Central Bank

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Erdoğan promises a 'completely different economic climate' by summer

Erdoğan promises a 'completely different economic climate' by summer

Foreign exchange reverses of the Central Bank have exceeded 115 billion dollars, the president has said. The bank's net reserves excluding swap deals stand at minus 46 billion dollars.

24 December 2021

'Interest rates are decreasing but Turkey's debt is multiplying'

CHP VICE-CHAIR KARABIYIK

'Interest rates are decreasing but Turkey's debt is multiplying'

The gross debt stock of the central government has increased to 2.2 trillion lira over the past few months "because of wrong policies," says the CHP's Lale Karabıyık.

20 December 2021 Hikmet Adal

Only one country’s central bank cuts policy rate in December: Turkey

Only one country’s central bank cuts policy rate in December: Turkey

The central banks of 14 countries have increased the policy rate this month. The only bank which has reduced it is Turkey's Central Bank. The depreciation of the Turkish Lira against foreign exchanges has hit almost 100 percent since September 2021.

17 December 2021

Central Bank cuts policy rate again, Turkish Lira plummets to new low

Central Bank cuts policy rate again, Turkish Lira plummets to new low

The Monetary Policy Committee of the Central Bank has reduced the policy rate from 15 percent to 14 percent. Following the policy rate cut, Turkish Lira has crashed to a new low and the USD exchange rate has hit 15.61 TRY.

16 December 2021

Will Turkey declare state of emergency over economic crisis?

Will Turkey declare state of emergency over economic crisis?

A law professor close to the president suggested that "we should be prepared for a state of emergency due to the economic crisis." Economics Mustafa Sönmez has commented about the issue.

15 December 2021 Hikmet Adal

Turkish lira hits new record low despite Central Bank interventions

Turkish lira hits new record low despite Central Bank interventions

The lira plunged to as low as 14.61 to the US dollar and 16.47 to the Euro in the first half of the day.

13 December 2021

Turkish lira hits new record low after Erdoğan reiterates his inflation-interest rate theory

Turkish lira hits new record low after Erdoğan reiterates his inflation-interest rate theory

The president has signaled a new interest rate cut ahead of the Central Bank meeting.

17 November 2021

Turkey cuts interest rate by 200 basis points, dollar jumps against lira

Turkey cuts interest rate by 200 basis points, dollar jumps against lira

The exchange rate of the US dollar rose to 9.48, a new all-time high, against the lira after the Central Bank's decision.

21 October 2021

Lira hits record low as Erdoğan sacks two Central Bank deputy governors

Lira hits record low as Erdoğan sacks two Central Bank deputy governors

The dismissals came after the president's meeting with the Central Bank governor. The US dollar hit an all-time high against the Turkish lira.

14 October 2021

Turkish lira slides as Central Bank cuts policy rate

Turkish lira slides as Central Bank cuts policy rate

The Central Bank has reduced the policy rate to 18 percent. The US dollar's exchange rate against the lira rose to 8.80 during the day.

23 September 2021

Ahead of Central Bank’s interest rate decision, USD exchange rate against lira on the rise

Ahead of Central Bank’s interest rate decision, USD exchange rate against lira on the rise

The exchange rate of the US dollar increased from 8.43 to 8.65 Turkish Lira last week. Ahead of the Monetary Policy Committee meeting, where it will be decided whether the policy rate will remain unchanged or not, the dollar saw 8.72 earlier today.

20 September 2021

Main opposition leader claims Turkey's Central Bank reserves at minus 53 billion dollars

Main opposition leader claims Turkey's Central Bank reserves at minus 53 billion dollars

Earlier, President Erdoğan said the Central Bank had 109 billion dollars of foreign exchange reserves.

Turkey and South Korea sign a bilateral swap agreement

Turkey and South Korea sign a bilateral swap agreement

The agreement signed by the central banks of Turkey and South Korea allows for the exchange of local currencies of up to 2.3 trillion Korean won or 17.5 billion Turkish Liras, which accounts for approximately 2 billion US dollars.

Turkey’s Central Bank keeps interest rates unchanged

Turkey’s Central Bank keeps interest rates unchanged

The Monetary Policy Committee of the Central Bank has kept the policy rate (one-week repo auction rate) fixed at 19 percent, which was increased from 17 percent to this rate at its meeting in March 2021.

‘Insulting Erdoğan’: Investigation for asking ‘missing’ Central Bank reserves

‘Insulting Erdoğan’: Investigation for asking ‘missing’ Central Bank reserves

An investigation has been launched against a citizen for asking on social media, “Where is 128 billion dollars?” The social media user is now being investigated for “insulting the President” as per the Turkish Penal Code (TCK).

Economists refute Erdoğan's statement on Central Bank reserves

Economists refute Erdoğan's statement on Central Bank reserves

The president said yesterday that the Central Bank's foreign currency reserves had reached 100 billion dollars as the opposition have been pressing the government on "drained reserves."

