Turkey, Economy

Turkish Central Bank head: 'Our banking sector is very strong'

Sahap Kavcioglu meets with public, private banking officials, group of bank CEOs

Aysu Biçer   | 25.11.2021
Turkish Central Bank head: 'Our banking sector is very strong'


The Turkish banking sector is "very strong," said the Central Bank governor on Thursday after meeting with public and private banking officials and bank CEOs.

The Turkish banking sector is also one of the most successful ones in the world, Sahap Kavcioglu told a group journalists after the meeting in Istanbul, Turkey’s commercial capital.

Along with a number of bank CEOs, Kavcioglu met with Banking Regulation and Supervision Agency (BDDK) Chairman Mehmet Ali Akben and Banks Association of Turkey (TBB) head Alpaslan Cakar.

He said they discussed a range of issues, including inflation, monetary policy, and global developments.

On Wednesday Recep Tayyip Erdogan, Turkey’s president, spoke with Kavcioglu in a closed-door meeting.

Kavcioglu’s remarks came amid fluctuating foreign exchange rates in the wake of interest rate cuts by the Central Bank.

In a Tuesday statement, the bank decried “unhealthy” and “unrealistic” price formations in foreign exchange markets, saying they are completely detached from economic fundamentals.

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