Policy & Liquidity#
On 20 Oct 2026, the CBRT funded the market at 37.00%.
Notes
This is exactly its 37.00% policy rate. On 20 Oct 2026, the system had a ₺1.03tn liquidity surplus.
Policy Stance#
The CBRT weighted average funding cost, not the 1-week policy rate, prices overnight liquidity.
Notes
On 20 Oct 2026, the CBRT funded almost entirely through the 1-week repo auction (100% of gross funding). So the funding cost tracks the policy rate closely. When the quotation channels and the late liquidity window take over, the funding cost moves away from the policy rate. It then trades nearer the ceiling of the corridor. The policy rate is a step line. It moves only at scheduled MPC decisions and is never interpolated between them. The shaded band spans the CBRT bid and offer quotations for overnight money: the corridor. The late liquidity window line is the backstop rate above the ceiling of the corridor. TLREF and the BIST overnight repo rate are independent market rates. They cross-check the corridor and the funding cost.
Policy Rate, Funding Cost & Corridor#
- Shows
- The policy rate and the rates around it, from 7 June 2018 to the latest week.
- Red dotted line
- The policy rate. It moves in steps on decision dates.
- Violet line
- The CBRT weighted average funding cost.
- Black line
- TLREF.
- Grey line
- The BIST overnight repo rate.
- Shaded band
- The overnight corridor. The bottom is the CBRT bid quotation. The top is the offer quotation.
- Dashed lavender line
- The late liquidity window rate.
- Read it as
- A violet line above the red line means that funding cost more than the policy rate.
- Limit
- All lines are simple annual rates. Weekly points use the last day of each week.
- Terms
- Policy rate · Funding cost · Overnight corridor · Late liquidity window rate · TLREF · BIST overnight repo
CBRT EVDS (bie_apifon, bie_pyintbnk) · CBRT policy register · Borsa Istanbul (TLREF, overnight repo) · latest 20 Oct 2026
How the CBRT Funds Banks#
Bars above zero are funding channels: the 1-week repo auction, overnight and dealer repo, TRY deposit quotation and the late liquidity window.
Notes
Bars below zero are sterilisation: auctions, quotations and liquidity bills that take liquidity out. The black line is net CBRT funding in ₺bn. It equals the sum of the bars, so it checks the composition.
Funding Composition Over Time#
- Shows
- How much the CBRT lent and took out each week, by channel, in ₺bn.
- Each bar
- One channel in one week. Bars above zero add liquidity. Bars below zero take liquidity out.
- Black line
- Net funding. It equals the sum of all bars.
- Read it as
- A black line above zero is a liquidity deficit. A black line below zero is a surplus.
- Limit
- Each bar uses the last business day of the week.
- Terms
- Auction funding · Overnight and dealer repo funding · TRY deposit quotation funding · Late liquidity window funding · Auction sterilisation · Quotation sterilisation · Liquidity bill sterilisation · Net funding
Latest Breakdown — 20 Oct 2026#
- Shows
- The size of each CBRT funding and sterilisation channel on the latest day.
- Each row
- One channel. The last row is net funding.
- Amount
- Funding is positive. Sterilisation is negative.
- Share
- A funding channel shows its part of total funding. A sterilisation channel shows its part of total sterilisation.
- Click
- Click a value to see its calculation.
- Terms
- Amount · Share · Net funding
| Channel | Amount, ₺bn | Share, % |
|---|---|---|
| Auction funding | +151.3 | 100.0% of funding |
| Overnight and dealer repo funding | 0.0 | 0.0% of funding |
| TRY deposit quotation funding | 0.0 | 0.0% of funding |
| Late liquidity window funding | 0.0 | 0.0% of funding |
| Auction sterilisation | -1,171.7 | 99.5% of sterilisation |
| Quotation sterilisation | -5.8 | 0.5% of sterilisation |
| Liquidity bill sterilisation | 0.0 | 0.0% of sterilisation |
| Net funding | -1,026.2 | — |
CBRT EVDS (bie_apifon) · latest 20 Oct 2026
System Liquidity#
Free deposits of banks and total liquidity at the start of the day show the cushion of the banking system beyond required reserves.
Notes
The open market operations line checks the same deficit or surplus as the net funding chart above. It comes from the CBRT balance sheet, not from its funding operations.
Free Deposits, Total Liquidity & Open Market Operations#
- Shows
- The liquidity cushion of the banking system, and the open market operations position of the CBRT.
- Violet line
- Free deposits of banks, in ₺bn.
- Lavender line
- Total liquidity at the start of the day, in ₺bn.
- Red area
- The open market operations position, on the right axis. Positive is a deficit. Negative is a surplus.
- Limit
- The source does not state the sign of the red area. The site sets it to agree with net funding.
