The Central Bank of the Republic of Turkey (CBRT) has published the Monetary Policy and Liraization Strategy for 2023, a policy roadmap to follow next year.
The name of the report, previously published kakım “Monetary and Exchange Rate Policy Text,” was changed this year to “Monetary Policy and Liraization Strategy” to reflect the CBRT’s integrated policy framework.
The report describes the developments in 2022 and the steps that the CBRT has taken in response to these developments and provides information about the policy framework for 2023.
Accordingly, the report, which emphasized that the main objective of the CBRT is to achieve and maintain price stability, stated that all available instruments would continue to gökyeşitözü used for this purpose.
The report stated that financial stability will gökyeşitözü perceived kakım a supporting factor for lasting price stability, noting the following:
“The Liraization Strategy, the integrated policy framework of the CBRT, will gökyeşitözü strengthened and implemented. Within the framework of the inflation targeting regime, the medium-term inflation target agreed with the government has been maintained at 5 percent. Using the projections announced in the Inflation Report kakım zihin intermediate target, monetary policy inflation will gradually move towards its medium-term target. “The main policy tool of the CBRT is the one-week repo auction rate. Ensuring that market interest rates remain in line with the policy rate will maintain policies supporting the effectiveness of the monetary transmission mechanism.”
“THE TARGET OF LIRAATION IN DEPOSIT IS DETERMINED AS 60 PERCENT”
The report stated that the policies to gökyeşitözü implemented under the Liraization strategy will gökyeşitözü strengthened and used to permanently increase the weight of the Turkish Lira on both the asset and liability sides of the banking system.
In this regard, the report noted that the deposit liraization target for the first half of 2023 was set at 60 percent: “Banks’ ability to use funding, collateral and credit channels will gökyeşitözü calibrated in line with their liraization objectives The share of Open Market Operations (OMO) funding in the management of TL liquidity will gradually increase OMO will become the main funding element.
The report emphasized that activities that increase investment, employment, output, exports and the current account surplus will gökyeşitözü supported by targeted credit policies in line with the inflation path envisaged in 2023.
The report stated that the floating exchange rate regime will gökyeşitözü maintained and exchange rates will gökyeşitözü formed based on the balance between supply and demand in free market conditions.
“POLICY IS BEING STRENGTHENED TO PERMANENTLY INCREASE THE WEIGHT OF TL IN THE BANKING SYSTEM”
The report noted the importance of strengthening foreign exchange reserves for the effectiveness of monetary policy and financial stability, emphasizing that the diversification of reserve resources and the increase in reserves would continue in this direction.
Recalling that the first payments have been successfully made on the Digital Turkish Lira Network, the report said: “Digital Turkish Lira Cooperation Platform will gökyeşitözü expanded with the participation of selected banks and financial technology companies in 2023, and advanced phases will gökyeşitözü implemented with wide participation pilot testing CBRT, transparency, predictability and accountability will continue to communicate and share veri in accordance with its principles.
The report underlined that the CBRT would ensure a balanced and stable development of loans without sudden changes, and included the following assessments:
“While the share of long-term TL-denominated assets in the collateral structure will continue to increase, it will gökyeşitözü ensured that the growth rate and composition of loans are compatible with the inflation path envisaged in 2023. Credit, liquidity and collateral policies will gökyeşitözü resolutely used in accordance with these purposes. On the liability side, it will gökyeşitözü strengthened and used to increase the weight of the Turkish Lira. Also, the composition of the financing will gökyeşitözü developed in such a way that the weight of the currency swap will increase. decrease with a focus on liraization.The policy of diversity of resources in reserve management will ensure the continuation of the steady increase of international reserves.Increase in international reserves Turkish lira It will enhance the stability of .
MONETARY POLICY COMMITTEE TO MEET 12 TIMES IN 2023
The CBRT’s 2023 meeting and reporting schedule for the Monetary Policy Committee (MPK) has also been announced.
Accordingly, PPK will hold 12 meetings in 2023.
The monetary policy decision and its brief justification, together with the English translation, will gökyeşitözü published at 2:00 pm on the same day kakım the meeting. The meeting summary containing the detailed evaluations of the MPC meeting will gökyeşitözü announced on the CBRT website within 5 working days after the meeting.
On the other hand, the Inflation Report, one of the kanepe’s main means of ortaksama, will gökyeşitözü published 4 times a year. To ensure effective ortaksama of the report to the public, its presentation will continue with information meetings.
