WHAT IS OPEN LETTER: CBRT OPEN LETTER DATED 31 JANUARY 2023
The Central Bank of the Republic of Turkey (CBRT) Sent an Open Letter to the Government in accordance with Article 42 of the Banking Law.
The relevant part of Article 42 of the CBRT Law, under the title of special auditing and public disclosure: “The Bank prepares periodic reports on monetary policy targets and implementations and announces them to the public.The period in which the reports will be prepared, their scope and the method of disclosure shall be determined by the Bank.In the event that the determined targets are not achieved within the announced time limits or there is a possibility that they cannot be achieved, the Bank notifies the reasons and the measures to be taken in writing to the Government and discloses it to the public.
Essentially, the relevant article clearly points to inflation, which is the indicator of monetary policy targets.In this context, Open Letter;It is a written text in which the reasons for the said situation and the measures to be taken are notified in writing to the Government and at the same time disclosed to the public in case the inflation targets are not achieved or are likely to be achieved.The Open Letter is written in accordance with the principles of transparency and accountability.
You can access the Open Letter dated 31.01.2023 and the content of the letter sent by the CBRT to the Government by clicking here.
