeting will decide.

## What the policy rate does and does not tell you

The policy rate is a central bank funding rate, so it does not tell you what any bank, bond or fund pays you.

- **Deposits:** banks set their own rates, and withholding tax then reduces the return. See [Turkish lira deposit rates and tax](https://fincodelabs.com/en/blog/turkish-lira-deposit-rates-tax).
- **Government debt:** yields are set in auctions and the market, and they differ by maturity and currency. See [Turkish government bonds and Eurobonds](https://fincodelabs.com/en/blog/turkish-government-bonds-and-eurobonds).
- **Shares:** index and market access questions are separate; see [the MSCI Turkey index freeze](https://fincodelabs.com/en/blog/msci-turkey-index-freeze) and [how to buy Turkish stocks](https://fincodelabs.com/en/blog/how-to-buy-turkish-stocks).

Foreign readers should also check how interest and currency gains are treated at home, because Turkish withholding may not be the final tax for them.

## Frequently asked questions

### What is the current interest rate in Turkey?

As of 3 November 2026 the CBRT policy rate is 36%, after a cut from 37% on 22 October 2026 that took effect on 23 October. The overnight lending rate is 39% and the overnight borrowing rate is 34.5%.

### When is the next Turkey central bank rate decision?

The CBRT calendar shows the next decision on 10 December 2026, published at 14:00 under its 2026 policy text, with the summary on 17 December. The first 2027 decision is scheduled for 21 January 2027.

### What is the highest Turkey interest rate since 2010?

The highest one-week repo rate since 2010 is 50%, set by the decision of 21 March 2024 and lowered to 47.5% by the decision of 26 December 2024. The lowest was 4.50%, from May 2013 to January 2014.

### When did the CBRT last raise rates?

The last increase was the decision of 17 April 2025, from 42.5% to 46%, effective 18 April 2025. All later changes through 3 November 2026 have been cuts.

### Is the policy rate the same as a deposit rate in Turkey?

No. The policy rate applies to banks borrowing from the CBRT for one week. Banks set deposit and loan rates themselves, and withholding tax applies to deposit interest.

## Sources

- [CBRT: 1 Week Repo table (effective dates)](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Core+Functions/Monetary+Policy/Central+Bank+Interest+Rates/1+Week+Repo)
- [CBRT: Press Release on Interest Rates 2026-45, 22 October 2026](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2026/ANO2026-45)
- [CBRT: Press Release on Interest Rates 2026-01, 22 January 2026](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2026/ANO2026-01)
- [CBRT: 2026 Monetary Policy Committee meetings (Turkish)](https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Temel+Faaliyetler/Para+Politikasi/PPK/2026)
- [CBRT: Calendar of MPC decisions, summaries and reports](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Calendar)
- [CBRT: Press Release 2026-11 on Turkish lira liquidity management, 1 March 2026](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2026/ANO2026-11)
- [CBRT: Press Release 2026-35 on Turkish lira liquidity management, 23 August 2026](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2026/ANO2026-35)
- [CBRT: Press Release on Interest Rates 2025-24, 17 April 2025](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2025/ANO2025-24)
- [CBRT: Interim Monetary Policy Committee decision 2025-20, 20 March 2025](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2025/ANO2025-20)
- [CBRT: Press Release on Interest Rates 2024-14, 21 March 2024](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2024/ANO2024-14)
- [CBRT: Press Release 2018-21 on the monetary policy operational framework, 28 May 2018](https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2018/ANO2018-21)
- [CBRT: Monetary and Exchange Rate Policy for 2026 (Turkish), MPC timing and communication](https://www.tcmb.gov.tr/wps/wcm/connect/50433504-d77c-472a-82d0-6ad1cc25c927/2026_Para_Politikas%C4%B1_Metni.pdf?MOD=AJPERES)
- [CBRT: Consumer price table, annual and monthly change (Turkish)](https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Istatistikler/Enflasyon+Verileri/Tuketici+Fiyatlari)
- [CBRT: Monetary Policy Committee decision 2010-24, 18 May 2010 (Turkish)](https://www.tcmb.gov.tr/wps/wcm/connect/cd77e2b7-a58e-4fc6-a58b-ebecfa2d2d44/5.pdf?MOD=AJPERES)

> This guide is general information, not investment, legal or tax advice. Amounts, rates and rules in Turkey change often: check the date given for each figure and the official source before you rely on it, and ask a licensed adviser about your own situation. Sources, checks and corrections: see the [editorial policy](https://fincodelabs.com/en/editorial-policy).

---

Published by Fincode (Fincode Yazılım ve Teknoloji A.Ş.), a software company in Istanbul, Turkey: https://fincodelabs.com/en/blog/turkey-interest-rate

Cite as: Fincode, "Turkey interest rate: CBRT policy rate and next decision", updated November 5, 2026, https://fincodelabs.com/en/blog/turkey-interest-rate