2.11 International Cooperation and Events

2.11.1 Relations with International Organizations

In international organizations and platforms, CBRT officials gather with economic and financial circles to exchange ideas and contribute to the setting and development of the agenda. Accordingly, the high-level meetings held and participated in are listed below.

The fourth 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 on 25-26 September 2022 in Istanbul, and was hosted by the CBRT. A workshop on “Best Practices on Promoting Financial Literacy and Islamic Finance in OIC Member Countries” was organized within the context of the meeting. This workshop was held as part of the project titled “Strengthening Financial Literacy and Promoting Islamic Finance in the OIC Member Countries” implemented by SESRIC in collaboration with the CBRT, Bank Indonesia and the Financial Services Authority of Indonesia under the “COMCEC Project Funding”.

At the OIC-COMCEC Ministerial Meeting held on 28-29 November 2022, the OIC-COMCEC Central Banks Forum was represented.

Studies were carried out for the meetings of G20 Finance Ministers and Central Bank Governors, G20 Finance and Central Bank Deputies as well as for periodic meetings organized by the IMF and the BIS, and coordination was ensured with internal and external stakeholders.

In October, the IMF held meetings with Turkish officials from the public and private sector as per its mandate to monitor the economic and financial policies of member countries and oversee the international monetary system (Article IV). Within the scope of these routine meetings, the CBRT took part in the meetings under the coordination of the MTF and contributed to the agenda items. At these meetings, the IMF delegation was briefed on the current circumstances in the Turkish economy and financial sector as well as the CBRT’s monetary policy implementations, chiefly the Liraization Strategy.

As part of the biannual country reports published by the OECD-EDRC for member countries, technical meetings, which were the first stage of the preparation of the “2022 OECD-EDRC Economic Surveys: Türkiye”, were held on 4-8 April 2022 with the participation of representatives from the CBRT and other relevant institutions. As part of the second phase of the preparation of this report, a meeting was held with a high-level OECD delegation on 6 October 2022 to be informed about their findings and policy recommendations for our country. The CBRT delegation participated in the ”2022 OECD-EDRC Economic Surveys: Türkiye” Meeting on 7 December 2022.

2022 Conference of Mediterranean Central Banks titled “Building Resilience in Uncertain Times: Safeguarding Financial Stability, Encouraging Investments” was held in Istanbul on 31 October 2022. The conference was co-chaired by Governor Şahap Kavcıoğlu and Governor of the Bank of Spain Pablo Hernández de Cos.

The CBRT attended the meetings held under the coordination of the Ministry of Trade regarding the “Economic Outlook” and “Financial Services” sections of the Secretariat Report, which was updated with the contributions of relevant ministries and institutions after the visit of relevant experts from the World Trade Organization (WTO) Secretariat to Türkiye on 14 November 2022.

Regarding promotional activities for YUVAM accounts, online meetings were held with the Independent Industrialists’ and Businessmen’s Association (MÜSİAD) on 4 February 2022 and the Board of Foreign Economic Relations (BFER) on 22 March 2022 with the participation of Governor Şahap Kavcıoğlu and CBRT Representative Offices Abroad.

The Committee on Payments and Market Infrastructures and the Steering Group for Monitoring Implementation of the International Organization of Securities Commissions (CPMI-IOSCO) launched a study called “Level 2 Assessment” in 2020, which also included Türkiye. This study included participants from many countries in the Assessment Team. Accordingly, assessment of the compliance of the payment and securities settlement systems under the CBRT’s jurisdiction with the Principles for Financial Market Infrastructures (PFMI) published by the CPMI and IOSCO was completed and the resulting report was published in July 2022. Despite some recommendations in the Second Level Assessment, the regulations on payment and securities settlement systems under the CBRT’s regulatory and oversight authority were assessed to be “Fully Compliant” with the PFMI.

