DID THE CENTRAL BANK USE INTERNATIONAL RESERVES FOR EXCHANGE RATE CONTROL?

Öz

One of the objectives of monetary policy is to stabilize the exchange rate. For this purpose, central banks have many instruments at their disposal and international reserves are one of them. This study aims to answer the question of whether international reserves were used for exchange rate stability in the Turkish economy between January 2006 and April 2024. The empirical analysis reveals that the central bank used international reserves intensively to control the nominal exchange rate during May-September 2010 and July-November 2013 periods.

Anahtar Kelimeler

• Exchange Rate
• International Reserves
• Cointegration

MERKEZ BANKASI ULUSLARARASI REZERVLERİNİ DÖVİZ KURU KONTROLÜNDE KULLANDI MI?

Öz

Para politikası amaçlarından bir tanesi de döviz kurunda istikrarının sağlanmasıdır. Bu amaçla birlikte merkez bankalarının elinde bir çok enstirüman olmakla birlikte uluslararası rezervlerde bunlardan bir tanesidiri Bu çalışmada Türkiye ekonomisinin Ocak 2006- Nisan 2024 döneminde uluslararası rezervlerin döviz kuru istikrarında kullanılıp kullanılmadığı sorusu cevaplanmaya çalışılmaktadır. Amprik analizler sonucunda Mayıs-Eylül 2010, Temmuz-Kasım 2013 dönemlerinde merkez bankasının nominal döviz kurunu kontrol etmek amacıyla uluslararası rezervleri yoğun bir şekilde kullandığı sonucuna ulaşılmaktadır.

Anahtar Kelimeler

• Döviz Kuru
• Uluslararası Rezervler
• Eşbütünleşme

Kaynakça

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