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Turkey Holds Rates Steady as Oil Surpasses $100, Inflation Looms

3/12/2026

25 4 Full Breakdown

Summary

Story summary

On March 12, Turkey's central bank paused rate cuts and kept the one-week repo rate at 37%.
Oil prices surged above $100 per barrel, reinforcing inflation concerns and aligning with analysts' expectations.
The lira has remained stable due to state interventions.
This stability has come at a cost of about $26 billion in foreign reserves.
Future rate decisions will depend on geopolitical developments and inflation trends.

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Story summary

On March 12, Turkey's central bank paused rate cuts and kept the one-week repo rate at 37%.
Oil prices surged above $100 per barrel, reinforcing inflation concerns and aligning with analysts' expectations.
The lira has remained stable due to state interventions.
This stability has come at a cost of about $26 billion in foreign reserves.
Future rate decisions will depend on geopolitical developments and inflation trends.