2.11.2 Participation in International Events

• Contribution was made to the 11th IFC Conference on “Post-pandemic Landscape for Central Bank Statistics” held by the BIS with presentations titled “Sectoral Financial Positions and Debt Levels at the Post-Pandemic Period” and “The Effect of Pandemic on Central Bank of Türkiye (CBRT) Real Sector Database and Post-pandemic Adjustment”.
• The Bank participated in the OECD Financial Statistics Working Group meeting and the CBRT representative was elected as a member of the OECD Financial Statistics Bureau for three years for the 2023-2025 period.
• The CBRT contributed to the workshop on Financial Accounts organized by EUROSTAT with two presentations titled “Turkish Financial Accounts: Data Sources and Related Issues” and “Distribution of Responsibilities for the Compilation of Financial Accounts”. In the first presentation, the scope of financial accounts statistics, data sources employed in the compilation process, problems encountered, and solution methods were explained. In the second presentation, the importance of the division of labor and sharing of responsibilities and inter-institutional cooperation within the scope of the financial accounts and integrated accounts working groups established by the CBRT, Turkish Statistical Institute (TURKSTAT) and MTF was emphasized for the financial accounts production process.
• At the regular annual meeting held within the scope of the “Joint Harmonized European Union Program of Business and Consumer Surveys”, where recent developments in tendency surveys were discussed, the CBRT attended as a speaker on the panel on “The Future of Tendency Surveys”. A presentation titled “Factors Limiting Production and Uncertainty” was also made at the same meeting.
• The Bank participated in the meetings of the ERICA, BACH, RSA, FSA working groups under the European Committee of Central Balance Sheet Data Offices (ECCBSO), of which the CBRT is a member, regarding real sector risk assessment and financial analysis studies as well as in the 44th General Assembly meeting of the group.
• Studies were implemented in the “Cash Issuance Committee”, “Banknote Security Committee”, “Banknote Materials Committee” and “Manufacturing Process Committee” groups. These are technical subunits of the “European Banknote Conference”, of which the CBRT is a member and which operates with the participation of the Central Banks and Banknote Printing Houses of European countries for banknote printing and cash management.
• On 21 April, 28 April, 20 September, 22 September, 11 October, and 19 October 2022, the CBRT participated online in the annual meetings of the “BPS International Users Group” organized by the German firm Giesecke & Devrient, of which the CBRT is a member, with a view to exchanging views on the operation of the systems among users of banknote processing systems (BPS), sharing experiences, and renewing the systems in consideration of technological innovations.
• The CBRT attended online in the General Assembly Meeting of the Central Bank Counterfeit Deterrence Group (CBCDG), of which the CBRT is a member, held on 1 December 2022. CBCDG General Assembly Meetings are held once a year. In these meetings, the heads of delegations of member countries to the European Banknote Conference and representatives of other member countries not included in the European Banknote Conference are informed about the activities of the CBCDG by the management, necessary decisions are taken and the CBCDG budget is approved.
• “The EMEA Cash Cycle Seminar (ICCOS)” was organized by Currency Research (CR) and hosted by the CBRT in Istanbul between 31 May and 2 June 2022 with the participation of 20 central banks. The CBRT contributed to the sessions and panels in the event via technical presentations.
• The Issue Department participated in “The 5th International Mint and Print (MAP) Conference” held in Dubai between 1 and 3 November 2022, the main topic of which was to ensure a safe, efficient and sustainable cash management (transactions regarding banknotes in circulation). At the conference, ensuring the efficient circulation of coins and banknotes, destruction and reuse of out-of-circulation and worn-out banknotes, determination of coin denomination and alloy and operating model, examination and design of processing and teller centers for issuance transactions, banknote and coin processing technologies were discussed.
• On 14-16 September 2022, the Issue Department participated in “The Future of Cash” program held in Madrid, Spain to represent our country. Delegates from central banks, commercial sector cash industry professionals and academia joined the program, the discussion topics of which were central banks’ banknote management models, banknote recycling, central efficiency of banknotes, standards and automation.
• Monitoring closely the efforts related to real estate statistics across the globe, the Bank participated in the online meetings of the “Eurostat Task Force on Commercial Real Estate Indicators (TF CREI)” and “Eurostat Real Estate Price Statistics” (REPS) working groups established by the European Statistical System Committee (ESSC) in view of the recommendations of the European Systemic Risk Board (ESRB) on closing data gaps in the field of real estate.
• As part of the BIS 2025 Innovation Strategy, the CBRT attended the online meetings of the “BIS Group of Experts” working group, of which it is a member, established to reshape the technical infrastructure of the BIS Databank and to create a new data distribution platform. The Bank also joined the “Fusion XL” and “Fusion Metadata Registry” meetings held by the BIS to improve data reporting format and processes.
• Within the context of the European Commission’s training activities, the CBRT participated in and contributed to the event called “The Protection of the Euro-The Fight Against Counterfeiting and Fraud” organized by the Bank of Portugal in Lisbon/Portugal on 26-28 October 2022 as part of the Pericles Program, a training program covering “The Fight Against Counterfeiting in the Euro” and involving stakeholders other than the European Union as well.

