Monetary policy

Turkish Central Bank's reserves climb to $92 bln in May

The Turkish Central Bank's reserves amounted to $92 billion at the end of May, according to data released on June 28. 

Total reserve assets saw a monthly increase of 4.6%, according to the bank's international reserves and foreign currency liquidity report.

Foreign currency reserves-  in convertible foreign currencies- totaled $46.5 billion, up 2.3% on a monthly basis.

Turkey will never deviate from inflation target: Minister

Turkey will never deviate from its inflation target for the sake of short-term gains, the country's finance minister said on June 18. 

"The fight against inflation is at the center of all our policies," Lütfi Elvan said at a meeting with businessmen in the northwestern province Bursa.

"What matters to us is the sustainability and inclusiveness of growth," he added.

Turkey's Central Bank keeps interest rates steady

Turkey's Central Bank on June 17 kept its one-week repo rate- also known as the policy rate- steady at 19%, in line with market expectations.

After the committee's sixth Monetary Policy Committee meeting this year, the bank said in a statement that "high levels of inflation expectations continue to pose risks to the pricing behavior and inflation outlook."