Turkish Central Bank
Turkish consumer confidence up in January
The consumer confidence index, which has a measuring range between 0 and 200, increased from 68.9 in December 2021 to 73.2 in January, the Turkish Statistical Institute (TÜİK) announced on Jan. 21.
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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.
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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.
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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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Turkey's external assets at $301.4 bln in September
Turkey's external assets stood at $301.4 billion at the end of September, marking an increase of 17.9% from the end of 2020, according to data released by the Turkish Central Bank said on Nov. 18.
Liabilities against non-residents dropped 9.1% to $587 billion.
Turkey aims for ‘sustainable’ growth model: Minister
A growth model would not be sustainable if not based on efficiency development, Treasury and Finance Minister Lütfi Elvan said in a parliament commission meeting on Nov. 12.
Current account balance posts $1.65 bln surplus in Sept
Turkey's current account balance posted a surplus of $1.65 billion in September, bringing the 12-month rolling deficit to $18.4 billion, the Turkish Central Bank revealed on Nov. 11.
In September 2020, the current account balance posted a $2.3 billion deficit.
Turkish Central Bank raises reserve requirement ratios
The Turkish Central Bank raised reserve requirement ratios for foreign currency and precious metal deposit accounts on Nov. 8.
Announcing the move in the Official Gazette, the bank increased the ratio by 200 basis points for all such accounts.
Central Bank governor stresses narrowing current account gap
Turkish Central Bank Governor Şahap Kavcıoğlu on Oct. 27 underlined the importance of turning the current account deficit to the positive territory by ramping up credits to exporters.