2.11.3 Relations with Central Banks

Breaking out in late 2019 and spreading across the globe in 2020, the coronavirus pandemic had an adverse impact on economic, social and humanitarian activities, which caused the CBRT’s cooperation with foreign central banks to be reviewed to adapt to changing global conditions. Accordingly, the CBRT’s activities, which were largely performed as study visits in previous years, were carried out via videoconference to minimize the effects of the pandemic and to sustain information and experience exchange in the most efficient way in current circumstances. Although the course of the pandemic grew better in 2022, the main trend became organizing technical cooperation activities with bilaterally-cooperating central banks in an online format.

Accordingly, the CBRT organized 64 videoconferences with 35 stakeholder central banks and organized four study visits, three to the CBRT and one to other central banks in 2022. These covered a wide range of cooperation activities, various areas of central banking, chiefly in the priority issues on the global agenda of central banking, and on issues identified to enhance the institutional capacities of the CBRT and the central banks with which the CBRT cooperates bilaterally.

In addition to technical cooperation activities via videoconference, surveys and written information requests remained as other information sharing methods used in 2022. To contribute to the CBRT’s strategic objectives and the projects carried out by its units, the CBRT requested information about 20 subjects from central banks with which it has bilateral cooperation, and responded to 12 information requests, thereby contributing to the information and experience needs of other central banks.

The CBRT enhanced bilateral cooperation with other central banks at the technical level through high-level bilateral meetings. These meetings with senior officials from foreign central banks as well as representatives of foreign missions based in Türkiye contributed to the development of high-level dialogue between the CBRT and foreign missions. At these meetings, views were exchanged on policies that could be adopted to deepen the partnership between central banks as well as on the Turkish economy and global financial developments.

The CBRT signed memorandums of understanding with the Central Bank of Venezuela on 8 June 2022 and with the Central Bank of Cuba on 23 November 2022 to foster information exchange on central banking issues and strengthen coordination networks between the CBRT and central banks of other countries. Thus, the number of central banks with which official collaboration has been established reached 39.

In addition, a currency swap agreement was signed with the Central Bank of the United Arab Emirates on 19 January 2022, and the existing agreement with the Central Bank of the People’s Republic of China was renewed on 6 June 2022, to facilitate trade in local currencies in international trade, encourage investments and support financial cooperation. Currency swap agreements are indicative of the deepening of bilateral cooperation between countries in the trade and investment areas, the aim of which is to encourage the use of local currencies in trade between the two countries.

2.11.4 Participation in International Working Groups

The CBRT attended and contributed to the Main Committee Meetings organized by the CPMI, operating within the BIS, in February, May, June, September and November via the videoconference method.

The Bank took part in the Future of Payments Working Group (FoP), Liquidity Workstream, Cross Border Payments Expansion Workstream, Cross Border Payments Messaging Workstream, Target Data Group on the Development of an Implementation Approach for Cross Border Payment Targets, and the Working Group on Cyber Resilience for Financial Market Infrastructures (WGCR) formed within the scope of the Roadmap for Improving Cross Border Payments established by the FSB, CPMI and other relevant international organizations and standard-setting bodies.

