The Turkish Central Bank, known as TCMB, has announced that it will maintain its interest rates at 50% for October 2024. The decision to keep rates unchanged was in line with expectations. The TCMB noted that inflation had increased slightly in September, but indicators for the third quarter suggest that domestic demand is slowing down, which should support a decline in inflation. However, there is still uncertainty about the pace of improvement in inflation. The TCMB stated that it will maintain a cautious stance against upward risks to inflation and will continue its tight monetary policy until there is a significant and permanent decrease in inflation. The Committee will also use additional macroprudential steps to support the monetary transmission mechanism in the event of unforeseen developments in credit and deposit markets. Overall, the TCMB aims to reduce the underlying trend of inflation and bring it to the 5% target in the medium term while maintaining price stability.



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