A Glance at 2025

MONETARY POLICY AND DISINFLATION

Monetary policy decisions are made by taking into account realized and expected inflation and its underlying trend in a way to ensure the tightness required by the projected disinflation path. Accordingly, in 2025, the CBRT made monetary policy decisions prudently on a meeting-by-meeting basis with a focus on the inflation outlook and lowered the policy rate to 38% at the end of 2025.

In 2025, the CBRT kept implementing macroprudential policies to enhance the effectiveness of monetary transmission against the divergence in expectations of economic units and possible volatility, and the excess liquidity in the system was sterilized by using various instruments to enhance the effectiveness of the monetary transmission mechanism.

The disinflation process continued into 2025. Throughout the first half of 2025, falling commodity prices— particularly oil prices—supported the decline in inflation. Due to developments in financial markets, the Turkish lira depreciated in March and April, and the effects of this depreciation were observed not only on core goods inflation but also on producer prices.

Compared to the previous year, annual inflation decreased by 13.5 points to 30.9% in 2025. While inflation expectations decreased, the decline in households’ and firms’ expectations was remarkable.

Throughout 2025, similar to the previous year, private consumption’s contribution to growth remained limited as financial conditions remained tight, while the contribution of total investments increased. Net exports made a negative contribution and constrained growth. In this context, economic activity remained moderate on an annual basis in 2025, and the growth rate stood at 3.6%.

From the production perspective, the services sector was the main driver of growth throughout the year, while the industry and construction sectors also contributed to the increase in growth. Agricultural value added declined due to the impact of the drop in crop production caused by frost and drought.

PLAIN, EFFECTIVE AND BILATERAL COMMUNICATION

In 2025, the CBRT continued to inform the public of policy measures aimed at price stability. In this context, it focused on enhancing the clarity and two-way nature of its communication. The CBRT prioritized presenting policy texts in a more accessible language through various formats. As part of a multi-layered communication strategy, decisions and announcements were communicated simultaneously across different channels.

  • In 2025, the CBRT shared decisions of the Monetary Policy Committee (MPC), Inflation Reports, which are the main communication documents) as well as Financial Stability Reports, Monthly Price Developments, the Digital Turkish Lira Second Phase Progress Report, Working Papers and Research Notes on Economics on its website and on social media accounts.
  • In 2025, the CBRT continued to use digital communication channels more effectively, adopting a clearer style of communication language. Corporate accounts were opened on the NSosyal and Instagram platforms. Short videos and infographics related to Inflation Report Briefings and Financial Stability Reports were shared. Content on key economic concepts began to be posted on Instagram.
  • In 2025, the “CBRT Blog” was utilized extensively as a crucial tool for policy communication. 18 new analyses highlighting current economic developments, all written by CBRT staff, were posted on the blog, contributing to the monetary policy as well as the communication strategies.
  • The CBRT launched the “Paper Contest for University Students”. The aim of the contest is to give university students, who are interested in economics and closely follow current economic developments, an opportunity to express their own ideas. Applications for the contest started to be received in 2025, the results of the contest are scheduled to be announced in 2026.
  • In 2025, the CBRT issued a call to join the Digital Turkish Lira Project ecosystem with an aim to enrich the second phase studies.
  • Ödemelerin Merkezi website, which will host up-to-date information on the CBRT’s work regarding the payments area such as the FAST System, the CBRT Payment Systems, the Digital Turkish Lira, TR QR Code, Open Banking, and the Security Overlay Service (SIPER), was launched on December 5, 2025. The launch of Ödemelerin Merkezi website was announced on the CBRT website, on social media platforms and a press release was issued as well.
  • The launch of the Data Research Center (VERIM) facilitating secure access to micro-level data to encourage data-driven research was announced.
  • The CBRT continued to hold Inflation Report Briefings in 2025 to ensure bilateral communication. At the Inflation Report Briefings, Governor and Deputy Governors answered questions of economists and press members. Moreover, Governor Fatih Karahan, Ph.D. gave interviews to the Anadolu Agency and Bloomberg News.
  • Governor Fatih Karahan, Ph.D. made a live broadcast on “Monetary Policy and Macroeconomic Outlook” at the CBRT’s premises at the İstanbul Financial Center, the program was broadcast on the CBRT website as well as on the official social media accounts.
  • In the scope of the “Monetary Policy and Macroeconomic Outlook” meetings that started in 2025, Governor Fatih Karahan, Ph.D. convened with stakeholder groups, including representatives from the business community and civil society organizations, in Ankara and İstanbul, as well as in Eskişehir, Uşak, Denizli, Kayseri, Bursa, and Kocaeli. At those meetings, Mr. Karahan made presentations and answered questions from participants.
  • As per the principle of accountability, Governor of the CBRT informs the members of the Plan and Budget Committee of the Grand National Assembly of Türkiye (GNAT) every year. In 2025, Governor Fatih Karahan delivered two presentations on the monetary policy and economic outlook at the GNAT Plan and Budget Committee and answered the members’ questions enhancing transparency pertaining to the decision-making process.

