2.10 International Cooperation and Events

2.10.1 Relations with International Organizations 

The third meeting of the “OIC-COMCEC Central Banks Forum” within the Organization of Islamic Cooperation (OIC), for which the CBRT carries out secretarial activities, was held online on 29 September 2021, hosted by the CBRT. At the meeting, the main theme of which was determined as “post-pandemic economic and financial priorities for OIC countries”, the global economic outlook and the economic and financial outlook of the OIC countries were discussed, possible policies were debated by focusing on key priorities and actions required to achieve a strong and sustainable economic environment in OIC countries in the post-pandemic period. In addition, the role that Islamic finance will play in achieving these priorities was discussed in detail.

The 45th meeting of the Central Banks Governors’ Club of Central Asian, Black Sea Region and Balkan Countries (Governors Club), for which the CBRT acts as secretariat, was held online on 8 December 2021 organized by the Central Bank of Russia. Key topics of the meeting were global economic and financial developments, the effects of the coronavirus pandemic on economies of member countries, policy measures taken, policy priorities in the recovery process of economies and combating risks related to climate change.

Throughout 2021, the CBRT carried out activities regarding periodic meetings organized by the G20, IMF and BIS, and coordination was established with internal and external stakeholders. In January, as part of the IMF’s duty to monitor the economic and financial policies of member countries and to oversee the international monetary system (Article IV), meetings were held with public and private sector officials of our country. CBRT officials participated in these routine meetings coordinated by the Ministry of Treasury and Finance and contributed to the agenda items.

The CBRT became a member of the Network for Greening the Financial System (NGFS) on 14 December 2021 to closely monitor international efforts to identify and mitigate the possible impacts of climate change on the financial system.

2.10.2 Relations with Central Banks

The CBRT continued to seek stronger communication and bilateral cooperation with other central banks, despite the challenges brought by the coronavirus pandemic. Accordingly, to lay the groundwork for enhanced communication and cooperation in the field of central banking, a memorandum of understanding was signed with the Central Bank of Uzbekistan on 2 August 2021; with the Central Bank of the United Arab Emirates on 24 November 2021 and with the Central Bank of Turkmenistan on 27 November 2021. With these memorandums of understanding, the number of central banks with which the CBRT officially collaborates reached 37 in 2021.

With a view to encouraging the use of local currencies in international trade and investments as well as supporting financial cooperation, the CBRT has been signing bilateral swap agreements with other central banks. In this regard, the swap agreement between the Central Bank of the Republic of Türkiye (CBRT) and the People’s Bank of China (PBoC), which was renewed in 2019, was revised on 4 June 2021; a swap agreement was signed between the Central Bank of the Republic of Türkiye and the Bank of Korea on 12 August 2021, and the swap agreement, which was signed between the Central Bank of the Republic of Türkiye and the Qatar Central Bank, was renewed on 17 September 2021.

The CBRT organized bilateral meetings in order to carry out bilateral communication with other central banks and officials of diplomatic missions in Türkiye at the highest level. In those meetings, which were held face-to-face as far as the pandemic permitted or in the form of online meetings, participants discussed the economic outlook and bilateral cooperation opportunities.

In 2021, within the scope of technical cooperation activities, the CBRT held 73 videoconferences with 32 central banks and a banking institute, and two groups paid study visits to the CBRT. These activities were in the fields of instant payment systems, information technology infrastructure, fintech-digital money, human resources processes, emission processes, data governance and statistics, market operations, macroprudential regulations and inflation dynamics.

Another method that was actively used for technical cooperation due to the coronavirus pandemic was written information requests. Regarding CBRT’s internal projects in 2021, the CBRT requested information on 14 different projects from other central banks  and 10 information requests directed to the CBRT were answered.

2.10.3 Participation in International Working Groups

The working groups in which the CBRT is a member continued their activities throughout 2021. Accordingly, the CBRT:

2.10.4 Organizations

National Organizations

The CBRT held several meetings in order to explain to the public issues of great interest concerning the Turkish economy:

International Organizations 

The CBRT attends international platforms to meet economy and finance circles and exchange views. The meetings that the CBRT attended are listed below. Moreover, the CBRT held investor meetings throughout the year.

2.10.5. European Union Harmonization Activities

In the scope of Türkiye’s accession process to the European Union (EU), the CBRT continues to contribute to efforts regarding harmonization with the acquis as well as economic dialogue mechanisms between the EU and Türkiye on the issues that fall within its mandate.

Table shows the latest status in the chapters in which the CBRT participated within the framework of membership negotiations started on 3 October 2005 after Türkiye was declared a candidate country.

Table Current Status in Chapters that the CBRT contributes to during the Negotiation Process

Chapters Directly Involved

Latest Status   

in Negotiations

Chapters Indirectly Involved

Latest Status

in Negotiations

4. Free Movement of Capital

Negotiations opened.

(19 December 2008)

2. Freedom of Movement of Workers

Under review by the

European Council.

9. Financial Services

Negotiations suspended.

(14-15 December 2006)

6. Company Law

Negotiations opened.

(17 June 2008)

17. Economic and Monetary Policy

Negotiations opened.

(14 December 2015)

16. Taxation

Negotiations opened.

(30 June 2009)

18. Statistics

Negotiations opened.

(26 June 2007)

19. Social Policy and Employment

Opening benchmarks established.

32. Financial Control

Negotiations opened.

(26 June 2007)

28. Consumer and Health Protection

Negotiations opened.

(19 December 2007)

33. Financial and Budgetary Provisions

Negotiations opened.

(30 June 2016)



The CBRT closely monitors the EU acquis in the relevant chapters, carries out harmonization procedures and reports to the Directorate of EU Affairs of the Ministry of Foreign Affairs.

Meanwhile, the economic dialogue between the EU and Türkiye continued in 2021. In this context, within the framework of the evaluation process of the Economic Reform Programs (ERP) submitted by the Western Balkans and Türkiye to the European Commission, the Council of Europe’s Economic and Financial Committee meeting of experts was held online on 27 April 2021 and the Senior Officials Meeting was held online on 6 May 2021. At the meeting, ERPs prepared by EU candidate and potential candidate countries1 were evaluated. In addition, the Draft Final Conclusion of the Economic and Financial Dialogue Meeting between the EU and the Western Balkans and Türkiye has been brought to the final stage.

The Economic and Financial Dialogue Meeting between the EU and the Western Balkans and Türkiye was held online on 12 July 2021. At the meeting ERPs were evaluated in general, the Final Joint Conclusion was adopted, and views were exchanged on this year’s thematic subject: “The Economic Outlook and Policy Measures Taken to Support Sustainable Inclusive Recovery Amid the Coronavirus Pandemic”.

Meanwhile, the spring and fall meetings of the biannual Economic Forecast for the Candidate Countries were held online on 21 April 2021 and 12 October 2021. The 17th meeting of Subcommittee No. 4 on Economic and Monetary Issues, Capital Movements and Statistics, which is one of the eight subcommittees established with the Türkiye-European Union Association Council Decision dated 11 April 2000, was held online on 23-24 November 2021. The latest developments in the relevant chapters were discussed at the meeting.


1 Albania, Macedonia, Montenegro, Serbia, Bosnia-Herzegovina, Kosovo, Türkiye

Contact      © The Central Bank of the Republic of Turkey 2022
© CBRT 2022 Contact