The Turkish Central Bank decided on Thursday to keep the interest rate fixed at 50 percent on repurchase operations for a week.

This came in a statement issued by the Central Bank following a meeting held by the Monetary Policy Committee of the Turkish Central Bank, headed by the Bank’s Governor, Yasar Fatih Kara Khan.

The statement explained that as a result of the meeting, it was decided to fix the interest rate at 50 percent.

He added, “Although the Board of Directors decided to keep the interest rate constant, the cautious stance against rising risks to inflation was reiterated.”

The statement stressed that if the bank expects a “significant and permanent deterioration in inflation, the monetary policy stance will be tightened,” noting that it is closely monitoring the effects of monetary tightening on loans and domestic demand.

The central bank raised the interest rate by 500 basis points to 50 percent during its previous meeting on March 21.

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The total reserve of the Turkish Central Bank increased by $3.656 billion in the first week of December, reaching $140.1 billion, the highest level ever.

According to Turkish Central Bank data on Thursday, the bank’s total foreign exchange reserves increased by $2.236 billion in the aforementioned period to reach $93.233 billion.

The total gold reserves increased by one billion and 420 million dollars to 46 billion and 916 million dollars.

The increase in total reserves since the end of last May amounted to 41 billion and 691 million dollars, reaching the highest level ever at 140 billion and 149 million dollars.

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The Turkish Central Bank announced on Thursday that it raised the interest rate by 500 basis points to 40 percent on repo operations for a week.

This came during a meeting of the Central Bank’s Monetary Policy Committee, headed by the Bank’s Governor, Hafiza Ghaya Arkan, according to a statement issued by the bank.

The statement stressed that the improvement in external financing conditions, the continuous increase in reserves, support for balancing demand for the current account, and the increase in domestic and external demand for Turkish lira assets contribute strongly to the stability of the exchange rate and the effectiveness of monetary policy.

Last month, the Central Bank raised the interest rate by 500 basis points to 35 percent on one-week repurchase operations.

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The Turkish Central Bank announced on Thursday that it raised the interest rate by 500 basis points to 30 percent on repo operations for a week.

This came during a meeting of the Central Bank’s Monetary Policy Committee, headed by the Bank’s Governor, Hafiza Ghaya Arkan, on Thursday.

The Turkish Central Bank confirmed in a statement that “the increase in local and international demand for Turkish lira assets will contribute significantly to price stability.”

It pointed out that tax regulations “have a significant impact on inflation rates due to cost-oriented pressures resulting from wages and exchange rates.”​​​​​​

The statement stressed that “foreign direct investments, improving external financing conditions, the continued increase in foreign reserves, and supporting tourism revenues for the current account will contribute to enhancing price stability.”

It pointed out that “the strong trend in domestic demand and the rise in oil prices is creating additional upward pressures on inflation.”

It stressed that the Monetary Policy Committee “decided to continue the process of monetary tightening in order to control inflation and the deterioration in pricing behavior.”

It also stated that the committee “will continue to make credit and quantitative tightening decisions in addition to increasing interest rates.”

It stressed that the committee will continue to make its decisions within a “transparent and predictable” framework and use all available tools in line with the main goal of “price stability.”

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The reserves of the Central Bank of Turkey increased by two billion and 645 million dollars in the week ending on July 14, compared to its predecessor, to reach 113 billion and 62 million dollars.

On Thursday, the central bank published its weekly money and banking statistics.

According to the data, the total foreign exchange reserves of the Central Bank increased until July 14 by one billion and 545 million dollars to reach 71 billion and 381 million dollars, as the total foreign exchange reserves were 69 billion and 836 million dollars on the 7th of the same month.

In the aforementioned period, gold reserves increased by one billion and 101 million dollars from 40 billion and 580 million dollars to 41 billion and 681 million dollars.

Thus, the total reserves of the Central Bank rose from 110 billion and 416 million dollars to 113 billion and 62 million dollars in the week ending July 14, an increase of two billion and 645 million dollars over the previous week.

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On Thursday, Turkey announced amendments to the conditions for obtaining citizenship through exceptional methods such as investing or buying real estate, whereby foreigners wishing to sell foreign currencies specified in the law will have to sell to the Central Bank of Turkey.

