Kavcıoğlu: There Is Nothing Hidden

In his speech about foreign exchange reserves, Governor of the Central Bank of the Republic of Turkey (CBRT) Şahap Kavcıoğlu said, "There is nothing hidden."

The Governor of the Central Bank of the Republic of Turkey (CBRT) Şahap Kavcıoğlu answered the questions of the press members in the live broadcast of TRT Haber, CNN Türk, A Haber. Highlights from Kavcıoğlu's speech were as follows: While discussing the reserve issue today, we need to evaluate the conditions of that day and look at the conditions of that day. As we enter 2020, we see that direct and portfolio investments are decreasing both in the world and in developed countries. Turkey's share of it seems to have decreased inevitably. When talking about the Central Bank, care must be taken. As of the end of 2020, the real rector's foreign exchange short position decreased from 208 billion dollars to 157 billion dollars. When the interest rose, foreigners came again. We should not ignore the pandemic conditions. Reserve begins to accumulate in Turkey after 83-84. When it comes to 2020, it has 15-20 billion reserves. Then there is a reserve of up to 30 billion. There are also actions taken to ensure a healthy balance between the demand and exchange rate in the market. As of the end of 2020, the foreign exchange position of the real rector decreased from 208 billion dollars to 157 billion dollars. This was met from the reserves, or from these transactions by the Central Bank. You have to meet these demands in some way. If you don't, then Turkey will face what will happen. In order to meet this demand, if there is no supply in the market, you need to take some steps. If not, what happens? The Central Bank steps in. We see where the exchange rate went in August of 2018 and how it was in 2020. Currency attacks in a period of 2.5 years and events in foreign policy cause the exchange rate to reach a certain level. It would be more correct to evaluate the process in this way. By the end of 2020, Turkey responded to all these demands. Both the real sector paid its foreign debts, the banking paid its financial debts, and increased its assets, including its own import debt. Reserve begins to accumulate in Turkey after 83-84. With the increase of capital and foreign exchange inflows. When it comes to 2020, it has 15-20 billion reserves. Then there is a reserve of up to 30 billion.

We Have Not Banned Cryptocurrency Payments

We have not banned payments in the cryptocurrency regulation. We prohibited payment institutions from mediating. Regulations on cryptocurrency will be made within 2 weeks. A broader arrangement is being worked on. Infrastructure will be created. With cryptocurrencies, there is a great money traffic to outside that disturbs us... It is not clear where the money goes or where it comes from.