Central Bank Rate Changes Today in Turkey (-100 Basis Points) and the Philppines (+50 bps)
October 22, 2026
As was anticipated, officials at the Central Bank of Turkey lowered their one-week repo rate by a full percentage point to 36.0%. That was the rates first change since a similarly-sized cut last January, which in turn came after cuts totaling 900 basis points during the second half of 2025. The resumed rate-cutting cycle was enabled by a drop in Turkish CPI inflation to a 118-month low of 29.73% last month. However, a released statement cautions that “elevated energy prices due to ongoing geopolitical tensions continue to pose an upside risk to the inflation outlook” and warns that “in case of a significant and persistent deterioration in the inflation outlook, monetary policy stance will be tightened.”
In contrast to Turkey, monetary authorities at the Central Bank of the Philippines raised their policy interest rate today by a greater-than-anticipated 50 basis points to 5.50%, bringing its cumulative increase over its last four reviews dating back to April to 125 basis points. Filipino consumer price inflation of 7.2% in September was over a percentage point above August’s reading and matched the highest level in 42 months. Warning that inflation now seems unlikely to return to their 3% medium term target, a released statement today identified “a need for a strong monetary policy response to broadening price pressures and further upside risks to inflation. Such a decisive response will make monetary policy appropriately restrictive. This will contain second-round effects and firmly anchor inflation expectations.”
Copyright 2026, Larry Greenberg. All rights reserved.
Tags: Central Bank of The Philippines, Central Bank of Turkey
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