Turkish Central Bank

Turkey's external assets reached $288.1 billion in February, down 1.6 percent from the end of 2021, according to data released by the Turkish Central Bank yesterday.

Liabilities against non-residents fell 2 percent to $512.1 billion during the same period.

Residential Property Price Index (RPPI) increased monthly by 13.5 percent in February, while it recorded an annual increase of 96.4 percent in nominal terms and 26.9 percent in real terms, according to data released by the Turkish Central Bank yesterday.

The RPPI (2017=100), which measures quality adjusted price changes of dwellings in Turkey stood at 317.6 in February.

In its fourth meeting, the Price Stability Committee vowed to fight soaring inflation rates with "new policies to achieve security of supply against excessive price hikes," according to a statement released by the Treasury and Finance Ministry late on April 5.

The Turkish Central Bank will move its headquarters from Ankara to Istanbul this summer, according to an internal e-mail notice reported by the local media on Feb. 14. 

Last year, Central Bank Governor Şahap Kavcıoğlu told the media about plans to relocate the bank's units to the Istanbul Financial Center (IFC), which is still under construction, within 2022.

Turkey's current account balance posted a $3.84 billion deficit in December 2021, up $401 million year on year, according to data released by the Turkish Central Bank on Feb. 11.

The country's 12-month rolling deficit totaled $14.9 billion.

The gold- and energy-excluded current account posted a $2.27 billion surplus compared to a $700 million surplus in December 2020.

The Turkish Central Bank on Jan. 27 revised its year end inflation forecast upwards for both 2022 and 2023 while keeping its medium-term target at 5 percent.

The consumer confidence index, which has a measuring range between 0 and 200, increased from 68.9 in December 2021 to 73.2 in January, the Turkish Statistical Institute (TÜİK) announced on Jan. 21.

Turkey aims at a "balanced" economic growth with an improvement in the inflation outlook, a statement said after the Economy Coordination Board meeting in Ankara on Jan. 18.

Several ministers and Turkish Central Bank Governor Şahap Kavcıoğlu attended the meeting chaired by Vice President Fuat Oktay.

The Turkish Central Bank intervened in foreign exchange markets for a third time this month on Dec. 10, citing "unhealthy price formations."

"The Central Bank of the Republic of Turkey directly intervenes in the market via selling transactions due to unhealthy price formations in exchange rates," said the bank.

Turkish President Recep Tayyip Erdoğan replaced the country's finance minister on Dec. 2.

According to a presidential decree issued near midnight, Erdoğan accepted the resignation of Lütfi Elvan and appointed his deputy Nureddin Nebati as the new finance minister.

Elvan had been in the role since November 2020.