Economist at the meeting refutes Bloomberg's Turkish Lira devaluation claim
Akbank Chief Analyst Çağrı Sarıkaya, who attended the session, strongly objected to the claim that Central Bank Governor Fatih Karahan would change exchange rate policy during an investor meeting.
It was claimed that Central Bank of the Republic of Turkey Governor Fatih Karahan stated during a closed-door meeting with investors that the Turkish Lira would be allowed to lose value more rapidly. Çağrı Sarıkaya, Chief Analyst at Akbank, who personally attended the meeting, announced that the allegations in the news do not reflect the truth and that no target was uttered during the meeting.
Bloomberg's Claim and the Bangkok Meeting
Bloomberg published a report based on closed-door meetings held by Central Bank of the Republic of Turkey Governor Fatih Karahan with investors in Bangkok. The report claimed that messages were given indicating the Turkish Lira would be allowed to depreciate more rapidly.
Claim of Reducing Devaluation Risk
Citing anonymous sources, the report claimed that Turkey wants to reduce a potentially larger devaluation risk it might face in the future. It was argued that the slowdown in economic activity limited the impact of exchange rate increases on inflation.
Social Media Response from Economist Çağrı Sarıkaya
Akbank Chief Analyst Çağrı Sarıkaya, who directly participated in the aforementioned meeting in Bangkok, made a social media post objecting to the claims. Sarıkaya stated that the messages conveyed in the news were not delivered at the meeting.
Statement That No Target Was Uttered
Sarıkaya emphasized that Fatih Karahan's remarks were about the percentage decrease in nominal loss of the exchange rate over time. He underlined that no numerical target or threshold regarding exchange rate policy was announced during the meeting.
No Change in Exchange Rate Policy
Akbank Chief Analyst Çağrı Sarıkaya clearly stated that the claims suggesting a significant or radical change in exchange rate policy do not reflect the truth and that no such statement was made.
Focus Points of the Presentation
Bloomberg's report also included details of the presentation made by Central Bank Governor Fatih Karahan. It was reported that the presentation focused on the macroeconomic outlook in Turkey, tight monetary policy, and demand for the Turkish Lira.