Turkish Central Bank

TUSIAD President Simone Kaslowski. Photo: TUSIAD

"The independence of regulatory and supervisory institutions, the Central Bank in particular, should be unquestionable," Tuncay Ozilhan, president of the Advisory Council of TUSIAD said at a TUSIAD event.

The Residential Property Price Index (RPPI) increased by 3.9 percent month on month in August, the Turkish Central Bank said in a monthly report on Oct. 18.

The index "recorded an annual increase of 33.4 percent in nominal terms and 11.9 percent in real terms," it said.

Turkey's external assets stood at $297.4 billion by the end of August, up 16.4 percent from the end of 2020, according to Turkish Central Bank data released on Oct. 18.

Liabilities against non-residents fell 9.1 percent to $589.7 billion during the same period.

The Turkish private sector's outstanding foreign loans in August totaled $173.4 billion, up slightly by $50 million compared to end-2020, the Turkish Central Bank announced on Oct. 14. 

The short-term loans-excluding trade credits- of the sector received from abroad were at $8.9 billion as of August, down $835 million from the end of last year.

Turkish Central Bank Governor Şahap Kavcıoğlu told investors on Oct. 7 that policy was sufficiently tight to tackle inflation and that he expected core price measures to fall in the short term.

The bank cut its key interest rate by 100 basis points to 18 percent.

The Turkish Central Bank's total reserves stood at $117.8 billion in August, marking an 11.3% increase compared to the previous month, the bank announced on Sept. 28. 

Official reserve assets jumped 11.3%, according to the bank's international reserves and foreign currency liquidity report.

The Turkish manufacturing industry's capacity utilization rate (CUR) increased month-on-month in September, marking the fourth straight monthly rise, fresh data showed on Sept. 24. 

The local manufacturing industry units operated at 78.1% of their capacity this month, up one point from August, according to a Turkish Central Bank survey released on Friday.

Turkey's net international investment position (NIIP) continued recovering this July, with the overall figure being 26.2 percent lower than at the end of last year, the Turkish Central Bank said on Sept. 20.

The country's external assets grew 10.3 percent to $282 billion, while its liabilities against non-residents fell 11.8 percent to $572 billion, the latest data showed.

Turkey's short-term external debt stock stood at $125.3 billion at the end July, according to data released on Sept. 17. 

The debt that must be paid in a year or less climbed 9.7% in July compared to the end of 2020, according to the Turkish Central Bank.

A total of 40.7% of the debt stock is in U.S. dollars, 25.8% in euros, 13.3% Turkish liras, and 20.2% in other currencies.

The Turkish Central Bank's total reserves rose by $944 million to hit $120.1 billion last week, for the first time since November 2016.

According to weekly money and bank statistics published by the bank, the gross foreign exchange reserves increased by $1.6 billion to $79.6 billion on Sept. 10, from $78.5 billion on Sept. 3.