Central Bank Announces September 2026 Monetary Policy Committee Interest Rate Decision
The CBRT Monetary Policy Committee decided to keep the policy rate constant at 37 percent in its September meeting.
The Central Bank Monetary Policy Committee announced its sixth interest rate decision of the year, leaving the policy rate unchanged at 37 percent. Following the rate cut in January, the bank made no changes to interest rates for the fifth consecutive meeting.
Interest Rates Kept Constant
The Central Bank Monetary Policy Committee announced its sixth interest rate decision of the year and kept the one-week repo auction interest rate constant at 37 percent.
The Committee also kept the overnight lending interest rate at 40 percent and the overnight borrowing interest rate at 35.5 percent.
Inflation and Economic Activity Assessment
In the MPC statement, it was stated that despite monthly fluctuations, recent inflation realizations and leading indicators point to a decline in the underlying trend of inflation.
It was stated that data on economic activity and the limited reflection of supply shocks on domestic prices confirm the weak course in domestic demand.
Energy Prices and Risks
It was noted that energy prices, which remain high as a result of geopolitical developments, pose upside risks to the inflation outlook.
The statement emphasized that the effects of geopolitical developments on the inflation outlook through the cost channel, economic activity, and expectation channel are closely monitored.
Disinflation Process and Tight Stance
The MPC announced that the tight monetary policy stance to be maintained until price stability is achieved will strengthen the disinflation process through the demand, exchange rate, and expectation channels.
Summary of Previous Period Decisions
The CBRT had implemented a 100 basis point rate cut on January 22, 2026, reducing the policy rate from 38 percent to 37 percent.
The bank subsequently kept the policy rate unchanged at 37 percent in its meetings in March, April, June, and July.