ÇETİN, Müzeyyen Özlem Marmara Üniversitesi - Adalet Meslek Yüksek Okulu, Turkey

DEVELOPMENT OF MONETARY POLICY IMPLEMENTATIONS OF THE CENTRAL BANK OF THE REPUBLIC OF TURKEY (CBRT)

38370

The effects of globalization in the financial field, has required new arrangements on national economic policies. Parallel to this development has made important adjustments in monetary policy implemented in Turkey. Turkey, has reached a healthy financial system structure with the arrangements made in monetary policy after the crisis in 2001. In addition, the CBRT has been stated that the primary objective to maintain price stability. On the other hand, CBRT’s independence has been emphasized. After the global financial crisis in 2010, for the CBRT, financial stability has also been to other important aim besides price stability. As a result, the CBRT, the interest rate corridor and reserve option mechanism (ROM) had developed two new policy instrument named. ROM application has been implemented since the end of 2011. The CBRT has used the ROM, paralleled with global economic developments. Thus, the CBRT reserves have been kept at a reasonable level. With the new policy instruments developed by the CBRT, has been increased the flexibility of monetary policy. Thus the fragility of the economy has been reduced against the global financial shocks.

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The Central Bank of the Republic of Turkey (CBRT) , monetary policy , price stability , financial stability , reserve option mechanism (ROM) , reserve option coefficient (ROC)

Journal Of Financial Researches an‎d Studies

101