MORE INTENSIVE AND EFFICIENT USE OF TECHNOLOGY AND FINANCIAL INFRASTRUCTURE

  • Architectural Transformation efforts, which aimed to prepare the CBRT’s technology for the future by liberating data and modernizing the infrastructure, have been completed and the infrastructure became open to innovation, independent, and flexible.
  • The CBRT’s building at the İstanbul Financial Center is the tallest building in Türkiye. The building’s all technological infrastructure installations have been completed on time and the CBRT staff has moved from the old building to the new building the next day without a single second of loss of time.
  • An infrastructure has been established to develop, monitor, and rapidly deploy artificial intelligence models, and orchestration tools have been introduced to integrate various AI systems. Artificial Intelligence has been used in software development processes, in the Electronic Document Management System, and operations regarding account-matching, increasing speed and efficiency.
  • Efforts continued to enhance the CBRT’s cybersecurity resilience and expand preventive controls.
  • Work continued on the modernization of the Reserve Management Automation system; FX buying/ selling, risk management, and accounting processes were successfully re-launched after being enhanced with new technologies to provide a better user experience.
  • By the end of 2025, the Instant and Continuous Transfer of Funds (FAST) System, which is a 24/7/365 instant payment system operated by the CBRT, had 49 participants, including 37 banks, 11 payment and electronic money institutions, and the T.C. Post and Telegraph Organization (PTT). Efforts to enhance competition and innovation in the payments area and to provide new and value-added services are going on.
  • In early 2025, the “Accept Later – Pay Later” and “Accept Now – Pay Now” models, developed as part of the second phase of the Request to Pay Overlay Service, were launched. As part of the FAST-TR QR Code developments, it has become possible to make payments by scanning TR QR Codes generated on domestic devices through the mobile applications of cross-border institutions. Moreover, efforts have been made to increase awareness and promote the widespread use of the Easy Addressing System (KOLAS), FAST TR QR Code, and Request to Pay Overlay Service.
  • Two Consignment Coin Depots (CCD) began operations in Edirne and Van provinces as part of the Consignment Coin Depot (CCD) practice. Consignment Coin Depots (CCD) are established to expand the service network offered to citizens by having coin transactions carried out by PTT on behalf of CBRT in order to regulate the volume and circulation of Turkish lira banknotes and coins.
  • As part of the MONY project that was launched to ensure uninterrupted circulation of the Turkish lira and execution of banknote custody and processing activities on behalf of the CBRT, ten new Decentralized Cash Management (MONY) depots, four in Ankara, two each in İstanbul and Antalya, one each in Izmir and Adana were put into operation.

COORDINATION WITH NATIONAL AND INTERNATIONAL STAKEHOLDERS

In 2025, in line with its mandate and authority, the CBRT continued to carry out activities towards strengthening cooperation with national and international stakeholders and deepening existing relations. The CBRT actively engaged in meetings and events organized both in person and online, and organized meetings attended by the senior management, thus interacting and effectively communicating with both bilateral and multilateral stakeholders.

