Committee discusses measures against macroeconomic risks

ANKARA

Measures to be taken on parities, liquidity and foreign exchange reserves against macroeconomic risks were discussed at the first Financial Stability and Development Committee (FİKKO) meeting under the chairmanship of Treasury and Finance Minister Berat Albayrak on Nov. 1. 

In line with the New Economic Program (YEP), FİKKO replaced the Financial Stability Committee (FİK).

The meeting included the participation of chiefs from the Central Bank of the Turkish Republic (CRBT), the Banking Regulation and Supervision Agency (BDDK), the Capital Markets Board (SPK), the Savings Deposit Insurance Fund (TMSF), Borsa Istanbul and the Banks Association (TBB) along with Albayrak and the Deputy Treasury Minister Nureddin Nebati and Deputy Finance Minister Osman Dinçbaş, according to a follow-up ministry statement.

“In a bid to enable FİKKO to take a more active role in coordinating the financial system, a number of subgroups were planned to be formed and details about the committee’s working methods were discussed,” read the statement.

“The monetary tightening policies of the European Central Bank [ECB] and the Fed, potential fluctuations in global markets and measures on that can be taken on parities, liquidity and foreign exchange reserves against these risks were discussed,” it added.

Works regarding bank capital and liquidity adequacies were also discussed, according to the statement.

Furthermore, the impacts of global and local fluctuations on the real sector were discussed as well as potential measures, which can be taken in an effort to sustain employment and tax revenues in the light of the reflections of these impacts on the financial sector.

Any steps that can be taken to further diversify and deepen Turkey’s capital markets were discussed at the meeting, the statement added.