2.8.1. Accountability and Monetary Policy Communication

As part of direct communication, Governor Murat Çetinkaya delivered various speeches and presentations in Turkey and abroad, through which he introduced the policies and implementations of the CBRT and analyzed current economic developments. In this scope, Governor Çetinkaya delivered presentations at the İstanbul Finance Summit on 6 September 2016, at the İstanbul Chamber of Industry on 28 September 2016 and to the Banks Association of Turkey in Ankara on 12 July 2016 and in İstanbul on 13 December 2016. He also explained the CBRT policies to the public at several events organized by various non-governmental organizations as well as at international meetings and conferences. Presentations and speeches made by the Governor, the MPC members and senior Bank management, and the videos of some of the Governor’s speeches are available on the CBRT website.

The details of the principle of accountability are explicitly set out in Article 42 of the CBRT Law. In accordance with Article 42, Governor Çetinkaya delivered a presentation on the economic outlook and monetary and exchange rate policy implementations before the Council of Ministers on 12 December 2016. As required by the principle of accountability, the CBRT continued to publish its analytical balance sheet daily on its website throughout 2016. The CBRT also issued a report regarding the results of the independent audits of the CBRT balance sheet and income statements. To serve the same purpose, the CBRT disclosed the rationale and consequences of its policy decisions via regular reports and presentations throughout the year.

Under the current monetary policy implementation, the CBRT’s main communication tools are the MPC decisions and the Inflation Reports. Via the Inflation Reports that are published on a preannouced calendar, the CBRT informed the public about its general evaluations of international economic developments, inflation, supply and demand developments, financial markets, financial intermediation and public finance as well as its medium-term inflation forecasts. The Inflation Reports also contained thematic boxes on up-to-date issues regarding the Turkish economy. Inflation Reports were presented at briefings on 26 January 2016 and 26 July 2016 in Ankara and on 26 April 2016 and 27 October 2016 in İstanbul. All the briefings for Inflation Reports held in 2016 were webcast on the CBRT website and were simultaneously interpreted to English for non-Turkish audiences.

In 2016, the CBRT posted on its website the MPC decisions on short-term interest rates and other monetary policy instruments, as well as the summaries of the MPC meetings, on scheduled dates as was announced in the Monetary and Exchange Rate Policy for 2016 document. The CBRT announced its Monetary and Exchange Rate Policy for 2017 on 6 December 2016. Throughout 2016, the CBRT shared the Bank’s main activities and the changes in implementations that are of significant interest to the public via 69 press releases.

To facilitate better public understanding of monthly inflation developments, the CBRT continued to issue the Monthly Price Developments Report on the day following the release of inflation figures.

The CBRT, which safeguards financial stability along with its primary objective of price stability, issued Financial Stability Reports on its website on 31 May 2016 and 30 November 2016 in accordance with its pre-announced calendar of data releases. In the Financial Stability Reports, the CBRT shared its perspective on the overall financial sector with respect to the most recent financial stability developments in Turkey and abroad.

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