- Terms
- Free deposits · Total liquidity · Open market operations
The site sets the sign of the open market operations line so that positive values are a deficit, like net CBRT funding above. Latest reading: −₺1.21tn surplus on 19 Oct 2026.
CBRT EVDS (bie_ppibsm, bie_abanlbil) · latest 20 Oct 2026
Transmission#
All series use the compound annual basis. The policy rate, the CBRT funding cost, TLREF and the BIST overnight repo rate are simple annual quotes.
Notes
The site converts them with (1 + r ÷ 365)^365 − 1. The CBRT publishes its weekly bank loan and deposit rates as effective (compound) annual rates, as its methodology note states. The 2-year Treasury yield is a compound annual yield by convention. The current cycle began 24 Jul 2025. It is the first cut after the previous reversal.
Cost of Funds — Policy to Deposits#
- Shows
- How the policy rate passes through to the funding cost, TLREF and the 3-month TL deposit rate.
- Red dotted line
- The policy rate, as a step line.
- Violet line
- The CBRT weighted average funding cost.
- Black line
- TLREF.
- Lavender line
- The 3-month TL deposit rate.
- Read it as
- The gap between a line and the red line shows how far that rate sits from the policy rate.
- Limit
- All lines are compound annual rates. Points are weekly, on Fridays.
- Terms
- Policy rate · Funding cost · TLREF · 3-month TL deposit rate · Compound equivalent
Cost of Credit & Market — Deposits to Bonds#
- Shows
- How the rates of borrowers and the bond market sit against TLREF.
- Black line
- TLREF.
- Violet line
- The commercial TL loan rate, all.
- Light red line
- The consumer loan rate.
- Grey line
- The 2-year Treasury yield.
- Read it as
- A line above the black line is a rate above the overnight market rate.
- Limit
- All lines are compound annual rates. The commercial line includes corporate overdraft accounts and corporate credit cards. Points are weekly, on Fridays.
- Terms
- TLREF · Commercial TL loan rate, all · Consumer loan rate · 2-year Treasury yield · Compound equivalent
Level, Change and Pass-Through#
- Shows
- The level of each rate, and how far it moved since the last decision and since the cycle began.
- Each row
- One rate. The first row is the policy rate.
- Level
- All rates are on the compound annual basis.
- Pass-through
- The change of the rate since the cycle start, divided by the change of the policy rate.
- Read it as
- 1.00x means that the rate moved as much as the policy rate. Less than 1.00x means that it moved less.
- Click
- Click a value to see its calculation.
- Terms
- Level now · Change since last decision · Change since cycle start · Pass-through
| Rate | Level now, % | Change since last decision, pp | Change since cycle start, pp | Pass-through, x |
|---|---|---|---|---|
| Policy rate | 44.75% | 0.00 | -13.62 | 1.00× |
| Funding cost | 44.75% | 0.00 | -13.62 | 1.00× |
| TLREF | 44.64% | -0.01 | -13.07 | 0.96× |
| 3-month TL deposit rate | 43.20% | -1.17 | -13.46 | 0.99× |
| Commercial TL loan rate, all | 53.02% | -0.98 | -7.61 | 0.56× |
| Consumer loan rate | 60.41% | -0.53 | -5.15 | 0.38× |
| 2-year Treasury yield | 39.26% | +0.30 | -1.29 | 0.09× |
Pass-through compares the move of a rate since the cycle began with the move of the policy rate. 1.00× means that the rate moved as much as the policy rate. The figures at the top of the page show two real policy rates. One uses the 12-month-ahead survey expectation. The other uses the latest 1-year CPI change.
Market vs Survey#
The CBRT Market Participants Survey asks for the policy rate at the next three MPC meetings and at longer horizons.
Notes
The current policy rate, the survey path and TLREF are simple annual rates, so they share the axis without conversion. The 2-year Treasury yield is compound annual by convention. It shows the market view at a longer horizon. It is not a comparison on the same basis.
Survey-Expected Policy Path and Market#
- Shows
- The policy rate that survey participants expect, next to the current policy rate, TLREF and the 2-year Treasury yield.
- Lavender diamonds
- Survey expectations at seven horizons. Hover to see the horizon.
- Dotted line
- The path through the survey points.
- Red dot
- The current policy rate, at zero years.
- Black square
- TLREF.
- Open violet diamond
- The 2-year Treasury yield, at 2 years.
- Read it as
- A path below the red dot means that participants expect cuts.
- Limit
- The survey, the policy rate and TLREF are simple annual rates. The 2-year yield is compound annual, so it has a different basis.
- Terms
- Expected policy rate · Policy rate · TLREF · 2-year Treasury yield
CBRT Market Participants Survey (bie_pkauo) · Borsa Istanbul (TLREF) · BIST Treasury curve · latest 20 Oct 2026