Turkish Central Bank (TCMB) Interest Rate Today

The Central Bank of the Republic of Türkiye's policy rate is 36.00%. The CBRT last cut it by 1.00 point, with effect from 23 October 2026. Turkish inflation was 31.5% (in the 12 months to August 2026), so the real policy rate is 4.49%. Silver in lira is down 1.1% since that decision. Next decision: Thursday 10 December 2026.

CBRT policy rate

36.00%

−100 bp from Oct 23, 2026

Turkish inflation

31.5%

Aug 2026 · real rate 4.49%

Next decision

Thu 10 Dec

2:00 pm Istanbul time · in 44 days

Silver in TRY since last move

−1.1%

₺86.40/g · $1 = ₺49.79

CBRT policy rate and silver in TRY since 2002

weekly · silver /g on a log scale (right)

CBRT policy rateSilver in TRY /g (right scale)

CBRT Rate Cycles Since 2002 and Silver in lira

Runs of CBRT hikes or cuts (a gap of two years or more starts a new run), and how silver did in TRY (our calculations).

Cycle	From → to	Moves	Silver during	12 months after the first move
Cuts Jul 2025–Oct 2026	46.00% → 36.00%	6 (−1000 bp)	+69.7%	+76.5%
Hikes Apr 2025	42.50% → 46.00%	1 (+350 bp)	—	+197.2%
Cuts Dec 2024–Mar 2025	50.00% → 42.50%	3 (−750 bp)	+12.2%	+209.7%
Hikes Jun 2023–Mar 2024	8.50% → 50.00%	9 (+4150 bp)	+48.8%	+83.0%
Cuts Sep 2021–Feb 2023	19.00% → 8.50%	9 (−1050 bp)	+101.7%	+78.1%
Hikes Sep 2020–Mar 2021	8.25% → 19.00%	4 (+1075 bp)	+9.1%	+13.1%
Cuts Jul 2019–May 2020	24.00% → 8.25%	9 (−1575 bp)	+30.4%	+69.4%
Hikes Nov 2016–Sep 2018	7.50% → 24.00%	4 (+1650 bp)	+56.7%	+22.4%
Cuts May 2014–Feb 2015	10.00% → 7.50%	5 (−250 bp)	−0.5%	+8.1%
Hikes Jan 2014	4.50% → 10.00%	1 (+550 bp)	—	−12.5%
Cuts Dec 2010–May 2013	7.00% → 4.50%	6 (−250 bp)	−5.3%	+28.0%
Hikes May 2010	6.50% → 7.00%	1 (+50 bp)	—	+94.6%
Cuts Nov 2008–Nov 2009	16.75% → 6.50%	13 (−1025 bp)	+77.1%	+77.1%
Hikes May 2008–Jul 2008	15.25% → 16.75%	3 (+150 bp)	+4.3%	+3.5%
Cuts Sep 2007–Feb 2008	17.50% → 15.25%	6 (−225 bp)	+29.4%	−16.1%
Hikes Jun 2006–Jul 2006	13.25% → 17.50%	3 (+425 bp)	−2.8%	+2.0%
Cuts Mar 2002–Apr 2006	57.00% → 13.25%	25 (−4375 bp)	+169.4%	+21.1%

Silver in TRY is the COMEX close times lira per US dollar (ECB reference rates: lira per euro ÷ dollars per euro). Past cycles are not a forecast; compare: Fed funds rate.

Year by Year

Year	Rate at year-end	Inflation (Dec)	$1 in TRY at year-end	Silver in TRY that year
2026 (so far)	36.00%	31.5%	49.76	−10.5%
2025	38.00%	30.9%	42.81	+194.6%
2024	47.50%	44.4%	35.21	+44.6%
2023	42.50%	64.8%	29.55	+57.8%
2022	9.00%	64.3%	18.7183	+42.4%
2021	14.00%	36.1%	13.4500	+55.4%
2020	17.00%	14.6%	7.6669	+90.1%
2019	12.00%	11.8%	5.9580	+30.5%
2018	24.00%	20.3%	5.2733	+26.9%
2017	8.00%	11.9%	3.7909	+14.7%
2016	8.00%	8.5%	3.5169	+38.6%
2015	7.50%	8.8%	2.9145	+11.2%
2014	8.25%	8.2%	2.3253	−13.4%
2013	4.50%	7.4%	2.1615	−21.9%
2012	5.50%	6.2%	1.7890	+0.7%
2011	5.75%	10.5%	1.8882	+12.2%
2010	6.50%	6.4%	1.5487	+83.5%
2009	6.50%	6.5%	1.5212	+57.6%
2008	15.00%	10.1%	1.5201	−5.0%
2007	15.75%	8.4%	1.1692	−5.5%
2006	17.50%	9.7%	1.4153	+53.2%
2005	13.50%	7.7%	1.3498	+29.6%
2004	18.00%	9.4%	1.3481	+7.9%
2003	26.00%	13.9%	1.4279	+10.2%
2002	44.00%	29.7%	1.6567	—

