2.3.2. Activities Regarding Financial Stability

Issues that may pose risk to financial stability in Turkey are meticulously monitored at various platforms, the leading one being the Financial Stability Committee, and due actions are promptly taken by relevant authorities. In this context, the CBRT conducts cooperative and coordinated work with the relevant authorities.

In 2012, the CBRT continued to share views and assessments about financial stability on various platforms, mainly through the biannual Financial Stability Report (FSR) (published in May and November). Alongside the FSR, the CBRT contributed to the economic literature on financial stability by publishing working papers, research notes in economics and articles.

Moreover, national and international conferences held by the CBRT facilitated the exchange of information among various parties on major topics of financial stability like supervision in banking, macroprudential instruments and payment systems.

The third meeting of the Turkish-Russian Working Group on Banking and Financial Cooperation, which was established in accordance with Article 2.2 of the Memorandum of Understanding signed on 4 March 2011 by the Turkish-Russian 11th Term Intergovernmental Joint Economic Commission (JEC) with an aim to encourage trade in local currencies, was held in Ankara on 14-15 June 2012. Moreover, the Markets Department and the Communications and Foreign Relations Department of the CBRT organized meetings with the participation of relevant public institutions, banks and representatives from the private sector to encourage trade in local currencies and the use of the Turkish lira in international trade and discuss the steps that could be taken to achieve this objective.