Reconstruction of Interest Policy: Central Bank Monetary Policy Texts Analysis

The Central Bank of the Republic of Türkiye (CBRT) implements a monetary policy framework in which the direction of the interest rate, transmission mechanism, and communication strategy have been restructured over time in line with the objective of price stability. This transformation can be traced not only through macroeconomic indicators but also through the official policy texts published by the CBRT. This study aims to examine the discursive and thematic dimensions of the change in policy orientation reflected in the Monetary Policy Committee (MPC) texts during the 2022–2023 period. The dataset consists of twenty-four MPC summaries published monthly by the CBRT. The texts are analyzed using qualitative content analysis, employing a combined deductive and inductive coding approach, and classified under thematic categories. The findings indicate that expansionary policy rhetoric emphasizing economic growth and credit conditions dominated in 2022, while a shift toward a tightening, disinflation-oriented, and price stability–centered communication framework emerged after June 2023. This transformation reveals that thematic and discursive structures in central bank communication were reconstructed simultaneously with changes in the direction of interest rate policy. The study offers an interpretive analysis based on policy texts and does not claim to establish causal relationships with macroeconomic variables.