CBRT has decided to raise the overnight lending rate to 46%. The policy rate (the one-week repo auction rate), and the Central Bank overnight borrowing rate were kept at 42.5% and 41%, respectively

• Furthermore, TL and FX liquidity measures have been introduced to limit market volatility. In order to maintain the sound functioning of financial markets, additional actions will be taken if deemed necessary.


• Monetary policy stance will be tightened in case a significant and persistent deterioration in inflation is foreseen.


• The Committee will make its decisions in a predictable, data-driven and transparent framework.


• The summary of the Monetary Policy Committee Meeting will be released within five working days.

Reaction details (14:41)

• Intervention which sparked an immediate bout of TRY strength with USD/TRY dropping from 38.00 to 37.25 before then paring around half of the move.

Analysis details (14:39)

• This follows the volatility seen in TRY earlier in the week, whereby USD/TRY hit a record high after the arrest of Ekrem İmamoğlu, the Mayor of Istanbul and a potential main rival to President Erdogan.

20 Mar 2025 - 14:36- Fixed IncomeImportant- Source: CBRT