CBRT holds at 37%: what TRY 100,000 earns at a 44% deposit rate

On September 10, 2026, the CBRT held its policy rate at 37% and kept the overnight corridor at 35.5%–40%. In the separate 44% promotional bank-deposit example, TRY 100,000 produces TRY 2,545.97 of net interest over 32 days when TRY 20,000 remains non-interest-bearing.

FinRateX Newsroom Editor: Pınar MehmetPublished: September 9, 2026 · 1:19 PM TRTUpdated: September 10, 2026 · 2:07 PM TRTTürkçe oku

In this article

Text-free editorial scene with Turkish lira, a calculator, balance scale and abstract rate sensitivity — The policy rate and a retail deposit rate are not the same; the speed and size of pass-through vary by bank and product. Illustrative image: FinRateX.

Policy rate%37September 10 · held

Overnight corridor%35.5–40both ends held

Deposit base rate%44promotional annual gross

32-day net2.545.97 TLTRY 100,000 total balance

Three rates that stand out

All three rates held: The one-week repo rate remains 37%, overnight borrowing 35.5% and overnight lending 40%.
Two-way message: The CBRT said underlying inflation was easing and domestic demand remained weak, while high energy prices posed an upside inflation risk.
44% deposit example: With TRY 20,000 non-interest-bearing, TRY 80,000 produces TRY 3,086.03 gross over 32 days and TRY 2,545.97 net after 17.5% withholding.

Post-decision deposit-rate sensitivity matrix

The policy rate stayed at 37%. This table compares bank promotions at 43%–45% using the same balance, term and withholding; it is not a bank-pricing forecast.

Instrument / scenario	Current rate / ratio	Term / scope	Net rate / return
If a bank promotion is 43%	43% annual gross	TRY 80,000 interest-bearing · 32 days	TRY 2,488.11 net · 2.488% of total cash
Current baseline example	44% annual gross	TRY 80,000 interest-bearing · 32 days	TRY 2,545.97 net · 2.546% of total cash
If a bank promotion is 45%	45% annual gross	TRY 80,000 interest-bearing · 32 days	TRY 2,603.84 net · 2.604% of total cash
CBRT policy rate	37% · held	One-week repo · September 10 decision	Not a retail deposit return

The calculation assumes TRY 80,000 of a TRY 100,000 balance earns simple interest for 32 days and faces 17.5% withholding. Eligibility, idle-balance rules, rate, term and tax changes alter the result.

What did the CBRT decide on September 10?

The CBRT Monetary Policy Committee held the one-week repo auction rate at 37%. It kept the overnight borrowing rate at 35.5% and the overnight lending rate at 40%, leaving the policy rate and both ends of the corridor at their July 23 levels.

Three critical developments in the statement

First, all three key rates were unchanged. Second, the CBRT said recent inflation data and leading indicators pointed to easing underlying inflation while domestic demand remained weak. Third, it identified high energy prices as an upside inflation risk and reiterated that unexpected credit or deposit-market developments could bring additional macroprudential measures.

What does TRY 100,000 earn net over 32 days today?

Alternatif Bank's VOV Account and Fibabanka's conditional Fonlu Kiraz offer publish annual gross rates of up to 44% on September 9. In both examples TRY 20,000 of a TRY 100,000 balance remains non-interest-bearing, so the calculation uses TRY 80,000: gross 32-day interest is TRY 3,086.03 and net interest after 17.5% withholding is TRY 2,545.97. This is neither a market average nor an unconditional offer to every customer.

What if a bank rate still moves by one point?

If a bank's annual gross rate falls from 44% to 43% while every other condition stays fixed, 32-day net interest falls to about TRY 2,488.11. At 45%, it rises to about TRY 2,603.84. Either difference is roughly TRY 58. A policy-rate hold does not lock bank campaigns; these rows are fixed-condition sensitivities, not forecasts.

Does a policy hold freeze deposit rates?

No. Banks price deposits using the policy rate alongside liquidity needs, maturity structure, customer-acquisition goals, reserve rules and funding conditions. The CBRT also pointed to possible additional macroprudential steps if credit or deposit markets diverge from expectations. Promotional and standard rates therefore need to be monitored separately.

WHAT DOES THIS MEAN FOR MY MONEY?

In the TRY 100,000 example, one annual percentage point changes 32-day net interest by roughly TRY 58, while the TRY 20,000 non-interest-bearing balance has a much larger limiting effect. After the decision, compare the interest-bearing balance, campaign period, withholding and linked-product conditions for the same amount and number of days—not just the headline rate.

EXPERT VIEW · Two steps after the decision

First verify the current customer-specific gross rate and non-interest-bearing balance rule; do not treat the policy hold as a guarantee that campaign conditions will remain unchanged. Then compare alternatives over the same 32 days and the same net balance; these are informational scenarios, not investment advice.