Inflation: BIS consumer price series, 12-month change in December (this year: the latest available). The BIS compiles it from Türkiye's national consumer price index; figures can be revised.

Every CBRT rate change since 2002 (108)

Effective	New rate	Change	Silver in TRY that day	1 month later
Oct 23, 2026	36.00%	−100 bp	₺85.89	—
Jan 23, 2026	37.00%	−100 bp	₺140.68	−8.7%
Dec 12, 2025	38.00%	−150 bp	₺83.98	+34.2%
Oct 24, 2025	39.50%	−100 bp	₺65.29	+5.0%
Sep 12, 2025	40.50%	−250 bp	₺56.38	+14.3%
Jul 25, 2025	43.00%	−300 bp	₺49.76	+0.5%
Apr 18, 2025	46.00%	+350 bp	₺39.67	+1.2%
Mar 7, 2025	42.50%	−250 bp	₺38.15	−7.1%
Jan 24, 2025	45.00%	−250 bp	₺35.60	+8.7%
Dec 27, 2024	47.50%	−250 bp	₺33.57	+2.1%
Mar 22, 2024	50.00%	+500 bp	₺25.39	+10.8%
Jan 26, 2024	45.00%	+250 bp	₺22.17	+1.7%
Dec 22, 2023	42.50%	+250 bp	₺22.82	−5.2%
Nov 24, 2023	40.00%	+500 bp	₺22.59	+4.5%
Oct 27, 2023	35.00%	+500 bp	₺20.64	+11.6%
Sep 22, 2023	30.00%	+500 bp	₺20.61	+3.5%
Aug 25, 2023	25.00%	+750 bp	₺20.62	−4.2%
Jul 21, 2023	17.50%	+250 bp	₺21.39	−2.8%
Jun 23, 2023	15.00%	+650 bp	₺18.12	+25.3%
Feb 24, 2023	8.50%	−50 bp	₺12.63	+10.3%
Nov 25, 2022	9.00%	−150 bp	₺12.84	+11.6%
Oct 21, 2022	10.50%	−150 bp	₺11.39	+11.9%
Sep 23, 2022	12.00%	−100 bp	₺11.15	−0.9%
Aug 19, 2022	13.00%	−100 bp	₺11.09	+0.8%
Dec 17, 2021	14.00%	−100 bp	₺12.21	−0.6%
Nov 19, 2021	15.00%	−100 bp	₺8.85	+53.2%
Oct 22, 2021	16.00%	−200 bp	₺7.55	+21.1%
Sep 24, 2021	18.00%	−100 bp	₺6.36	+20.6%
Mar 19, 2021	19.00%	+200 bp	₺6.14	+4.4%
Dec 25, 2020	17.00%	+200 bp	₺6.36	−4.6%
Nov 20, 2020	15.00%	+475 bp	₺5.97	+7.1%
Sep 25, 2020	10.25%	+200 bp	₺5.64	+12.0%
May 22, 2020	8.25%	−50 bp	₺3.87	+2.3%
Apr 23, 2020	8.75%	−100 bp	₺3.41	+14.0%
Mar 18, 2020	9.75%	−100 bp	₺2.37	+34.1%
Feb 20, 2020	10.75%	−50 bp	₺3.57	−27.4%
Jan 17, 2020	11.25%	−75 bp	₺3.41	+2.2%
Dec 13, 2019	12.00%	−200 bp	₺3.15	+8.6%
Oct 25, 2019	14.00%	−250 bp	₺3.31	−6.1%
Sep 13, 2019	16.50%	−325 bp	₺3.18	−0.5%
Jul 26, 2019	19.75%	−425 bp	₺2.95	+10.2%
Sep 14, 2018	24.00%	+625 bp	₺2.76	−6.0%
Jun 8, 2018	17.75%	+125 bp	₺2.41	−5.0%
Jun 1, 2018	16.50%	+850 bp	₺2.44	−4.8%
Nov 25, 2016	8.00%	+50 bp	₺1.83	+0.7%
Feb 25, 2015	7.50%	−25 bp	₺1.31	+9.4%
Jan 21, 2015	7.75%	−50 bp	₺1.35	−4.0%
Jul 18, 2014	8.25%	−50 bp	₺1.43	−5.7%
Jun 25, 2014	8.75%	−75 bp	₺1.46	−4.4%
