Turkish Central Bank

The Turkish Lira appreciated against the U.S. dollar early on Feb. 23 amid hints from the Federal Reserve pointing to rate hikes as soon as March.       

The U.S. dollar/Turkish Lira rate dipped to as low as 3.5756 points, the lowest figure since Jan. 4, when the rate began its move toward its historic high of 3.9423 on Jan. 11.        

Turkey will set up a special committee to take measures to control the quality of Turkey's food supply chain and its prices, the Turkish Central Bank announced on Feb. 21.        

Turkey's foreign assets rose 2.1 percent year-on-year in December to reach $214.8 billion, the Turkish Central Bank said on Feb. 20.

At the same time, overseas liabilities fell by 3 percent to $570.8 billion, the bank added, putting Turkey's December Net International Investment Position (NIIP) at -$356.1 billion, a 5.8 percent improvement compared to the same period last year.      

Volatilities in foreign exchange rates will prove temporary and limited, and the dollar-Turkish Lira parity has already started to decline, Prime Minister Binali Yıldırım said in an address to his ruling Justice and Development Party (AKP) parliamentary group on Feb. 14.

At least 27 former employees of the Turkish Central Bank have been detained as part an investigation launched into alleged members of the movement of Fethullah Gülen, the main suspect behind the July 15, 2016 coup attempt, along with several others from the Public Procurement Authority (KİK). 

The Turkish Central Bank has reduced its number of Monetary Policy Committee (MPC) meetings from 12 to eight times a year, the bank said Jan. 28.      

The move is intended to give the bank more time to formulate effective monetary policy responses.    
  
Last November, Deputy Prime Minister Mehmet Şimşek announced that the bank would reduce the number of meetings.      

Turkish Central Bank increased the upper limit of its interest rate corridor to 9.25 percent from 8.5 percent.

The bank kept the policy rate unchanged. 

The Monetary Policy Committee (PPK) is set to meet on Jan. 24 to make a key decision on Jan. 24. 

The Turkish lira was flat to the dollar before a key central bank meeting.

The Central Bank will do what is "necessary" on interest rates, Turkish Deputy PM Mehmet Şimşek has said at the World Economic Forum in Davos, adding that nothing was more critical than its credibility.

Turkish President Recep Tayyip Erdoğan is set to hold a meeting late on Jan. 16 with top economy officials, including ministers, senior civil servants and Central Bank Gov. Murat Çetinkaya, to discuss the recent volatility in the Turkish Lira and other economic developments, according to sources.

The Turkish Central Bank skipped its one-week repo auction on Jan. 16, aiming to boost the Turkish Lira by reducing the amount of local currency circulating in markets.