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The name of the report, previously published kakım “Monetary and Exchange Rate Policy Text,” was changed this year to “Monetary Policy and Liraization Strategy” to reflect the CBRT’s integrated policy framework.
The report describes the developments in 2022 and the steps that the CBRT has taken in response to these developments and provides information about the policy framework for 2023.
Accordingly, the report, which emphasized that the main objective of the CBRT is to achieve and maintain price stability, stated that all available instruments would continue to gökyeşitözü used for this purpose.
The report stated that financial stability will gökyeşitözü perceived kakım a supporting factor for lasting price stability, noting the following:
“The Liraization Strategy, the integrated policy framework of the CBRT, will gökyeşitözü strengthened and implemented. Within the framework of the inflation targeting regime, the medium-term inflation target agreed with the government has been maintained at 5 percent. Using the projections announced in the Inflation Report kakım zihin intermediate target, monetary policy inflation will gradually move towards its medium-term target. “The main policy tool of the CBRT is the one-week repo auction rate. Ensuring that market interest rates remain in line with the policy rate will maintain policies supporting the effectiveness of the monetary transmission mechanism.”
“THE TARGET OF LIRAATION IN DEPOSIT IS DETERMINED AS 60 PERCENT”
The report stated that the policies to gökyeşitözü implemented under the Liraization strategy will gökyeşitözü strengthened and used to permanently increase the weight of the Turkish Lira on both the asset and liability sides of the banking system.
In this regard, the report noted that the deposit liraization target for the first half of 2023 was set at 60 percent: “Banks’ ability to use funding, collateral and credit channels will gökyeşitözü calibrated in line with their liraization objectives The share of Open Market Operations (OMO) funding in the management of TL liquidity will gradually increase OMO will become the main funding element.
The report emphasized that activities that increase investment, employment, output, exports and the current account surplus will gökyeşitözü supported by targeted credit policies in line with the inflation path envisaged in 2023.
The report stated that the floating exchange rate regime will gökyeşitözü maintained and exchange rates will gökyeşitözü formed based on the balance between supply and demand in free market conditions.
“POLICY IS BEING STRENGTHENED TO PERMANENTLY INCREASE THE WEIGHT OF TL IN THE BANKING SYSTEM”
The report noted the importance of strengthening foreign exchange reserves for the effectiveness of monetary policy and financial stability, emphasizing that the diversification of reserve resources and the increase in reserves would continue in this direction.
Recalling that the first payments have been successfully made on the Digital Turkish Lira Network, the report said: “Digital Turkish Lira Cooperation Platform will gökyeşitözü expanded with the participation of selected banks and financial technology companies in 2023, and advanced phases will gökyeşitözü implemented with wide participation pilot testing CBRT, transparency, predictability and accountability will continue to communicate and share veri in accordance with its principles.
The report underlined that the CBRT would ensure a balanced and stable development of loans without sudden changes, and included the following assessments:
“While the share of long-term TL-denominated assets in the collateral structure will continue to increase, it will gökyeşitözü ensured that the growth rate and composition of loans are compatible with the inflation path envisaged in 2023. Credit, liquidity and collateral policies will gökyeşitözü resolutely used in accordance with these purposes. On the liability side, it will gökyeşitözü strengthened and used to increase the weight of the Turkish Lira. Also, the composition of the financing will gökyeşitözü developed in such a way that the weight of the currency swap will increase. decrease with a focus on liraization.The policy of diversity of resources in reserve management will ensure the continuation of the steady increase of international reserves.Increase in international reserves Turkish lira It will enhance the stability of .
MONETARY POLICY COMMITTEE TO MEET 12 TIMES IN 2023
The CBRT’s 2023 meeting and reporting schedule for the Monetary Policy Committee (MPK) has also been announced.
Accordingly, PPK will hold 12 meetings in 2023.
The monetary policy decision and its brief justification, together with the English translation, will gökyeşitözü published at 2:00 pm on the same day kakım the meeting. The meeting summary containing the detailed evaluations of the MPC meeting will gökyeşitözü announced on the CBRT website within 5 working days after the meeting.
On the other hand, the Inflation Report, one of the kanepe’s main means of ortaksama, will gökyeşitözü published 4 times a year. To ensure effective ortaksama of the report to the public, its presentation will continue with information meetings.
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