CHP’s banner waves over Bosphorus: ‘Where is 128 billion dollars?’

'MISSING' CENTRAL BANK RESERVES

CHP’s banner waves over Bosphorus: ‘Where is 128 billion dollars?’

Speaking to bianet regarding their protest about the ‘missing’ Central Bank reserves, main opposition CHP MP Sera Kadıgil has said, “We will bring the ones who wasted the nation’s money to account. We will not let it be forgotten.”

17 May 2021 Evrim Kepenek

‘58 percent don’t find statements on missing Central Bank reserves satisfactory’

OPERATIONAL RESEARCH CENTER

‘58 percent don’t find statements on missing Central Bank reserves satisfactory’

67.4 percent of the participants do not think that there is a danger of coup in Turkey. More than half also find the government unsuccessful in COVID-19 vaccination.

7 May 2021 Ruken Tuncel

Central Bank keeps interest rate constant for the second time in a row

Central Bank keeps interest rate constant for the second time in a row

The Monetary Policy Committee of the Central Bank has kept the policy rate (one-week repo auction rate) fixed at 19 percent, as was also the case last month: “All available instruments will be used in pursuit of the primary objective of price stability.”

Erdoğan: Central Bank reserves not lost but 'changed hands'

Erdoğan: Central Bank reserves not lost but 'changed hands'

The president has responded to the opposition's claims that the Cental Bank has run out of foreign currency reserves.

128 billion dollars and the picture of unhappiness

128 billion dollars and the picture of unhappiness

AKP struggles to explain the "disappeared" Central Bank reserves • Human smuggling with service stamped passports • The case of the killing of a teacher starts after 10 years • Daily coronavirus deaths have quadrupled

21 April 2021 Volga Kuşçuoğlu

Turkey bans use of crypto assets in payments

Turkey bans use of crypto assets in payments

According to a Central Bank regulation, payment and electronic money institutions will not be able to mediate platforms that offer trading, custody, transfer, or issuance services for crypto assets besides mediating fund transfers from them.

Turkey’s Central Bank keeps interest rate unchanged

Turkey’s Central Bank keeps interest rate unchanged

The Monetary Policy Committee of Turkey’s Central Bank has kept the policy rate (one-week repo auction rate) fixed at 19 percent.

Police remove CHP banners asking 'Where is 128 billion dollars?'

Police remove CHP banners asking 'Where is 128 billion dollars?'

The main opposition party accuses the government of causing the Central Bank to run out of foreign exchange reserves and asks where the money has been spent.

AKP deputy chair explains what happened to Turkey's Central Bank reserves

'128 BILLION DOLLARS'

AKP deputy chair explains what happened to Turkey's Central Bank reserves

The opposition and economists have accused the government of draining the reserves by selling 128 billion dollars in an unsuccessful attempt to keep the US dollar's exchange rate from rising.

CHP leader keeps asking about the fate of Central Bank reserves

CHP leader keeps asking about the fate of Central Bank reserves

The opposition accuses the government of draining the Central Bank's foreign exchange reserves in a bid to prevent the US dollar's hike.

‘We will keep interest rate above inflation,’ says Central Bank Governor

‘We will keep interest rate above inflation,’ says Central Bank Governor

Turkey’s Central Bank Governor Kavcıoğlu has said that the bank will continue to set the policy rate at a level above inflation, preserving the strong disinflationary effect, until there are strong indicators that point to a permanent fall in inflation.

‘Those who knew Central Bank Governor's dismissal bought 1.1 billion dollars’

HDP'S NECDET İPEKYÜZ

‘Those who knew Central Bank Governor's dismissal bought 1.1 billion dollars’

HDP MP Necdet İpekyüz says that while the average amount of US dollars purchased in Turkey a day is between 150-400 million dollars, those who knew that Central Bank Governor Ağbal would be dismissed have got richer.

30 March 2021 Hikmet Adal

Erdoğan names new Deputy Central Bank Governor

Erdoğan names new Deputy Central Bank Governor

With a Presidential decision published in the Official Gazette, Murat Çetinkaya has been dismissed as the Deputy Governor of Turkey’s Central Bank and replaced by Mustafa Duman, an executive director at Morgan Stanley in Turkey.

It's much harder to build trust in economy after change of Central Bank head, says economist

It's much harder to build trust in economy after change of Central Bank head, says economist

The Turkish lira recorded an 11-percent depreciation against the US dollar after Erdoğan replaced the Central Bank governor with a pro-government columnist.

22 March 2021 Hikmet Adal

Minister reiterates commitment to free market mechanism as Turkish lira slides

Minister reiterates commitment to free market mechanism as Turkish lira slides

The lira has plunged after the Central Bank governor was replaced with a pro-government economist advocating lower interest rates.

Erdoğan replaces Central Bank governor following interest rate hike

Erdoğan replaces Central Bank governor following interest rate hike

Stepping back from the lower interest rate policy, Ağbal has been dismissed only four-and-a-half months after his appointment.

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