“We will increase our reserves through steady / strong capital inflows and dedolarization in residents through foreign exchange buying auctions” Author Reuters

© Reuters.

ANKARA, February 9 (Reuters) – Central Bank (CBRT) Governor Naci Ağbal’s key messages from his speech at the investor meetings that started today and will continue tomorrow are as follows:

  • As the Central Bank, it is our most important and indispensable duty to ensure permanent price stability.
  • We will continue to decisively implement our monetary policy framework that will serve this purpose with the steps we take and will take.
  • Tight monetary policy and tightening financial conditions will lead to a more moderate level of economic activity through the demand channel.
  • Predictability and tight stance will contribute to a downward trend in inflation, a decrease in the country’s risk premium, encouragement of TL savings, the start of reverse currency substitution, an increase in reserves and a permanent decline in financing costs.
  • All decisions will be taken with the priority of price stability. Price stability is the basis of financial and macroeconomic stability.
  • Until 2023, we will maintain the monetary policy with a tight stance, in other words, with a monetary policy set that will have a strong disinflationary effect, until we achieve the 5 percent target.
  • With the stabilization of capital inflows and the reversal of the dollarization trend of residents, we will increase our reserves through foreign exchange buying auctions. When the conditions are met, we will share our plan for this with the public in an open and transparent manner.
  • We believe that the participation of all stakeholders, coordination and a holistic approach to the disinflation and price stability process are necessary.
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