May 23, 2014	9.50%	−50 bp	₺1.30	+9.6%
Jan 29, 2014	10.00%	+550 bp	₺1.46	+3.4%
May 17, 2013	4.50%	−50 bp	₺1.33	+1.1%
Apr 17, 2013	5.00%	−50 bp	₺1.34	−1.5%
Dec 19, 2012	5.50%	−25 bp	₺1.80	−2.9%
Aug 5, 2011	5.75%	−50 bp	₺2.19	+6.5%
Jan 21, 2011	6.25%	−25 bp	₺1.38	+19.6%
Dec 17, 2010	6.50%	−50 bp	₺1.42	+0.2%
May 20, 2010	7.00%	+50 bp	₺0.88	+3.1%
Nov 20, 2009	6.50%	−25 bp	₺0.88	−2.4%
Oct 16, 2009	6.75%	−50 bp	₺0.81	+2.3%
Sep 18, 2009	7.25%	−50 bp	₺0.81	−2.7%
Aug 19, 2009	7.75%	−50 bp	₺0.65	+21.0%
Jul 17, 2009	8.25%	−50 bp	₺0.65	+1.7%
Jun 17, 2009	8.75%	−50 bp	₺0.69	−8.6%
May 15, 2009	9.25%	−50 bp	₺0.70	+2.4%
Apr 17, 2009	9.75%	−75 bp	₺0.62	+8.3%
Mar 20, 2009	10.50%	−100 bp	₺0.74	−13.3%
Feb 20, 2009	11.50%	−150 bp	₺0.79	−1.9%
Jan 16, 2009	13.00%	−200 bp	₺0.56	+37.0%
Dec 19, 2008	15.00%	−125 bp	₺0.52	+1.0%
Nov 20, 2008	16.25%	−50 bp	₺0.49	+4.9%
Jul 18, 2008	16.75%	+50 bp	₺0.71	−32.6%
Jun 17, 2008	16.25%	+50 bp	₺0.70	+8.8%
May 16, 2008	15.75%	+50 bp	₺0.67	−0.4%
Feb 15, 2008	15.25%	−25 bp	₺0.67	+19.1%
Jan 18, 2008	15.50%	−25 bp	₺0.60	+11.6%
Dec 14, 2007	15.75%	−50 bp	₺0.53	+10.8%
Nov 15, 2007	16.25%	−50 bp	₺0.57	−7.4%
Oct 17, 2007	16.75%	−50 bp	₺0.52	+4.7%
Sep 14, 2007	17.25%	−25 bp	₺0.51	+2.4%
Jul 21, 2006	17.50%	+25 bp	₺0.55	+0.6%
Jun 26, 2006	17.25%	+225 bp	₺0.57	−1.5%
Jun 8, 2006	15.00%	+175 bp	₺0.57	+1.8%
Apr 28, 2006	13.25%	−25 bp	₺0.53	+17.9%
Dec 9, 2005	13.50%	−25 bp	₺0.39	+1.8%
Nov 9, 2005	13.75%	−25 bp	₺0.33	+20.0%
Oct 11, 2005	14.00%	−25 bp	₺0.34	−0.1%
Jun 9, 2005	14.25%	−25 bp	₺0.32	−7.5%
May 10, 2005	14.50%	−50 bp	₺0.31	+4.9%
Apr 11, 2005	15.00%	−50 bp	₺0.31	+0.5%
Mar 9, 2005	15.50%	−100 bp	₺0.31	+0.7%
Feb 9, 2005	16.50%	−50 bp	₺0.28	+12.7%
Jan 11, 2005	17.00%	−100 bp	₺0.29	+3.1%
Dec 20, 2004	18.00%	−200 bp	₺0.31	−6.2%
Sep 8, 2004	20.00%	−200 bp	₺0.30	+9.1%
Mar 17, 2004	22.00%	−200 bp	₺0.30	+2.6%
Feb 5, 2004	24.00%	−200 bp	₺0.27	+10.2%
Oct 15, 2003	26.00%	−300 bp	₺0.22	+13.4%
Sep 18, 2003	29.00%	−300 bp	₺0.23	0.0%
Aug 6, 2003	32.00%	−300 bp	₺0.23	−3.5%
Jul 16, 2003	35.00%	−300 bp	₺0.21	+5.5%
Jun 4, 2003	38.00%	−300 bp	₺0.21	+0.5%
Apr 25, 2003	41.00%	−300 bp	₺0.24	−9.7%
Nov 11, 2002	44.00%	−200 bp	₺0.24	−3.2%
Aug 5, 2002	46.00%	−200 bp	₺0.24	−3.7%
Apr 30, 2002	48.00%	−300 bp	₺0.20	+10.3%
Apr 8, 2002	51.00%	−300 bp	₺0.19	+4.2%
Mar 14, 2002	54.00%	−300 bp	₺0.20	−2.8%

