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  HOME PAGE 14/08/2022 15:28 
02.12.2021 16:12 News >> 'Turkey To See Effects Of Current Monetary Policy In 1St Half Of 2022'

'Turkey To See Effects Of Current Monetary Policy In 1St Half Of 2022'

Turkish Central Bank continues to increase its reserves decisively, says governor.

Turkey will observe the cumulative effects of its current monetary policy stance in the first half of 2022, the Central Bank governor said on Thursday.
Turkish Central Bank officials met with local investors at a virtual meeting after the bank's recent foreign exchange intervention for the first time since 2014.
Since September the monetary authority has lowered the key rate by 400 basis points, with current benchmark one-week repo rate standing at 15%.
The current account balance gave a surplus in August and September, and the improvement in the annual current account balance continued, Sahap Kavcioglu said during his presentation for local investors.
He emphasized that the bank has been considering practices and policies crucial to support investments, increase exports and limit imports for a permanent improvement in the current account balance.
"Turkish companies' investment appetite and employment expectations have reached high levels compared to previous years," he said.
Reserves to increase, inflation to decline
The opportunities provided by rediscount credits will also support these areas, Kavcioglu said, adding that the bank's reserves have been on a steady increasing trend recently.
"We will continue to increase our reserves decisively," he pledged.
Kavcioglu also pointed out the increase in Turkish lira savings deposits since Sept. 23, and said there has been a limited decrease in foreign currency savings deposits.
Real deposit returns, meanwhile, will remain high with lower inflation, Kavcioglu said.
"The Central Bank's intervention in the foreign exchange market is aimed at supporting the liquidity conditions in the market and eliminating volatility," he said.
Turkey's relative superiority in global supply, logistics and demand chains will create necessary conditions for permanent price stability, he underlined.
The current price increases are temporary and will not turn into inflation, Kavcioglu stressed: "A much lower level of inflation will be observed in a short time."
Kavcioglu added that they attach importance to the developments in commercial loans in order to support the financing of companies with a high investment appetite.
"When the rising commodity prices and the factors originating from the supply chain disappear, inflation will decrease," he said, adding the growth rate of commercial loans is 8% annually, well below the averages of the previous years.
FX intervention
After seeing "unhealthy" price formations in fluctuating foreign exchange rates, the bank on Wednesday said it had intervened in the market through selling transactions.
The bank also said it had started to conduct transactions at the Borsa Istanbul Derivatives Market (VIOP).
The Turkish Central Bank's previous direct foreign exchange intervention came in January 2014, with a sale of $3.15 billion. The bank will hold an online meeting with foreign investors later Thursday. -



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