According to the “Regulation for Amending the Regulations Related to the Application of the Turkish Nationality Law”, which was published in the Official Gazette on Thursday.

Foreign currencies that are deposited in Turkish banks in order to obtain Turkish citizenship will be sold to the Central Bank.

In mid-2019, Turkey made amendments about obtaining Turkish citizenship in exceptional ways, such as investing, buying real estate, or hiring citizens.

According to the recent amendments, a foreigner can obtain Turkish citizenship if he buys a property worth more than 250 thousand US dollars, but on the condition that the property is not sold within a period of 3 years.

In another amendment, the condition of depositing a sum of money in Turkish banks in exchange for citizenship was amended, as the condition now stipulates the deposit of $500,000.

The amendments also stipulate setting the value of the fixed investment in exchange for citizenship at $500,000.

In this context and under the “Regulation on Amending the Regulation Concerning the Application of the Turkish Citizenship Law”, a foreigner wishing to obtain Turkish citizenship through one of the above-mentioned methods will sell his specified foreign currencies to the Central Bank of Turkey through active banks in the country.

The Turkish lira that resulted from selling the dollar to the Turkish Central Bank will be kept in lira accounts with banks, or with one of the government debt instruments, for a period of no less than 3 years.

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The Central Bank issued the text of the monetary policy and exchange rates for the year 2022, and accordingly, the medium-term inflation target was set at 5%, the Central Bank announced its monetary policy and exchange rates for the year 2022.

The medium-term inflation target was set at 5 percent, and the text stated that “monetary policy will be shaped in such a way that inflation will gradually bring inflation closer to this target,” and it also stated that the inflation targeting regime will continue.

According to the roadmap, the floating exchange rate regime will continue next year, the exchange rates are formed in free market conditions according to the balance of supply and demand, and the main policy instrument will remain the one-week repurchase rate.

The central bank will continue to increase its reserves next year, the reserve option mechanism will be completely terminated, the costs of foreign currency liabilities will be increased.

Priority will also be given to mechanisms that will support the development of Turkish lira deposits. In addition, swap amounts will be reduced, and the Central Bank will give priority to the principles of transparency, predictability, and accountability.

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The Turkish Central Bank announced that the current account registered a surplus of 3 billion and 156 million dollars last October.

According to the balance of payments data published by the Central Bank on Monday, the current account deficit during the last twelve months amounted to 15 billion and 425 million dollars.

The country’s record surplus during October is due to a surplus in the foreign trade balance of $146 million.

And the increase in net flows in the balance of services by one billion and 843 million dollars to reach 3 billion and 863 million dollars.

The current account, excluding energy and gold, recorded a surplus of 7 billion and 721 million dollars in October.

The current account means the net transactions of exports and imports of goods and services.

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“The cumulative effects of our stance on the current monetary policy will be observed in the first half of 2022,” Central Bank Governor Shihab Cavusoglu said.

This came in his speech on Thursday during his participation in a meeting of investors via video conference.

Cavusoglu stressed that Turkish companies’ investment potential and their aspirations for employment have reached a very high level compared to previous years.

He pointed out that the objective of the Central Bank’s intervention in the foreign exchange markets is to eliminate the fluctuation in the market.

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The total reserves of the Central Bank of the Republic of Turkey increased by 2 billion and 247 million dollars in the week of November 12 and rose to 127 billion 691 million dollars.

Weekly money and banking statistics were published by the Central Bank of Tunisia.

Accordingly, the Central Bank’s total foreign exchange reserves rose on November 12 by 906 million dollars, to reach 86 billion and 696 million dollars.

Foreign exchange reserves totaled $85 billion, $790 million on November 5.

In the mentioned period, gold reserves increased by one billion and 341 million dollars from 39 billion and 654 million dollars to 40 billion and 995 million dollars.

Thus, the total reserves of the Central Bank increased by 2 billion and 247 million dollars in the week of November 12 compared to the previous week.

From 125 billion and 444 million dollars to 127 billion and 691 million dollars.

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