Central bank

The Central Bank of Türkiye has increased the key interest rate for a seventh consecutive month but said it is nearing the end of the monetary tightening cycle.

As widely expected, the bank hiked the policy rate - the one-week repo auction rate - by 250 basis points to 42.5 percent at the Monetary Policy Committee's last meeting of 2023 on Dec. 21.

The Central Bank's Monetary Policy Committee (MPC) is set to convene for the last rate-setting meeting of 2023 on Dec. 21.

The bank is widely expected to increase its main policy rate - the one-week repo auction rate - from the current 40 percent to 42.5 percent.

BELGRADE - According to an Ipsos survey, the Serbian financial sector expects y-o-y inflation to be 5.7 pct in November 2024, which is a decline for a third consecutive month, since expectations from the previous, October survey stood at 5.9 pct, the National Bank of Serbia (NBS) said.

Finance Minister Mehmet Şimşek and Central Bank Governor Hafize Gaye Erkan will travel to New York next month to meet with investors.

As part of the "Investor Day" event to be held on Jan. 11, Erkan will make a presentation to foreign investors on monetary policy and inflation, according to the invitation the Central Bank sent to investors.

Treasury and Finance Minister Mehmet Şimşek has held a meeting in Spain with representatives of Spanish companies and the finance industry.

"Our international investor meetings continue in Spain," Şimşek wrote on the social media platform X, formerly Twitter.

BELGRADE - National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic and People's Bank of China Governor Pan Gongsheng signed a memorandum of understanding on establishment of a clearing arrangement and the designation of a clearing bank in Serbia for the Chinese yuan.

The central bank governors of Poland and Hungary are caught up in noisy disputes with opponents over their rate-setting policy, raising new hazards for investors willing to brave central Europe's bitterly polarized politics.

The steps taken within the scope of monetary tightening and the simplification of the macroprudential framework are showing their positive effects, Central Bank Governor Hafize Gaye Erkan has said.

Refinancing pressures have reduced for Turkish banks, following the post-election policy shift that includes progress towards a more conventional policy mix, and normalization of monetary policy, as evidenced by banks' recent market access, Fitch has said in a recent report.

Central bank digital currencies (CBDCs) have the potential to replace cash, but adoption may take time, said Kristalina Georgieva, managing director of the International Monetary Fund.

"CBDCs can replace money that is expensive to circulate in island economies," she said Wednesday at the Singapore FinTech Festival event, CNBC reported.