BIS central bank policy rate series; dates are when the new rate applied. The BIS series follows the rate the CBRT used as its main policy rate at each time (today the one-week repo auction rate).

CBRT policy rate: FAQ

What is the Turkish central bank interest rate today?

The policy rate (the one-week repo auction rate) is 36.00%, in force since 23 October 2026. It is set by the Monetary Policy Committee of the Central Bank of the Republic of Türkiye (TCMB / CBRT).

When is the next TCMB rate decision?

The next Monetary Policy Committee decision is due on Thursday 10 December 2026 at 2:00 pm Istanbul time. The committee meets eight times a year.

How do CBRT rate decisions affect the silver price in Türkiye?

Silver is priced in US dollars, so the local price moves with both the world price and the exchange rate. When inflation is high and the real interest rate is negative, many Turkish savers hold silver and dollars to protect their savings; a falling lira has pushed the lira price of silver up much faster than the world price.

Where do the figures come from?

The policy rate from the Bank for International Settlements (central bank policy rates; the latest decision from the CBRT's press release until the BIS file has it), inflation from the BIS consumer price series (12-month change). Exchange rates: lira per US dollar from the ECB's euro reference rates. Silver in local currency is our calculation from COMEX closes; today's figure uses the live spot price.

Policy rates and consumer prices: Bank for International Settlements (WS_CBPOL, WS_LONG_CPI). BIS data portal; the latest decision from the CBRT's press release on interest rates (tcmb.gov.tr). Exchange rates: ECB euro reference rates (lira and dollars per euro; source: ECB statistics). The BIS, the ECB and the CBRT do not endorse Corgano. Silver prices are COMEX front-month futures closes; prices in TRY, cycle and yearly changes, the real rate are Corgano's calculations.

Cite this page

For essays, articles and research. Prices on this page update daily, so the citations include today's date as the date you accessed it.

APA 7

Corgano. (2026, October 27). Turkish central bank (tcmb) interest rate today. Corgano Silver Price. Retrieved October 27, 2026, from https://silverprice.corgano.com/tcmb-interest-rate

MLA 9

“Turkish Central Bank (TCMB) Interest Rate Today.” Corgano Silver Price, silverprice.corgano.com/tcmb-interest-rate. Accessed 27 Oct. 2026.

Chicago

Corgano. “Turkish Central Bank (TCMB) Interest Rate Today.” Corgano Silver Price. Accessed October 27, 2026. https://silverprice.corgano.com/tcmb-interest-rate.

BibTeX

@misc{corgano2026turkishcentralbanktcmb, author = {{Corgano}}, title = {Turkish Central Bank (TCMB) Interest Rate Today}, howpublished = {\url{https://silverprice.corgano.com/tcmb-interest-rate}}, year = {2026}, note = {Corgano Silver Price, accessed 2026-10-27}}

Link

Turkish Central Bank (TCMB) Interest Rate Today — Corgano Silver Price: https://silverprice.corgano.com/tcmb-interest-rate