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Ekonomik Yaklasim. 2014; 25(93): 21-38

Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey

Emek Aslı CİNEL, Nebiye YAMAK.

As known, level of foreign currency reserve gives high mobility to Central Bank in reaching targets of macroeconomics policy, in conducting monetary policy and in sustaining exchange rate regime applied currently. In the last ten years the level of foreign currency reserves of the Central Bank in our country has often been in the subject of disputations and these disputations are still going on. For some people, level of the foreign currency reserves of the Central Bank of Turkey is more than required, for some others it is less than required. In the perspective of these discussions, the purpose of our study is first to econometrically determine the macroeconomic variables that affect the level of foreign currency reserves of the Central Bank of Turkey and to evaluate the effectiveness of the monetary policy of the Central Bank under the light of our findings. The data used in our econometric analysis are quarterly and between the years 2000 and 2013. In the study error correction models were used.

Key words: Foreign currency reserve, Central Bank (of Turkey), foreign currency exchange rate. JEL Classification: E58.

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