Central Bank’s Relations with International Institutions

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G20 

The G20 forum is composed of 20 Ministers of Finance and Central Bank Governors from the world’s 19 strongest economies and the European Union.

Turkey joined the “Troika”, the main steering mechanism of the G20, in December 2013. It held the presidency of the G20 platform for a one-year term starting 1 December 2014.

The Central Bank actively engages in the activities of G20’s finance channel that focuses on economic and financial subjects. The Bank participates in meetings of Finance Ministers and Central Bank Governors, meetings of Finance and Central Bank Deputies, and meetings of G20 working groups, and ensures that Turkey’s views are also reflected in communiqués and the reports prepared by working groups.

 

International Monetary Fund (IMF) 

Turkey has been an IMF member since 11 March 1947 and the Central Bank has assumed an active role in the IMF.

Acting as the depository institution of the Turkish government, the Bank carries out operational activities within the IMF regarding:

  • Quota payments,
  • Assessment charges,
  • Repurchases and charges.

In the scope of Article 4, the Central Bank also contributes its views and assessments to studies published by the IMF on a variety of subjects.

 

Bank for International Settlements (BIS) 

The Central Bank became a member of the BIS in 1951. With its 8,000 shares worth SDR40 million (SDR= special drawing right), the Central Bank holds a share of 1.5 percent in the total capital of the BIS.

The Bank participates in BIS meetings at the senior level, and is also a member of several committees within the BIS. 

 

Organization of Islamic Cooperation (OIC)

Turkey has been a member of the OIC since its foundation. The Central Bank is an important actor at OIC meetings.

The Bank hosted the “Meetings of the Central Bank Governors and Monetary Authorities of the OIC Member Countries” three times between 2009 and 2014. The latest 15th meeting was also organized by the Bank on 21-22 September 2017. 

 

Governors’ Club 

The idea of a Governors’ Club, which was first brought up by the Central Bank of the Republic of Turkey in 1997, materialized on 1 May 1998 with the signing of a protocol by 10 countries including Turkey. Today, the Club has a total of 25 members comprising central banks from Central Asia, Black Sea and Balkan countries. Club members meet to:

  • Strengthen bilateral relationships, 

  • Explore technical cooperation opportunities in the fields of banking and finance,
  • Enhance exchange of information, training coordination and cooperation in finance and central banking. 

The Governors’ Club convenes twice a year at governor level to discuss member countries’ monetary policies as well as financial and banking topics.