  • The CBRT held 107 investor meetings involving domestic and foreign institutional investors, economists, analysts, and portfolio managers, and communicated with 831 institutions to ensure timely, accurate, and effective communication of monetary policies.
  • In coordination with the Ministry of Treasury and Finance, six meetings were held with credit rating agencies (CRAs) throughout the year.
  • The CBRT continued to take part in work related to international meetings organized by the G20, the International Monetary Fund (IMF), and the Bank for International Settlements (BIS). The CBRT participated in such meetings in coordination with internal and external stakeholders.
  • As part of its mandate to monitor the economic and financial policies of member states and oversee the international monetary system, the IMF delegation visited Türkiye between October 30 and November 13, 2025. In the scope of this visit, the CBRT delegation participated in Article IV meetings.
  • In connection with efforts to update Türkiye’s Fiscal Transparency Assessment process, an IMF mission paid a visit to our country between November 14 and 28, 2025, and the CBRT delegation participated in the meetings held as part of that visit.
  • The CBRT hosted the seventh meeting of the Organization of Islamic Cooperation (OIC) Standing Committee for Economic and Commercial Cooperation (COMCEC) Central Banks Forum, of which it acts as the secretariat, in İstanbul on September 28-29, 2025.
  • A CBRT delegation attended the first meeting of the Council of Central (National) Banks of the Member States of the Organization of Turkic States (OTS) hosted by the National Bank of Kazakhstan in Astana on May 27-28, 2025.
  • In the scope of the work on country economic reports for member countries published by the Economic and Development Review Committee (EDRC) every two years, a meeting for the OECD Türkiye 2025 Economic Survey was held in Paris on February 17–19, 2025, with the participation of OECD-EDRC officials and a delegation from our country, which included representatives from the CBRT. The launch event for the 2025 OECD Türkiye 2025 Economic Survey, which also included a delegation from the CBRT, was held in İstanbul on April 10, 2025.
  • In the scope of the international economic relations strategy, the CBRT engaged in many activities to enhance existing ties with partner central banks and establish new areas of cooperation. Accordingly, a total of 68 technical cooperation activities were held, out of which 51 were online meetings and 17 were study visits, with 30 different central banks throughout 2025. Moreover, the partner central banks answered 9 written information requests from the CBRT, while the CBRT answered 5 information requests, contributing to further enhancing bilateral cooperation.
  • Cooperation at the technical level was underpinned by high-level bilateral meetings with participation from representatives of partner central banks and diplomatic missions.
  • Memorandums of understanding on technical cooperation have been signed with the Central Bank of The Gambia and the State Bank of Pakistan with the aim of adding an institutional dimension to bilateral relations and expanding the existing coordination network. Moreover, memorandums of understanding have been signed with the Central Bank of the United Arab Emirates regarding payment systems and trade in local currencies, and with the People’s Bank of China regarding the establishing Renminbi Clearing Arrangements.
  • Additionally, the CBRT has signed swap agreements with the National Bank of Kazakhstan and the Central Bank of the United Arab Emirates, and the existing swap agreement with the People’s Bank of China has been renewed.
  • As part of Türkiye’s accession to the European Union (EU), the CBRT made the necessary contribution on the issues that fell under its remit. The Bank also actively participated in the Economic and Financial Dialogue meetings, and meetings of Economic Forecasts for Candidate Countries, as well as the meeting of Subcommittee No. 4 on Economic and Monetary Issues, Movement of Capital, and Statistics.
  • The CBRT supported the work carried out by public institutions, most notably the Presidency of the Republic of Türkiye and the Ministry of Treasury and Finance, on issues that fall under its remit, and maintained its cooperation and coordination activities and attended relevant meetings.
  • In 2025, the CBRT attended the Food and Agricultural Product Markets Monitoring and Evaluation Committee (Food Committee) and Subcommittee meetings, provided information on food and agricultural product prices, presented research on pricing behavior, and took part in working groups established under the Food Committee.

SOCIAL SENSITIVITY

In 2025, besides its core functions, the CBRT continued its activities aimed at promoting social welfare as well. In the scope of its corporate social responsibility approach, the CBRT contributed to academic researches and continued its supportive initiatives in the areas of financial literacy and education.

  • In this scope, the CBRT continued to provide non-refundable scholarships to the graduates of Derince Anatolian High School. A graduation ceremony was held where successful students received awards.

INCREASING THE EFFECTIVENESS OF THE PAYMENTS AREA

  • The Data Sharing Services in the Field of Payments (DSSP) GEÇİT (Gateway) infrastructure has continued to be expanded. Currently, there are 39 Account Servicing Payment Service Providers (ASPSPs) and 41 Authorized Third Party Payment Service Providers (TPPs).
  • Communiqués issued as per Law No. 6493 on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions were communicated to payment and electronic money institutions, and existing regulations were revised.
  • As a result of the oversight and supervision activities carried out at institutions, 72 institutions were charged with administrative fines totaling TRY 373.2 million, and 29 institutions received warnings under Article 27 of Law No. 6493 titled “Violation of regulations and decisions”.
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