Central Bank to hold general meeting next month

Central Bank to hold general meeting next month

Central Bank to hold general meeting next month

The Central Bank of Turkey has announced that it will hold an extraordinary general meeting on Feb. 3.

The advance payment of from the bank’s 2021 profits to the shareholders and the distribution of reserve funds will be discussed at the meeting next month. The Treasury owns almost all shares o the Central Bank.

This is not the first time that the Central Bank hold the extraordinary general meeting to distribute profit.

Meanwhile, the Central Bank’s Monetary Policy Committee will convene this week on Jan. 20 for this year’s first rate-setting meeting.

Most economists expect the Central Bank to keep its key policy rate, which is one-week repo, unchanged at 14 percent.
At its meeting on Dec. 16, 2021, the bank slashed the benchmark rate by 100 basis points from 15 percent to 14 percent, in a move which was universally expected.

“The Committee decided to complete the use of the limited room implied by transitory effects of supply-side factors and other factors beyond monetary policy’s control on price increases and reduced the policy rate by 100 basis points,” the bank said in a statement issued after the rate decision.