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Turkish central bank, banks discuss rates after lira tumble

Turkish central bank, banks discuss rates after lira tumble | COSS Exchange

. Turkish lira banknotes are seen in this illustration taken in Istanbul, Turkey November 23, 2021. /Murad Sezer/IllustrationISTANBUL -Turkey's central bank governor said he discussed recent interest rate cuts with bankers at a meeting on Thursday after a slide in the lira to record lows, and he also said that the banking sector was able to overcome market volatility. Turkey's lira was flat on Thursday after a historic slide to record lows this week, triggered by President Tayyip Erdogan's defence of interest rate cuts, despite widespread criticism of his policy direction. Governor Sahap Kavcioglu said after the meeting with top bankers and the country's BDDK banking watchdog that they made general evaluations on economic developments, and he said that the banking sector was very strong. "We informed them about everything, whether it be interest rate cuts and other issues," Kavcioglu told reporters after the meeting. "The sector, central bank and BDDK are very much in harmony and in strong communication." The lira was unchanged after the meeting, trading 0.5% firmer at 12.025 versus the dollar. It hit a record low of 13.45 this week, down 45% this year, after Erdogan's defence of the recent interest rate cuts. Global and domestic developments, the markets and banking sector developments were discussed at the meeting, the Association of Turkish Banks said in a statement, describing the meeting as very beneficial. One market participant said the BDDK told the meeting that it would consider measures such as the country's capital adequacy ratio according to sectoral needs, staying in line with international norms. The BDDK was not immediately available for comment.

 

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