Turkey's central bank (CBRT) has signed bilateral cooperation agreements with the Central Bank of Bosnia and Herzegovina and the National Bank of Georgia.
According to information compiled by Anadolu Agency, during the ongoing meeting of the Central Bank Governors' Club of Central Asia, Black Sea Region and the Balkans in Antalya, the CBRT has signed the bilateral cooperation agreements within the scope of projects to increase the ongoing communication and bilateral cooperation carried out with other central banks.
Technical-level consultations, information sharing on economic and financial developments and technical cooperation activities are planned within the framework of these bilateral cooperation agreements. The number of central banks that the CBRT has signed agreements with has now reached 19.
Central Bank heads calls for 'right policy mix'
Meanwhile, the right policy mix is essential for countries to cope with, or avoid, economic shocks, said the governor of Turkey's Central Bank on Monday.
Speaking at a meeting of the Central Bank Governors' Club of Central Asia, the Black Sea Region and the Balkans, Murat Çetinkaya said: "The time is right for us to press on with our efforts to enhance economic resilience and focus on structural reforms.
"Such attention would allow us to minimize the impact of potential shocks, to recover from them more quickly, and even to avoid them as much as possible."
Neither monetary policy nor fiscal and macro prudential measures alone could be a substitute for structural adjustments, Çetinkaya added. The right policy would involve country-specific structural reforms, he said, noting that such reforms are vital to boosting productivity, competitiveness and growth in the medium and long term. A favorable business environment, flexible labor and product markets plus efficient social security systems are required to establish economic resilience, Çetinkaya told the meeting.
Saying the global economy is gaining some momentum, he added: "There is strengthening in advanced economies and emerging economies seem to have bottomed out, although the pace of recovery varies. But we are central bankers and our watchword is prudence."