A Glance at 2018

FOCUSING ON PRICE STABILITY

In line with its primary objective of achieving price stability and contributing to financial stability, the CBRT continued to make use of an appropriate mix of monetary policy and liquidity tools in a way to support the predictability of the monetary policy.

• In May 2018, simplification of the monetary policy was completed and funding was made through the one-week repo rate, targeting a more predictable monetary policy.
• Besides the simplified operational framework of the monetary policy, a strong monetary tightening was delivered to contain the deterioration in inflation expectations and the pricing behavior.
• In the third quarter of 2018, the policy rate was raised by 625 basis points to limit the effects of the fluctuations in financial markets and geopolitical developments on the Turkish economy and to mitigate risks.
• Given the developments in August, the upper limit for the FX facility of the ROM under required reserves was reduced; required reserve ratios for TL and FX were lowered and markets were provided with liquidity; banks’ collateral conditions were eased;rediscount credits were enabled to be repaid in TL to support financial stability and maintain the efficient functioning of markets.
• The CBRT launched Turkish lira settled forward foreign exchange transactions at the Borsa İstanbul Futures and Options Market with corporate and individual investors; and the Turkish Lira Currency Swap Market was opened. These steps aimed at deepening of the futures markets and contributing to the exchange rate risk management of the corporate sector.

PLAIN, EFFECTIVE AND BILATERAL COMMUNICATION

The CBRT conducted plain, efficient and bilateral communication relying on the principles of openness and transparency in the communication strategy.

• In the corporate “CBRT Blog” that enables the CBRT staff to share their views with the public, open for debate and offer timely contributions to the economic agenda, further new analyses and videos were posted and the blog website was redesigned.
• To raise awareness regarding the importance of price stability and provide different shareholders with economics training, the “Economics for All” initiative remained active. The “Economics for All in Anatolia” project was initiated to render these trainings nation-wide.
• The CBRT held face-to-face and technical meetings with domestic and foreign investors, analysts and economists to contribute to the understandability of policies.
• Further comprehensive interviews were made with firms to monitor the corporate sector and analyze the structural factors of the Turkish economy closely.
• New Regional Coordination Offices were put into effect to be constantly in communication with the corporate sector.
• The Food and Agricultural Products Markets Monitoring Committee (Food Committee), secretarial services of which are undertaken by the CBRT, continued with activities regarding the solution of structural and cyclical problems.

FOCUSING ON SUSTAINABILITY OF TRANSFORMATION

Being a pioneering institution, having attained the best standards at a global scale and welcoming improvement, the CBRT focused on transformation with a view to offering more efficient contributions to economic stability.

• In a period of inevitable transformations urged by global developments, the 2019-2021 Strategic Plan, a document of vision for the transformation process, was adopted. Accordingly, the CBRT’s five focal points were set as; “Research and Communication,” “Operational Structure,” “Technology and Infrastructure,” “Human Resources” and “the Corporate Culture.”
• The new organizational structure was enforced to boost the efficiency of the CBRT.
• The Department of Corporate Risk Management was established in 2018 to evaluate the financial, operational and legislative risks at the CBRT with a holistic approach and report these to senior management.
• Career management was redesigned to focus on expertise, plainness, understandability and the development of human resources.
• To ensure uniformity in the internal and external communication tools of the CBRT, a new corporate design identity was established in conformity with the CBRT’s corporate image, philosophy, culture and prestige.
• To lend an ear to the wishes and views of the CBRT staff, the “I Have an Idea Platform” was launched. All posts sent by the staff were considered by the top management, and those suggestions that will add value to the CBRT and the staff were put into use.

MORE INTENSIVE AND EFFICIENT USE OF TECHNOLOGY

The CBRT continued to use technology and automation intensively and efficiently in all business processes.

• The CBRT website was renewed to meet the contemporary technological needs and be user-friendly.
• Digital tools were used in the efforts towards Economics for All to reach a variety of audience, and the micro site Economics for All was launched on 2 February 2018.
• Visuals and content of the CBRT mobile application were renewed.
• Electronic Data Delivery System (EDDS) mobile application was put into use.
• The Systemic Risk Data Monitoring System was designed.

COORDINATION WITH NATIONAL AND INTERNATIONAL SHAREHOLDERS

In the development and implementation of economic policies under its domain, the CBRT continued to collaborate with national and international stakeholders.

• Various domestic national platforms were attended.
• International conferences and meetings were held and activities for regional cooperation were given priority.
• Studies towards reinforcing the communication and cooperation with central banks were intensified.
• Through the new memorandums of understanding signed, the scope of the CBRT’s international cooperation network was widened.
• Besides training courses on cyber security, credit reporting systems, applied econometrics, use of large data, use of derivatives of the corporate sector, financial technologies for financial stability, which enhance the efficiency and security of national payment systems, the “Balkan School of Central Banking” certificate program was held for the first time.
• The İstanbul School of Central Banking (ISCB) held many seminars and workshops attended by national and international shareholders and contributed to the targets of the CBRT.

DEVELOPING CULTURAL, ARTISTIC AND SOCIAL SENSITIVITY

• Exhibitions were held in Turkey and abroad of the prominent pieces from the CBRT Art Collection.
• The CBRT held the 2nd International Photography Contest to promote the corporate identity at national and international platforms, enhance cultural and artistic activities, reinforce internal and external links of communication and support the art and artists of photography.
• In total, 8,891 photographs of 2,534 artists from 75 countries competed in this contest named “Economy and Crafts.”
• Social responsibility activities were participated in and contributions were made to academic studies as donations and aid.
• The CBRT organized a variety of sport and social events in Turkey and participated in activities that were conducted abroad.