Turkey’s central bank cut its policy rate from 37% to 36% on 22 October 2026 , ending five consecutive holds as annual inflation fell below 30% for the first time since November 2021. USD/TRY traded near 49.63 following the widely anticipated decision, with little immediate reaction from the lira. The reduction comes as domestic demand weakens, consumer confidence deteriorates and elevated energy costs continue to threaten price stability. The central bank maintained that further easing would depend on the inflation outlook. For USD/TRY, attention now turns to whether falling interest rates can preserve demand for lira-denominated assets while Turkey continues its disinflation programme.
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