2.10.1. International Relations

The International Monetary Fund (IMF) made available an amount equivalent to SDR 6.7 billion to Turkey through the 19th Stand-By Arrangement approved on 11 May 2005. The purchase of the total amount was spread over the period between May 2005 and May 2008 and distributed in six installments. Turkey’s debt to the IMF was terminated on 14 May 2013 with the last repayment of SDR 281 million. As a depository institution, the payment was carried out by the CBRT.

At the G-20 meeting held in Los Cabos on 19 June 2012, a number of emerging market countries, including Turkey, declared their intention to contribute to global financial stability by increasing the resources of the IMF. Within the framework of the IMF’s press release no. 12/229 dated 15 June 2012, the CBRT would contribute to the IMF resources by up to USD 5 billion, to be counted as part of its international reserves. Following the discussions concerning the technical issues and legal proceedings of the contribution, a “Note Purchase Agreement” signed between the IMF and the CBRT became effective as of 17 October 2013. The IMF did not issue Notes for Purchase under this Agreement in 2013.

The G-20 has become the premier forum for international policy coordination with the global crisis. Hence, its agenda has been shaped in conjunction with the evolution of the crisis, particularly since 2009. Accordingly, the G-20 has taken steps to resolve the crisis and mitigate its impacts on the one hand and granted international determination to fulfill the gaps in the global financial architecture and to put the global economy onto a strong, sustainable and balanced footing in the following period on the other. One of the major areas to restructure the global architecture has been the strengthening of the financial regulation. The CBRT has been actively involved in these efforts, reflecting its crisis resolution experiences and articulating its views to shape the financial architecture in a balanced manner. In this context, the Bank reflects the perspectives of emerging countries that have a growing weight in the global economy.

Turkey will take over presidency of the G-20 in 2015, having joined the Troika in December 2013. During the Troika, Turkey will have the opportunity to lead discussions on the global economy. Governor Erdem Başçı is a member of the “G20 Presidency Guidance Committee”, which was established by the Circular No: 28628 dated 25 April 2013, issued by the Prime Ministry to guide the preparations. Accordingly, the CBRT has started preparations for the 2015 Presidency term.

In 2012, the CBRT took important steps toward enhancing communication and technical cooperation with other central banks: First, a Memorandum of Understanding (MoU) was signed with Bundesbank on 22 March 2013 to extend the areas of cooperation among the two central banks. A MoU with a similar nature was signed with the Central Bank of Italy on 21 August 2013, hence an important step was taken in fostering cooperation. In line with these MoUs, high level dialogue will be established on issues related to monetary policy, mutual secondee visits will be performed and international organizations will be held. On 11 October 2013, a MoU was signed with the Central Bank of Afghanistan to enhance bilateral relationships and foster cooperation and information sharing in the field of central banking.