---
source: Central Bank of the Republic of Turkey (TCMB)
url: https://www.tcmb.gov.tr/wps/wcm/connect/e2c43928-d42f-4de0-a7b5-994a82aedf62/ANO2026-19.pdf?MOD=AJPERES
document_type: pdf
date_retrieved: 2026-04-30
period: April 2026 (Meeting Date: April 22, 2026)
parent_publication: Summary of the Monetary Policy Committee Meeting (No. 2026-19)
indicators_covered: [One-Week Repo Rate, Overnight Lending Rate, Overnight Borrowing Rate]
---

# Summary of the Monetary Policy Committee Meeting — April 30, 2026 (No. 2026-19)

**Meeting Date:** April 22, 2026

## Monetary Policy Decision

The Monetary Policy Committee decided to keep the policy rate (the one-week repo auction rate) at **37%**. The Committee also maintained the Central Bank overnight lending rate and the overnight borrowing rate at **40%** and **35.5%**, respectively.

> "The tight monetary policy stance, which will be maintained until price stability is achieved, will strengthen the disinflation process through demand, exchange rate, and expectation channels."

## Context and Rationale

The Committee stated it will determine the policy rate by taking into account realized and expected inflation and its underlying trend in a way to ensure the tightness required by the projected disinflation path in line with the interim targets. Monetary policy decisions are made prudently on a meeting-by-meeting basis with a focus on the inflation outlook. In case of a significant and persistent deterioration in the inflation outlook, which can also be driven by recent developments, the monetary policy stance will be tightened. The Committee reiterated that it remains highly attentive to upside risks on inflation.

## Key Economic Assessment (from the Summary)

### Global Economy
- Geopolitical developments keep energy prices elevated and volatile
- Growth forecasts for 2026 revised downward for many economies, particularly Middle East and Africa
- Global growth weighted by Turkey's trade partners: +1.9% for 2026, +2.4% for 2027
- Major central bank policy rate paths shifted significantly upward

### Monetary and Financial Conditions
- Retail loan growth averaged 3.2% (Mar 13–Apr 17)
- TRY deposit rates at 47.2% (week ending Apr 17)
- TRY commercial loan rates at 49.3%
- Gross international reserves at USD 174.5 billion (as of Apr 17)
- Net portfolio outflows totaled USD 3.7 billion since previous MPC meeting

### Inflation Developments
- March CPI: +1.94% monthly; annual inflation 30.87% (down 0.66 pp)
- Energy prices up 4.75% in March; sliding-scale system limited impact
- Core inflation measures: B index 30.11%, C index 29.68%
- Annual inflation expectations (Survey of Market Participants): 2026 → 27.5%, 2027 → 20.1%; 12-month ahead → 23.4%

### Demand and Production
- February retail sales: −0.2% MoM, +4.5% QoQ
- Industrial production: +2.6% MoM, +2.2% YoY (Feb)
- Unemployment: flat at 8.3% on quarterly basis (Feb)
- Current account deficit: USD 7.5 billion in Feb; 12-month cumulative at USD 35.4 billion

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*Source: Central Bank of the Republic of Turkey (TCMB), Summary of the Monetary Policy Committee Meeting No. 2026-19, released April 30, 2026.*