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Turkish Central Bank Governor Hafize Gül narrowing stated that the recent crisis that affected some investment funds in Turkey did not lead to the spread of its risks to the entire financial system. She pointed out that most of the funds moving out of money market funds and similar funds have been redirected into deposits, especially in Turkish lira, which increased its share to over 61%. She also noted that cash deposit inflows have been rising since the second quarter, with a preference for the lira. Moreover, she mentioned that the Capital Markets Board decided to liquidate 131 funds following unusual movements in stocks related to these funds, while providing temporary payments to investors to protect their rights. Regarding monetary policy, Gül narrowing confirmed that credit growth has slowed to 25%, and emphasized ongoing efforts to stabilize prices. She also indicated that inflation has been gradually declining, falling to 29.73% in September, with expectations of further decrease in the coming period, amid a stable interest rate at 37% and continued monetary tightening to address rising energy prices and inflation.
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