Reference Rates#
This page shows the Turkish lira overnight reference rates that Borsa İstanbul publishes. TLREF is the conventional rate.
Notes
TLREFK is the participation-finance rate, which follows Islamic finance rules. The red dotted step line is the CBRT one-week repo policy rate. The MPC sets it about every six weeks.
Recent TLREF Lens - Last 6 Months#
Daily TLREF over the last six months. The latest TLREF is 36.82%. The policy rate is 37.00%, a gap of -18 bp.
- Shows
- TLREF, TLREFK and the CBRT policy rate for the last six months.
- Each line
- The blue line is TLREF. The light line is TLREFK. The red dotted step line is the policy rate.
- Controls
- The buttons set the window to 1 month, 3 months, the year to date or 6 months.
- Limit
- The policy rate changes only on decision dates, so its line moves in steps.
- Terms
- TLREF · TLREFK · Policy rate
CBRT 1-Week Repo Policy Rate — Official Decisions#
The table shows the last 12 decisions in the sourced register, through 2026-09-10.
Notes
Dates are CBRT decision-release dates. A gap between an overnight rate and the policy rate does not measure an expected policy decision.
- Shows
- The last 12 policy decisions of the MPC.
- Each row
- One decision, newest first.
- Click
- Click a decision to see its calculation.
- Limit
- A gap between overnight rates and the policy rate does not measure an expected decision.
| Date | Policy rate, % | Decision | Source |
|---|---|---|---|
| 2026-09-10 | 37.00% | hold | CBRT release ↗ |
| 2026-07-23 | 37.00% | hold | CBRT release ↗ |
| 2026-06-11 | 37.00% | hold | CBRT release ↗ |
| 2026-04-22 | 37.00% | hold | CBRT release ↗ |
| 2026-03-12 | 37.00% | hold | CBRT release ↗ |
| 2026-01-22 | 37.00% | -100 bp cut | CBRT release ↗ |
| 2025-12-11 | 38.00% | -150 bp cut | CBRT release ↗ |
| 2025-10-23 | 39.50% | -100 bp cut | CBRT release ↗ |
| 2025-09-11 | 40.50% | -250 bp cut | CBRT release ↗ |
| 2025-07-24 | 43.00% | -300 bp cut | CBRT release ↗ |
| 2025-06-19 | 46.00% | hold | CBRT release ↗ |
| 2025-04-17 | 46.00% | +350 bp hike | CBRT release ↗ |
TLREF - CBRT Policy Gap#
The chart shows daily TLREF minus the prevailing CBRT one-week repo policy rate.
Notes
A positive bar means that overnight funding trades above the policy anchor. The latest gap is -18 bp.
- Shows
- TLREF minus the CBRT policy rate, for each session of the last 12 months.
- Each bar
- One session. Red bars are above zero. Blue bars are zero or below.
- Read it as
- A red bar means that overnight funding trades above the policy rate.
- Terms
- TLREF gap to policy rate
BIST TLREF Index — Cumulative Cost-of-Carry#
The chart shows what 1,000 lira, rolled overnight at TLREF since 2019, would be worth today.
Notes
It is a pure compounding curve. The slope at any point follows the TLREF rate of that time.
- Shows
- The BIST TLREF Index. It is the value of 1,000 lira that earns TLREF every day.
- Read it as
- A steeper line means a higher TLREF in that period.
- Limit
- The index follows TLREF alone. It is not the return of any bond.
- Terms
- Index level
Long-Run TLREF & TLREFK Regime History#
Weekly closing values keep the full path from 2018 to today. They avoid loading thousands of daily points. The recent lens above stays daily.
- Shows
- Weekly closing values of TLREF and TLREFK, with the CBRT policy rate.
- Each line
- The blue line is TLREF. The light line is TLREFK. The red dotted step line is the policy rate.
- Controls
- The window buttons change the period shown.
- Limit
- Each point is the last value of a week. The recent chart above uses daily values.
- Terms
- TLREF · TLREFK · Policy rate
Series Coverage#
- Shows
- The size and range of each series on this page.
- Each row
- One series: TLREF, TLREFK or the BIST TLREF Index.
- Limit
- The lowest, highest and average values mix two units. Rates are in percent. The index is in index points.
| Series | Observations, count | First date | Last date | Lowest value | Highest value | Average value |
|---|---|---|---|---|---|---|
| BIST TLREF Index | 1,844 | 2019-06-14 | 2026-10-20 | 1000.0000 | 6983.5000 | 2455.4245 |
| TLREF | 1,958 | 2018-12-28 | 2026-10-20 | 7.5000 | 52.9941 | 26.2455 |
| TLREFK | 1,088 | 2022-06-22 | 2026-10-20 | 7.5021 | 52.0333 | 33.6311 |