# Turkey Interest Rate: Central Bank Policy Rate and Decisions

The policy rate of the Central Bank of the Republic of Türkiye is the rate of its one-week repo auctions. It changes with the decisions of the Monetary Policy Committee and steers deposit and loan rates. The central bank's policy rate (one-week repo auction rate) is 36.00%, in effect since 23 October 2026. The rate was cut by 100 basis points from 37.00%. The central bank's weighted average cost of funding was 36.00% on 27 October 2026 and BIST TLREF 35.84% on 26 October 2026.

| Fact | Value |
|---|---|
| Policy rate | 36.00% (since 23 October 2026) |
| Average cost of funding | 36.00% (27 October 2026) |
| BIST TLREF | 35.84% (26 October 2026) |
| Read | Read from the central bank table: Oct 27, 2026, 18:00 |

## Policy rate changes

Each row is the date a change took effect and the new rate; meetings that left the rate unchanged are not listed.

| Effective date | Policy rate | Change (basis points) |
|---|---|---|
| 23 October 2026 | 36.00% | −100 |
| 23 January 2026 | 37.00% | −100 |
| 12 December 2025 | 38.00% | −150 |
| 24 October 2025 | 39.50% | −100 |
| 12 September 2025 | 40.50% | −250 |
| 25 July 2025 | 43.00% | −300 |
| 18 April 2025 | 46.00% | +350 |
| 7 March 2025 | 42.50% | −250 |
| 24 January 2025 | 45.00% | −250 |
| 27 December 2024 | 47.50% | −250 |
| 22 March 2024 | 50.00% | +500 |
| 26 January 2024 | 45.00% | +250 |
| 22 December 2023 | 42.50% | +250 |
| 24 November 2023 | 40.00% | +500 |
| 27 October 2023 | 35.00% | +500 |
| 22 September 2023 | 30.00% | +500 |
| 25 August 2023 | 25.00% | +750 |
| 21 July 2023 | 17.50% | +250 |
| 23 June 2023 | 15.00% | +650 |
| 24 February 2023 | 8.50% | −50 |
| 25 November 2022 | 9.00% | −150 |
| 21 October 2022 | 10.50% | −150 |
| 23 September 2022 | 12.00% | −100 |
| 19 August 2022 | 13.00% | −100 |
| 17 December 2021 | 14.00% | −100 |
| 19 November 2021 | 15.00% | −100 |
| 22 October 2021 | 16.00% | −200 |
| 24 September 2021 | 18.00% | −100 |
| 19 March 2021 | 19.00% | +200 |
| 25 December 2020 | 17.00% | +200 |
| 20 November 2020 | 15.00% | +475 |
| 25 September 2020 | 10.25% | +200 |
| 22 May 2020 | 8.25% | −50 |
| 23 April 2020 | 8.75% | −100 |
| 18 March 2020 | 9.75% | −100 |
| 20 February 2020 | 10.75% | −50 |
| 17 January 2020 | 11.25% | −75 |
| 13 December 2019 | 12.00% | −200 |
| 25 October 2019 | 14.00% | −250 |
| 13 September 2019 | 16.50% | −325 |
| 26 July 2019 | 19.75% | −425 |
| 14 September 2018 | 24.00% | +625 |
| 8 June 2018 | 17.75% | +125 |
| 1 June 2018 | 16.50% | +850 |
| 25 November 2016 | 8.00% | +50 |
| 25 February 2015 | 7.50% | −25 |
| 21 January 2015 | 7.75% | −50 |
| 18 July 2014 | 8.25% | −50 |
| 25 June 2014 | 8.75% | −75 |
| 23 May 2014 | 9.50% | −50 |
| 29 January 2014 | 10.00% | +550 |
| 17 May 2013 | 4.50% | −50 |
| 17 April 2013 | 5.00% | −50 |
| 19 December 2012 | 5.50% | −25 |
| 5 August 2011 | 5.75% | −50 |
| 21 January 2011 | 6.25% | −25 |
| 17 December 2010 | 6.50% | −50 |
| 20 May 2010 | 7.00% | — |

## Last 10 business days: funding cost and TLREF

| Date | Cost of funding | BIST TLREF |
|---|---|---|
| 27 October 2026 | 36.00% | — |
| 26 October 2026 | 36.00% | 35.84% |
| 23 October 2026 | 36.04% | 35.85% |
| 22 October 2026 | 37.00% | 36.88% |
| 21 October 2026 | 37.00% | 36.85% |
| 20 October 2026 | 37.00% | 36.82% |
| 19 October 2026 | 37.00% | 36.77% |
| 16 October 2026 | 37.00% | 36.80% |
| 15 October 2026 | 37.00% | 36.79% |
| 14 October 2026 | 37.00% | 36.77% |

## What the figures show

- Policy rate: the rate of the central bank's one-week repo auctions. The table is the list of changes the central bank publishes; dates are the days a decision took effect.
- Weighted average cost of funding: the average cost of the funding the central bank gave banks that day; it can differ from the policy rate when funding comes through other maturities.
- BIST TLREF: the Turkish lira overnight reference rate, calculated from overnight repo trades on Borsa Istanbul.

## Frequently asked questions

### What is the Turkish central bank interest rate now?

The policy rate is 36.00%, in effect since 23 October 2026.

### What is the policy rate?

It is the rate at which the central bank lends to banks in its one-week repo auctions, the main tool of monetary policy: it is raised to fight inflation and cut to ease.

### When does the central bank announce its rate decision?

Decisions are taken by the Monetary Policy Committee, which meets on a calendar the central bank announces in advance each year; the decision is published on the day of the meeting. This page follows once the central bank updates its rate table.

### How does the policy rate affect deposit and loan rates?

It sets the funding cost of banks, so changes pass to deposit and loan rates over time. Current banking averages are on the deposit and loan rate pages.

### What is TLREF?

The Turkish lira overnight reference rate, calculated from overnight repo trades on Borsa Istanbul and used as a benchmark for floating-rate products.

Source: Central Bank of the Republic of Türkiye (one-week repo rate table; Electronic Data Delivery System (EVDS): weighted average cost of funding); Borsa Istanbul (BIST TLREF, via EVDS).

## Related pages

- [Deposit rates](https://lzzo.com/turkey-deposit-rates)
- [Loan rates](https://lzzo.com/turkey-loan-rates)
- [Turkey inflation rate](https://lzzo.com/turkey-inflation-rate)
- [USD/TRY exchange rate](https://lzzo.com/currencies/usd-try)

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