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The Central Bank of Turkey cut its policy rate to 38% from 39.5% in December 2025, marking a fourth consecutive reduction, and by more than market expectations of a softer cut to 38.5%, amid softer-than-expected November inflation. Food prices came in lower than projections, helping ease the underlying inflation trend for a second month. The bank also reduced its overnight lending and borrowing rates to 41% and 36.5%, respectively. Despite improving demand conditions and a slight cooling in price pressures, the Monetary Policy Committee warned that inflation expectations and pricing behavior still threaten the disinflation path. It reaffirmed that tight monetary policy will continue until price stability is secured, with rate decisions made cautiously and guided by data. The bank aims to steer inflation toward its 5% medium-term target, even as annual inflation at 31.1% in November remains well above the 24% year-end goal.