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Economists Call For CBRT Clean Out

TURKEY
  • Former CBRT Chief Economist Kara says senior CBRT officials responsible for bringing the country towards financial meltdown must be held accountable or removed from their positions to help rebuild credibility.
  • Highlights the 7-member MPC as the first place for a reshuffle alongside the Treasury and Finance ministry - Ahval
  • Fitch notes Turkish banking sector's available foreign-currency liquid assets ($82bn) remain sufficient to meet more market-sensitive FX short-term external debt
  • However, banks' FX liquidity has become highly reliant on the CBRT with >50% held in FX swaps at the CBRT.
  • Warns external finances would come under further pressure if banks were to repay significant amounts of foreign debt using their liquidity with the central bank - BBG
  • Covid science team to meet in Ankara (2pm GMT)
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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