CBRT губернатору Фатих Карахан: Борбордук банктардын алтынга болгон суроо-талаптары эң жогорку чегине жетти

Fatih Karahan, President of the Central Bank of the Republic of Turkey (CBRT), shed light on the future of the global economy and new dynamics in reserve management in the strategic presentation he made in Budapest, the capital of Hungary. Karahan emphasized that the integration experienced around the world in the last 20-30 years has provided great economic gains, but the deepening of globalization is no longer guaranteed due to the escalating geopolitical competition.

Глобалдык соккулардын табияты өзгөрүүдө: коопсуздук натыйжалуулуктун ордуна биринчи планда

Karahan stated that in periods when globalization intensified, costs decreased and consumer options increased, and reminded that this situation created a strong disinflationary effect on a global scale. Бирок ал бүгүнкү күндө өкмөттөр жана компаниялар өндүрүштүк чыгымдарга гана эмес, өндүрүш линияларынын коопсуздугуна да көңүл буруп жатканын билдирди. Stating that access to critical sea routes, energy resources and global payment infrastructures have become strategic levers, Karahan noted that the interdependencies between countries create serious vulnerabilities.

Karahan stated that central banks are accustomed to temporary supply shocks such as natural disasters or pandemics, and warned that new generation shocks resulting from strategic and geopolitical competition may be much longer-lasting and permanent. Karahan stated that we have entered a new era in which central banks face larger and longer-lasting shocks, rather than a world with occasional supply shortages.

Акча-кредит саясатында ийкемдүүлүк жана фискалдык саясат менен синергия

Talking about how monetary policies should be shaped in the changing global order, Karahan stated that central banks can avoid giving mechanical responses to temporary shocks, but should activate longer-term policy tools in the face of structural and permanent shocks. Drawing attention to the importance of anchoring inflation expectations well, Karahan stated that if expectations are kept under control, central banks' field of action will expand.

Karahan said that a tight monetary policy stance against energy price increases triggered by geopolitical tensions will prevent inflationary deteriorations, and emphasized the importance of monetary and fiscal policies working in coordination. According to Karahan, while financial instruments limit the initial price shocks, monetary policy can control the secondary effects of these shocks on expectations.

Борбордук банктардын алтынга артыкчылыктары: анын камдардагы үлүшү 29 пайызга чейин көбөйдү

Karahan stated that global economic fragmentation has radically changed the structure of international reserves and made a special parenthesis on the role of gold in reserve management. Stating that gold is both a commodity, a financial asset and a safe reserve instrument, Karahan explained that central banks' demand for gold has increased dramatically in recent years. Karahan stated that the share of gold in the central bank reserves, which was 11 percent in the early 2020s, increased to 29 percent today, and added that this does not mean that the global dominance of the US dollar has ended, and that the dollar still continues to be the most liquid and dominant currency.

Karahan said that geopolitical risks and market access uncertainties force reserve managers to diversify, and emphasized that the "accessibility" criterion should now be added to the traditional "security, liquidity and return" trio in reserve management. Stating that gold has historically had a critical importance in Türkiye's financial system and household savings, Karahan stated that the important issue is not only the amount of assets, but also how much of these assets can be used effectively in times of crisis.