2.11.5 Organizations

National and International Events

The CBRT held several meetings to enhance cooperation with other central banks and international organizations and discuss issues occupying the agenda of the Turkish economy.

Activities for which the Protocol Department handled logistics arrangements are listed below:

• Briefing on Inflation Report 2022-I held on 27 January 2022 in Ankara
• Briefing on Inflation Report 2022-II held on 28 April 2022 in Ankara
• Digital Turkish Lira Cooperation Meeting held on 27-28 May 2022 in Izmir
• Briefing on Inflation Report 2022-III held on 28 July 2022 in Ankara
• “Financial Statement Analysis Working Group” Meeting held on 6-7 September 2022 in Izmir
• 4th OIC-COMCEC Central Banks Forum held on 25-26 September 2022 in Istanbul
• Digital Turkish Lira Cooperation Meeting held on 30 September-1 October 2022 in Izmir
• Briefing on Inflation Report 2022-IV held on 27 October 2022 in Ankara.

In-House Events and Internal Communication Activities 

Events organized at the CBRT to reinforce communication within and among departments, foster the employees’ motivation and communication are as follows:

• Participation in Ankara Institutions and Organizations Table Tennis Super League on 4 January – 14 June 2022 in Ankara 
• 15th Interbank Chess Tournament organized online on 12 February 2022
• Iftar Meals for the CBRT staff organized on 26 and 28 April 2022 in Ankara
• Issue Transactions Workshop organized on 13-16 October 2022 in İzmir
• Deals of sale made with various institutions for the benefit of all the CBRT staff.

2.11.6 European Union Harmonization Activities

In the scope of Türkiye’s accession process to the European Union (EU), the CBRT contributes to the work on alignment with the EU acquis on the chapters that fall in its remit and reports the developments to the Directorate for EU Affairs of the Ministry of Foreign Affairs.

Table 2.11.6.1 shows the latest status in the chapters in which the CBRT participated within the framework of membership negotiations.

The CBRT also attended the Economic and Financial Dialogue meetings in 2022. These meetings are held to include candidate countries in the economic dialogue process and to ensure their compliance with the new system before membership and to evaluate the Economic Reform Program (ERP) of the candidate and potential candidate countries in this framework. The meetings were organized in person as well as online in 2022 in view of the improved course of the coronavirus pandemic.

In this process, the Economic and Financial Committee Meeting of Experts was held in Brussels on 28 April 2022 and the High-Level Officials Meeting was held online on 13 May 2022. At these meetings, the ERPs prepared by the candidate countries¹ were evaluated and the Draft Joint Conclusions of the Economic and Financial Dialogue between the EU and the Western Balkans and Türkiye were agreed upon. The last meeting in this process is the Economic and Financial Dialogue Meeting between the EU, Türkiye and the Western Balkans, the highest-level meeting in terms of economic dialogue between the EU and the candidate countries.¹ The meeting was held on 24 May 2022 in Brussels. At the meeting, views were exchanged on the thematic subject “Economic Challenges in the Region and Measures to Support a Sustainable and Inclusive Recovery in the Face of the Economic Crisis” for 2022 and the Final Joint Conclusion was adopted as agreed.

Meanwhile, the CBRT participated in the spring and fall meetings of the biannual Economic Forecast for the Candidate Countries. Accordingly, the Spring Economic Forecast Meeting was held online on 20 April 2022 and the Autumn Economic Forecast Meeting was held on 26 October 2022 in Brussels, where information on economic and financial forecasts was exchanged with the Commission officials.

Lastly, this year’s meeting of the Subcommittee No. 4 on Economic and Monetary Issues, Movement of Capital and Statistics, which is one of the subcommittees established as per the decision taken at the Türkiye-EU Association Council to evaluate the alignment of Turkish legislation with the EU acquis, the progress made in this framework and the activities planned for the upcoming period, was held online on 11-12 October 2022 with the participation of the European Commission and CBRT officials.

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