Publications

Here are all of our publications listed chronologically. You can also find the publications relating to single geography under “Publications by geography” or narrow down your search using the “Advanced filter”.

Latest publications on policy rate

Türkiye | Holding the Line, Eyeing Easing

June 11, 2026

The CBRT kept rates unchanged and signaled a further reliance on macroprudential measures. Despite some moderation in demand conditions and favorable seasonal factors on inflation, domestic and external uncertainties continue to pose challenges to the disinflation process.

Türkiye | The CBRT, acting dovishly, seeks to strike a balance

September 11, 2025

The CBRT lowered the policy rate by 250bps to 40.5%, higher than the consensus of 200 bps, with also a similar size of cuts in the corridor (39%-43.5%). Considering the challenges ahead, we still maintain the view of reducing the size of the cuts going ahead after today’s decision.

Turkey Economic Outlook. First quarter 2020

February 6, 2020

Recent policy impulses could support the acceleration in the economic activity further. We upgrade our GDP growth to 0.8% and 4% for 2019 & 2020 respectively with a higher support from Domestic Demand.

Turkey | The CBRT easing cycle continues

October 24, 2019

The Central Bank reduced the policy rate by 250 bps to 14% from 16.50%, much higher than market expectation (100bps). We think that the CBRT should start to increase caution in the magnitude of the policy rate cuts as global uncertainty remains well alive and the CBRT should be ready to react at any moment if needed.

Turkey | CBRT remains “tight” but closer to “ease”

June 12, 2019

As expected, the CBRT maintained its policy rate unchanged. Important uncertainties on politics and geopolitics remain to be solved, so today’s decision is a prudent one. We maintain our view that the CBRT will start the gradual easing cycle towards the end of the year, but the expected disinflation could bring it forward.

Turkey | The CBRT stays on hold

October 25, 2018

The Central Bank (CBRT) left its policy rate (one-week repo, 24%) unchanged in line with the consensus (vs. our expectation of 100bps hike). The press release after the decision is almost the same with the previous one, except for the stress over the slow-down in economic activity “partly due to tighter financial conditions”.

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