The Central Bank of the Republic of Turkey (CBRT) lowered its policy rate for the first time since March 2024, reducing it from 50 percent to 47.5 percent in December. The bank continued its easing cycle in January, cutting the rate further to 45 percent.
Amid these developments, social media posts today claimed that Central Bank Deputy Governor Cevdet Akçay was unhappy with the early rate cuts and might resign from his position. Reports pointed to Akçay’s prior warning to bank CEOs ahead of the January decision, stating that the central bank was not on a predetermined path for rate cuts across its eight meetings in 2025. Observers also noted his tense demeanor during the recent Inflation Report presentation, where the CBRT revised its end-of-year CPI inflation forecast from 21 percent to 24 percent.
However, sources close to Akçay have reportedly dismissed the speculation, stating that the rumors of his resignation are entirely false.