The Central Bank of the Republic of Turkey held its first Monetary Policy Committee (MPC) meeting of 2025 in January. Following 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 CBRT’s interest rate decision calendar for March. Throughout 2025, the Central Bank will hold 8 meetings to announce its interest rate decisions. 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 announced in January. According to the CBRT’s MPC meeting calendar, 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 at 40.00 percent. Following the meeting on March 6, the second interest rate decision of the year will be shared with the markets at 14:00. According to the participants’ survey in February by the CBRT, the end-of-year consumer inflation (CPI) expectation was 27.05 percent in the previous survey period, and in this survey period, it is 28.30 percent. The 12-month ahead CPI expectation was 25.38 percent in the previous survey period, and in this survey period, it is 25.26 percent. According to the participants’ probability forecasts for the next 12 months in the February 2025 survey period, the CPI is expected to increase by 22.80 percent on average, with a 41.11 percent chance of being in the range of 21.00 – 23.99 percent, a 21.46 percent chance of being in the range of 24.00 – 26.99 percent, and a 27.00 – 29.99 percent chance of being in the range of 21,46 percent. The participants’ overnight interest rate expectation 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, 2025April 17, 2025June 19, 2025July 24, 2025September 11, 2025October 23, 2025December 11, 2025