Turkey

Restrictive

Policy rate

37.00%

Last move Jan 2026

Inflation

34.88%

As of null

Real policy rate

2.12%

Policy rate less inflation

Debt to GDP

25.50%

2026 est.

Inflation target5%

Policy rate vs target+32 pp

Last move-100 bps cut

Months at current rate8

Real GDP growth3.40%

Next scheduled decisionNot published

Policy rate path, latest five years. Cycle peak 57.00% (Feb 2002).

The verdict

Turkey sets its policy rate at 37.00%, against inflation of 34.88% — a real rate of 2.12% after inflation. The most recent decision was a 100bp cut in Jan 2026. The rate has held there for about 8 months. The bank targets 5% inflation, and prices are running above that at 34.88%; the policy rate stands 32.00 percentage points above target. On the fiscal side, the economy carries government debt of 25.5% of GDP (2026 est.) and real GDP growth of 3.4%.

Sources: policy rate and cycle history — BIS central bank policy rates (WS_CBPOL); inflation — national statistical agencies; debt and growth — IMF World Economic Outlook. Methodology: https://www.globalfinancialinfo.info/methodology/policy-rates · Dataset: https://www.globalfinancialinfo.info/global-economy · Free to print and share for non-commercial classroom use (CC BY-NC-ND 4.0).

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