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Karahan Says Disinflation Goal Means Reserve Buildup May Need to Wait

TURKEY
  • Turkey faces a tradeoff between ensuring disinflation and rebuilding its international reserves, a dilemma the central bank governor said may sideline dollar purchases in favor of keeping a check on consumer prices, Bloomberg report. “Our strategy going forward is that our utmost priority is disinflation and we will accumulate reserves as much as we can depending on market conditions,” central bank Governor Fatih Karahan said Tuesday.
  • “We don’t want to be in a situation where we increase our reserves by a couple of billion dollars over a month or two but then lose out on the inflation goal,” Karahan said at a panel in Washington hosted by the Council on Foreign Relations. Net reserves, excluding swaps with commercial lenders, are in negative territory and the central bank wants to improve that in the medium-term, according to Karahan.
  • “Now that the hiking cycle is over, we want to be on top of liquidity management” and banks don’t want to rely on swaps, he said.
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