The Financial Stability and Development Committee (FİKKO) held its first meeting late Thursday and was chaired by Treasury and Finance Minister Berat Albayrak.

The committee replaced the Financial Stability Committee (FİK) in line with the New Economic Program (NEP).

According to a statement by the Treasury and Finance Ministry, the effects of possible tightening monetary policies of the European Central Bank (ECB) and the U.S. Federal Reserve (Fed) and the possible effects of global and local fluctuations on the real sector and financial sector were evaluated. The meeting was held with the participation of heads of the Central Bank of the Republic of Turkey (CBRT), the Banking Regulation and Supervision Agency (BDDK), the Capital Markets Board (SPK), the Saving Deposit Insurance Fund (TMSF), the Borsa Istanbul Stock Exchange (BIST) and the Banks Association (TBB), along with Albayrak and Deputy Treasury Minister Nureddin Nebati and Deputy Finance Minister Osman Dinçbaş.

"The outlook for global macroeconomic developments in international markets was evaluated. In addition, tightening monetary policy steps taken by the European and U.S. central banks, possible fluctuations in international markets and measures that can be taken on exchange rates, liquidity and foreign exchange reserves against these risks were discussed," the statement read.

In addition, information related to work related to the capital and liquidity capabilities of banks was also shared. The statement emphasized that the impacts of developments in financial markets on the real sector were discussed.

"The effects of fluctuations in global and local markets on the real sector were discussed as well as potential measures to be taken to ensure sustainability of employment and tax revenues in light of the reflections of these impacts on the financial sector," it added.