Overview of the Year 2016
- The 84th Ordinary General Assembly Meeting of the CBRT was held on 11 April 2016.
- Deputy Governor Murat Çetinkaya was appointed Governor of the CBRT on 19 April 2016.
- Erkan Kilimci, Murat Uysal and Emrah fiener were appointed Deputy Governors on 13 May 2016, 9 June 2016 and 2 September 2016, respectively.
- Considering the role of rediscount credits in reducing the current account deficit and boosting the CBRT’s foreign exchange reserves, the overall limit of rediscount credits was increased by USD 3 billion to USD 20 billion on 26 July 2016.
- The Structural Economic Research Department was established within the CBRT. Although this department does not have an equivalent in the organizational structure of traditional central banks, it is the first example in central banking in terms of approaching structural economic problems.
- The CBRT Blog, developed to share and discuss the views of the Central Bank of the Republic of Turkey’s staff with the public and make timely contributions to the economic agenda, was launched on 1 December 2016.
- By December 2016, the one-week repo rate was 8 percent; CBRT overnight borrowing and marginal funding rates were 7.25 percent and 8.50 percent, respectively; late liquidity window borrowing and lending rates were 0 percent and 10 percent, respectively.
- In 2016, the CBRT did not introduce any changes to the monthly maximum interest rate for credit card borrowing which was 2.02 percent for Turkish lira and 1.62 percent for foreign exchange transactions, or to the monthly maximum overdue interest rate which was 2.52 percent for Turkish lira and 2.12 percent for foreign exchange transactions. These rates were determined in 2015 to be effective from 1 January 2016.
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