Turkish Central Bank

Turkey is holding talks with central banks about swap agreements, the Turkish Central Bank (TCMB) Governor Murat Uysal said on April 19, as Ankara introduces measures to tackle the economic impact of the coronavirus pandemic.

The Turkish Central Bank's official reserves stood at $107.7 billion as of the end of February, the bank announced on March 27.

The February figures showed total reserve assets increased 5.1 percent from the previous month.

Addressing concerns of the fallout from coronavirus, in an extraordinary meeting on March 17 the Turkish Central Bank Monetary Policy Committee (MPC) cut its policy rate from 10.75 to 9.75.

The bank was set to meet on March 19, but with fears of the virus mounting, and cases climbing worldwide, the meeting was moved up.

The Turkish Central Bank (TCMB) injected 29 billion Turkish Liras (nearly $4.61 billion) into the domestic market at a one-week repo auction on March 13, with bids amounting to 62.25 billion liras.
The simple interest rate applied was 10.75 percent, whereas the compound interest rate was 11.34 percent.

Turkey's economy ran a current account deficit of $1.8 billion in January, below the median of analysts' forecasts, the Turkish Central Bank revealed on March 11.

The gap widened $1.5 billion compared to the same month of last year, bringing the 12-month rolling surplus to $6.5 billion, the bank said in a statement.

The Turkish Central Bank's official reserves stood at $102.5 billion as of the end of January, the bank announced on Feb. 28.

The January figures showed total reserve assets dropped 2.9 percent from the previous month.

Foreign currency reserves - in convertible foreign currencies - fell 4.7 percent to $73.5 billion during the same period.

The Turkish Central Bank's official reserves stood at $102.5 billion as of the end of January, the bank announced on Feb. 28.

The January figures showed total reserve assets dropped 2.9 percent from the previous month.

Foreign currency reserves - in convertible foreign currencies - fell 4.7 percent to $73.5 billion during the same period.

The Turkish Central Bank's decision on Feb. 19 to cut interest rates provided leverage for markets, employment and investments, said the head of the Foreign Economic Relations Board of Turkey (DEIK).

The bank's total reduction of 13.25 points over the last six monetary policy meetings supports Turkey's development strategy, Nail Olpak said in a press release on Feb. 19.

The Turkish Central Bank on Feb. 19 lowered its policy rate (one-week repo rate) by 50 basis points.

In a statement released after Feb. 19's Monetary Policy Committee (MPC) meeting, the bank said the policy rate dropped to 10.75 percent from 11.25 percent.

A survey by Turkey's state-run Anadolu Agency had forecasted a change between 25 and 75 basis points.

Turkey's current account balance posted a deficit of $2.8 billion in December 2019, the Turkish Central Bank announced on Feb. 14.

Official data showed that the figure widened by $1.7 billion from same month the previous year.

The country's 12-month rolling surplus totaled $1.67 billion, the bank said.