Turkish Central Bank

Turkey's current account balance showed a surplus in September for the second consecutive month this year, the Turkish Central Bank (CBRT) announced on Monday.

The Turkish Central Bank left its benchmark interest rate unchanged on Oct. 25 as expected, after a mammoth 6.25 percentage point increase that has helped the lira recoup some of its losses this year.

The official reserves of the Turkish Central Bank dropped to $88.9 billion as of Aug. 31, the bank announced on Sept. 28.

The Turkish lira gained ground against the U.S. dollar on Sept. 12 ahead of the monetary policy committee meeting of the Turkish Central Bank.

The Turkish Central Bank has said it would take necessary actions to support price stability and monetary stance will be adjusted at a monetary policy committee meeting in September after official data showed the annual inflation rate exceeded forecasts. 

Turkish Central Bank deputy governor and rate-setter Erkan Kilimci is leaving the bank, three sources familiar with the matter told Reuters on Aug. 30, two weeks before the bank's monetary policy committee meets to address a slump in the Turkish Lira.

The Turkish Central Bank has decided to keep the one-week repo rate -- policy rate -- constant at 17.75 percent, bucking expectations of an increase after inflation spiked to a 14-year high in June.

Ratings agency Moody's highlighted concern about the independence of the Turkish Central Bank on July 12, saying that further challenges to its effectiveness would be negative for Turkey's sovereign rating.

The Turkish Central Bank's decision to increase the top interest rate 300 basis points to 16.5 percent has brought relief, Turkish Industry and Business Association (TÜSİAD) chair Erol Bilecik has said, warning of a high inflation rate and burden of debt.

Turkey's current account deficit hit $4.8 billion in March, marking an increase of $1.7 billion, year-on-year, the Turkish Central Bank (CBRT) announced on May 14.