Türkiye’de yakın dönem merkez bankacılığı ve uygulanan politikaların sonuçları

Abstract

Turkey ended the period of high inflation and low growth in the 1990s with inflation targeting strategy. Between 2002 and 2016, policies focused on price stability achieved low inflation and supported stable growth. Starting from 2017, the gradual decline in the CBRT's independence, the increase in weight of growth in monetary policy decisions, and the active role of the Credit Guarantee Fund and public banks in credit policies increased investments and growth in the short term. However, with the abandonment of price stability-oriented policies, especially after September 2021, the role of CBRT's inflation target as a nominal anchor has eroded, inflation rates have risen significantly, foreign exchange reserves have fallen to critical levels, and the country's risk premium has increased. Current indicators, particularly the low CBRT reserves, show that the current monetary policy operational framework is not sustainable and that it needs to be revised.