CBRT switches to a wait-and-see mode

TURKEY - Report 12 Mar 2026 by Murat Ucer

As expected, the CBRT/MPC kept the policy rate (together with the O/N lending and borrowing rates) unchanged today at 37%, stressing heightened geopolitical risks, the deterioration in the risk appetite and higher energy prices. In the statement, the reference to “step size” (regarding the magnitude of rate cuts to follow) has naturally been dropped, suggesting that the Bank has switched to a wait-and-see mode.

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