Central Bank of Turkey (CBRT) Chairman Şahap Kavcioglumade a remarkable statement regarding cryptocurrencies at the investor meeting held today.
The Central Bank of the Republic of Turkey (CBRT) met with investors and economists via videoconference today. Speaking at the meeting CBRT Chairman Şahap Kavcıoğlu He first made a statement about the current monetary policy and said, “We will see the cumulative effects of our current monetary policy stance in the first half of 2022.”
Speaking about the Central Bank’s reserves, Kavcıoğlu said, “Our reserves have entered a steady increasing trend recently. We will continue to increase our reserves resolutely,” he added.
Besides these cryptocurrency In the part that attracted the attention of the community, Kavcıoğlu stated that they were uneasy about the money going to cryptocurrencies:
“The majority of foreign currency deposit accounts (DTH) go to TL deposits. We are uncomfortable with a certain part that goes to crypto money. But this has nothing to do with DTH. There is no assessment that there will be such a shift due to interest rate cuts.”
The statement in question received various reactions from the cryptocurrency community.
Finally, we can list the other prominent statements in Kavcıoğlu’s statement as follows.
- “Excessive volatility in exchange rates is also not a desirable situation. Under certain conditions, the Central Bank can only intervene in excessive volatility without seeking permanent direction.”
- “I would like to reiterate that there has been no change in the CBRT’s monetary policy focused on reducing inflation.”
- “Our reserves have been on a steady upward trend recently. We will continue to increase our reserves resolutely.”
- “While annual inflation increased in groups excluding food and core goods in October, the most significant contribution to this increase came from energy and tobacco products. Producer inflation, on the other hand, increased due to commodity price increases and disruptions in the supply chain. As these incidental factors disappear, inflation will tend to decline.”
- “The gap between producer and consumer inflation continues to hover above long-term trends in many advanced and emerging economies in recent times. However, many central banks are of the opinion that the increase in inflation is temporary due to the assessment that the increase in inflation is due to accidental factors.
- “The investment appetite and employment expectations of our companies have reached very high levels compared to previous years.”
- “The current account balance gave a surplus in August and September, and the improvement in the annualized current account balance continued, becoming more evident.”
- “We consider practices and policies that will support investments, increase exports and limit imports as important for a permanent improvement in the current account balance. The opportunities provided by rediscount loans will also support these areas.”