2.10 Communication

2.10.1 Accountability and Monetary Policy Communication

For the CBRT, clear and timely public understanding of its monetary policies is one of the keys to policy effectiveness. To this end, the CBRT reinforced its communication in 2025 in line with the principles of accountability and transparency, and adopted a multilayered communication approach to enhance predictability of the monetary policy stance.

As part of the accountability principle, Governor Fatih Karahan, Ph.D., made presentations before the Plan and Budget Committee of the GNAT on May 6 and October 7, 2025. These presentations included assessments of the monetary policy implementation, the inflation outlook, and medium-term expectations. Governor Karahan answered questions from the Committee members, and gave a transparent account of the rationale and the objectives of monetary policy decisions.

Pursuant to Article 42 of the CBRT Law No. 1211, the CBRT sends an Open Letter to the Government when the inflation target could not be achieved. The Letter drafted in compliance with the accountability principle was published on the CBRT website on February 7, 2025. In the scope of the transparency principle, the CBRT continued to publish its analytical balance sheet on its website on a daily basis, and shared with the public its independently audited balance sheet and income-expense statements along with the results of the audits.

The CBRT continued to publish MPC announcements and Inflation Reports as its main communication documents. Through the Inflation Reports, the CBRT shared its assessments concerning global economic developments, inflation dynamics, supply and demand conditions, financial markets and public finance. As of the Inflation Report Briefing 2025-III, the CBRT revised the communication strategy for medium-term forecasts to include interim targets.

Inflation Report briefings were held on February 7, May 22, August 14 and November 7, 2025 at the CBRT’s premises at the İstanbul Financial Center. Governor Karahan made presentations in these briefings, followed by a question-and-answer session in which the Governor and Deputy Governors answered participants’ questions. After the reports were published on the website, key messages from Governor Karahan’s presentations were shared with members of the press. These briefings were also broadcast live on the CBRT’s website as well as on its YouTube and X platforms. In line with the multilayered communication strategy, short videos excerpted from the Governor’s speeches were posted on the CBRT’s social media accounts.

As part of direct communication activities, Governor Fatih Karahan, Ph.D. gave presentations, speeches and interviews in Türkiye and abroad. Governor Karahan’s interviews with the Anadolu Agency and the Bloomberg News were published on March 13, 2025 and September 5, 2025, respectively.

On November 26, 2025, Governor Karahan’s live webcast on “Monetary Policy and Macroeconomic Outlook” was streamed on the CBRT’s corporate website and social media accounts.

The CBRT published the MPC decisions and the summaries of MPC meetings on its website. On December 28, 2025, the Bank published its “Monetary Policy for 2026” text, which laid down the general framework of the monetary policy to be pursued in 2026. In addition, the CBRT shared information about its major actions and implementation changes that were of significant public concern through press releases over the year. Accordingly, the CBRT published 64 press releases on its website in 2025, which were also made accessible to a wider audience through the corporate social media accounts.

The CBRT continued to publish the Financial Stability Reports in May and November to share its assessments of the developments regarding financial stability. Main messages from the reports were also shared in short videos on social media.

The Monthly Price Developments Report remained a significant communication tool for promoting better public understanding of the monthly inflation outlook and the disinflation path in 2025. The Report is issued every month on the first working day following the release of inflation figures.

2.10.2 Communication with the Public

The general public, members of the press, and real sector representatives remained the major target audiences of the CBRT communication in 2025. Throughout the year, the CBRT actively used digital communication tools and maintained its two-way communication strategy as well as the plain language approach.

The CBRT actively used its website, the main communication channel, and also carried out its communication through its X, LinkedIn, NSosyal, Instagram, Facebook, YouTube and Flickr accounts. All reports, statistics and visuals used in monetary policy communication were structured according to the target audience and announced to the public in a timely and transparent manner via appropriate social media platforms. In addition, two new accounts were launched on NSosyal (@merkez_bankasi) and Instagram (@merkezbankasi) in 2025.

As part of the active and two-way communication with stakeholders, Governor Karahan maintained contact with the Board of Directors of the Banks Association of Türkiye (BAT) and the Participation Banks Association of Türkiye (TKBB) throughout 2025. On August 28, 2025, he met with the representatives of investment agencies and portfolio management companies operating on capital markets. As part of the communication with the representatives of the business circles and non-governmental organizations, Governor Karahan also held “Monetary Policy and Macroeconomic Outlook” meetings in Ankara, İstanbul, Eskişehir, Uşak, Denizli, Kayseri, Bursa and Kocaeli. In addition, he made a presentation on “Inflation Outlook in Türkiye” in London and presentations on “Monetary Policy and Inflation Outlook in Türkiye” in Washington and New York. These meetings addressed issues regarding the macroeconomic outlook, financial stability, CBRT policies and strategies, and the disinflation process. The Governor’s presentations were published on the CBRT’s website, while the visual content and information about the meetings and presentations were shared on social media. Moreover, respective translations of Turkish and English presentations started to be published regularly on the CBRT website in 2025.

In 2025, the CBRT continued to share topical content about the CBRT’s policies and strategies on its blog page (CBRT Blog). Accordingly, 18 new analyses were published on the blog.

The ‘Economics for All’ microsite, which aims to reach out to different segments of society in relation to financial literacy and economic education, was further enriched with new content that would contribute to a better understanding of CBRT policies and latest economic developments.

The CBRT continued to respond to suggestions and complaints as well as requests for information and documents sent through various channels in the scope of the Right to Information Act, the Law on the Exercise of the Right to Petition, and the Regulation on the Republic of Türkiye Presidency’s Communication Center (CIMER). Applications processed duly in 2025 totaled 5,193 through petitions, the CBRT’s corporate email address, the Right to Information System (BES) and the “Contact Us” page on the CBRT website; 13,554 through CIMER; and 2,620 through the CBRT Complaint Management System.

2.10.3 Investor Relations

The CBRT continued to organize meetings with institutional investors and credit rating agencies (CRAs) in 2025. A hundred and seven investor meetings were held with domestic and foreign institutional investors, economists, analysts and portfolio managers, and six meetings were held with CRAs. Through these meetings, the CBRT contacted a total of 831 institutional investors.

Table 2.10.3.1: Meetings Held in 2025

In addition, investor meetings were held with 440 institutions with the participation of the Governor and Deputy Governors during the IMF-World Bank (WB) Spring Meetings on April 21-26, 2025 and the IMF-WB Annual Meetings on October 13-18, 2025.

The Governor and Deputy Governors also attended and gave speeches in conferences and forums on Türkiye organized by leading institutional investors in İstanbul, London and New York in 2025. On the sidelines of these meetings, bilateral meetings were also held with portfolio managers and economists.

Moreover, meetings were held with institutional investors on October 1-2, 2025 in Abu Dhabi and Dubai when the CBRT and the Central Bank of the United Arab Emirates came together to sign three agreements to enhance financial cooperation and foster trade and economic relations. At these meetings, the Bank shared with the participants its monetary policy actions and assessments of the latest developments in the Turkish economy, thereby contributing to a timely, accurate and effective monetary policy communication.