Turkey’s central bank has refuted allegations that previously undisclosed information and assessments were shared with investors during technical briefings held in London last week. The central bank firmly stated that these allegations are “completely unfounded”. The denial follows a Reuters report indicating that some participants in the briefings believed an interest rate hike was being considered to address economic challenges arising from the Iran war.
During the briefings, Central Bank Governor Fatih Karahan and Finance Minister Mehmet Simsek conveyed confidence in the measures implemented to date. In response to the allegations, the central bank (CBRT) clarified that its briefings were strictly confined to publicly accessible monetary policy documents and macroeconomic data that had already been published.
The CBRT emphasised its commitment to transparency and adherence to established protocols. “The CBRT does not, under any circumstances, disclose non-public information or policy assessments to any external parties, whether domestically or internationally,” the bank stated. It further explained that the briefings primarily address technical inquiries related to the broader macroeconomic outlook, financial markets, and the banking sector, with the objective of promoting a clear understanding of monetary policy implementation.
Similarly, the Treasury and Finance Ministry released a separate statement affirming that Minister Simsek, as a matter of principle, refrains from commenting on interest rate policy during any domestic or international meetings. These private meetings, attended by numerous foreign investors, occurred after a series of policy actions aimed at bolstering the lira and maintaining disinflation. These actions included the sale or swap of tens of billions of dollars in foreign exchange.
