Central Bank of the Republic of Turkey (CBRT)
Turkish central bank continues monetary ‘simplification’ process
Upper band of interest rate corridor cut to 9.5%; inflation will be the main indicator for future decisions, bank says
People: Turkey gains a deputy as Brazil loses one
Kilimci promoted to deputy governor at Turkish central bank; Hamilton set to leave Brazilian central bank for role in new finance ministry; and more
Turkey vulnerable to sudden stop, IMF warns
Central bank action on rates, operating framework and reserves would help shore up the country’s weak external position and tame inflation, fund says
New Turkish governor presides over cut at first meeting
Monetary easing remains the order of the day at the Turkish central bank, as MPC lowers ceiling of rate corridor in Murat Çetinkaya’s first week in office
People: Turkey nominates new governor; McDermott to step down from FCA
Turkish government picks deputy to replace Erdem Başçı, but he must still be confirmed by the president; UK’s interim FCA chief says she will leave when her successor takes office; and more
Turkish central bank narrows rate corridor with cut
Central bank begins process of narrowing rate corridor in last meeting of Erdem Başçı’s term, though it keeps the policy rate on hold
Turkey’s Kenç sheds light on central bank ‘roadmap’
Deputy governor tells Central Banking conference that a 'roadmap' of policy changes helps improve confidence in the economy; says the central bank has gained market trust despite independence fears
Turkish MPC eyes volatility as it prepares move to standardised framework
Decline in volatility will be key factor in move to a narrower interest rate corridor, minutes say; central bank expects disinflation in February after headline figure hit 9.6% in January
IMF staff tell Turkey to fix imbalances
Fund mission says central bank must tighten policy to head off growing external imbalances and inflation; low oil price keeping a lid on problems but longer-term solutions needed
Turkish inflation seen returning to 5% in 2018
Latest projections from the Central Bank of the Republic of Turkey suggest headline inflation will only return to target in 2018, after it overshot October forecasts, rising to 8.8%
Governor of the Year: Erdem Başçı
Erdem Başçı has guided the Turkish central bank through a turbulent period marked by policy spillovers from advanced economies, political interference at home and conflict in the Middle East
Turkey holds policy rates steady despite rising inflation
Turkey’s monetary policy committee voted to keep interest rates steady despite inflation continuing to rise further above its target level
Turkish inflation to drift toward target over next two years, report says
Turkey’s inflation rate will remain above the 5% target for much of the coming year, the latest quarterly report from the central bank says
Turkish economy is braced for impact of global policy normalisation, says Başçı
Erdem Başçı says measures taken to date have made Turkish economy more resilient to external shocks; expects inflation to trend down towards target next year after rough 2015
Turkish MPC has eyes on inflation and loan growth
The monetary policy committee of Turkey’s central bank notes year-on-year inflation fell due to drops in energy and food prices; cautious on currency depreciation and falling loan rates
Turkish paper finds Fed staff forecasts superior to rivals
Working paper finds forecasts in the ‘Greenbook’ were consistently more accurate than their commercial equivalents between 1974 and 2009
Turkish central bank may act as inflation forecasts rise
Declining exchange rates and rising food prices have pushed inflation expectations upwards, monetary policy committee says; governor says he will raise interest rates if necessary
Turkish paper explores productivity differentials
Countries caught in middle-income trap suffered lower productivity gains than others that had ‘graduated’ from it, finds research focused on period from 1950-2005
Turkish central bank eyes return to normality
Central bank plans to return to a simpler, more conventional monetary policy framework, but politics may yet get in the way
Turkey keeps rates level as lira hits dollar low
The Turkish central bank voted to keep its key policy rate unchanged despite a rapidly depreciating currency; under strong public pressure from Turkey’s president and his party
Turkish central bank acts as election prompts lira slump
Markets taken aback as president Recep Tayyip Erdoğan’s party falls short of majority; central bank measures fail to stop lira sliding to record low
Assessing the value of financial stability reports
More than 90 central banks now produce financial stability reports. Emrah Uslu and Eyup Kahveci look at the various approaches they take as well as appraising their usefulness.
Turkey intervenes in FX markets as lira slide continues
Central bank caught between shrill government rhetoric and jumpy markets, cutting FX deposit rates and launching liquidity operations in an attempt to halt the sliding lira
Israel and Turkey cut rates, hinting at further easing
Bank of Israel eases with one eye on the appreciating shekel; Turkey stands by its ‘cautious’ stance on interest rate cuts with 25bp reduction