The Central Bank of the Republic of Turkey held its first Monetary Policy Committee meeting of 2025 in January. According to the decision, the one-week repo auction interest rate was reduced by 250 basis points to 45.00 percent levels. The markets are following the TCMB meeting schedule for the March interest rate decision. Throughout 2025, the Central Bank will hold 8 meetings to announce its interest rate decision. The Central Bank will share its second interest rate decision of the year with the markets in March. The interest rate was announced as 45.00 percent in the decision declared in January. According to the TCMB MPC meeting schedule, the last meeting of the year will be held on December 11. According to the Central Bank’s February survey, the one-week repo auction interest rate expectation for three months ahead is 40.00 percent. According to the TCMB Monetary Policy Committee meeting schedule, the committee did not gather in February and the second interest rate decision of the year will be announced to the markets after the meeting to be held on March 6 at 14:00. According to the TCMB February participant survey, while the end-year consumer inflation (CPI) expectation in the previous survey period was 27.05 percent, in this survey period, it is 28.30 percent. The expectation for 12 months later was 25.38 percent in the previous survey period, and it is 25.26 percent in this survey period. In the February 2025 survey period, according to the participants’ probability forecasts for 12 months ahead, it is predicted that the CPI will increase on average by 22.80 percent with a probability of 21.00-23.99 percent, with a probability of 41.11 percent in the range of 24.00- 26.99 percent, and with a probability of 21.46 percent in the range of 27.00 – 29.99 percent. The participants’ expectation for the overnight interest rate at the end of the current month was 45.00 percent in the previous survey period, and it is 44.79 percent in this survey period. March 6, 2025 April 17, 2025 June 19, 2025 July 24, 2025 September 11, 2025 October 23, 2025 December 11, 2025