Turkish Central Bank

Central Bank intervenes in ‘unhealthy’ FX pricing

The Turkish Central Bank intervened in foreign exchange markets for a third time this month on Dec. 10, citing "unhealthy price formations."

"The Central Bank of the Republic of Turkey directly intervenes in the market via selling transactions due to unhealthy price formations in exchange rates," said the bank.

Turkey replaces finance minister

Turkish President Recep Tayyip Erdoğan replaced the country's finance minister on Dec. 2.

According to a presidential decree issued near midnight, Erdoğan accepted the resignation of Lütfi Elvan and appointed his deputy Nureddin Nebati as the new finance minister.

Elvan had been in the role since November 2020.

Central Bank decries 'unrealistic' price formations, detached from fundamentals

Commenting on volatility in the foreign exchange markets, Turkey's Central Bank on Nov. 24 decried "unhealthy" and "unrealistic" price formations in those markets, saying they are completely detached from economic fundamentals.

The Turkish Central Bank "implements a floating exchange rate regime and has no commitment to any exchange rate level," it said in a statement.

Central Bank cuts benchmark rate to 15 pct

The Turkish Central Bank on Nov. 18 cut its benchmark one-week repo rate by 100 basis points from 16 percent to 15 percent in line with market expectations.

At its 11th Monetary Policy Committee meeting this year, the bank said recent increases in inflation had been driven by supply-side factors such as rising food and import prices, especially in energy, and supply constraints.

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