Turkey’s central bank said on Saturday it had signed a memorandum of understanding (MOU) with Brazil’s central bank to lay “the groundwork for enhanced cooperation in the field of central banking.”
“The Memorandum of Understanding was signed by Governor Fatih Karahan and Banco Central do Brasil’s Governor Roberto Campos Neto in Washington, D.C.,” the Turkish central bank said in a statement.
The Turkish and Brazilian central banks want to foster cooperation and carry out “corporate technical activities in the field of central banking,” the bank said.
The Turkish Central Bank also said it had signed an MOU with the Central Bank of Kazakhstan to boost cooperation.
Turkish Finance Minister Mehmet Şimşek and Governor Karahan went to the United States to attend the spring meetings of the International Monetary Fund and the World Bank Group. Global economic issues such as poverty eradication and economic development are being discussed at the meetings, which began on April 17.
Şimşek will discuss Turkey’s new economic policy and medium-term goals at another meeting in New York on April 22.
The talks come at a time when Turkey is reviewing its economic strategy and moving away from previous growth-oriented policies that have led to significant inflation, currently above 65 percent, and a depreciating currency.
In response, the Turkish Central Bank has raised interest rates to 50 percent, a drastic departure from previous policy.
Şimşek said on social media that President Recep Tayyip Erdoğan fully supports the current economic reforms and emphasizes efforts to stabilize the economy and improve the standard of living of the Turkish people, in response to rumors of disagreement over these economic measures.