Words vs deeds

TURKEY - Report 22 Apr 2026 by Murat Ucer

The CBRT/MPC left the policy rate unchanged at 37% at today’s meeting, broadly in line with the consensus. The statement notes that the “underlying trend of inflation declined in March” but that “leading indicators suggest a slight increase” in April. It also states that the effects of geopolitical developments and domestic energy prices on the inflation outlook are being closely monitored “through the cost channel and economic activity”, adding that “while indicators point to a slowdown in economic activity, potential second-round effects of recent developments on the inflation outlook will be of importance”.

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