From where to where? – Elif Cakir

That’s what happened, we’ve seen that too. Central Bank President Şahap Kavcıoğlu’s statement to an industrialist who complained about high interest rates. “Don’t take it, brother, don’t take it then!” in our country, “that’s not all” A new one has been added to the chain of events that caused astonishment.

The incident took place on Friday at the regular meeting of the Istanbul Chamber of Industry Assembly in July.

Istanbul Chamber of Industry Assembly hosts an important name in its monthly meetings. The guest of the meeting on Friday, July 30 was CBRT Chairman Şahap Kavcıoğlu and naturally all eyes were on that meeting.

to his speech “70. One of the leading representation boards of the industrial sector of our country, with more than 20 thousand members in 2017. Mr. Kavcıoğlu, who started with words of praise, “I will be happy to answer your questions” he ends by saying.

The movie ends here, too.

Kavcıoğlu, an industrialist who wants to speak “Mr. President, you fund banks with 14 percent interest, but banks give loans with 40 percent” without giving him a chance to finish his reproach and complete his word, “Don’t take it, brother, don’t take it then!” he scolds.

Kavcıoğlu, who silenced the industrialists, continues to give a rebuke:

“No one in this hall can come out and say they can’t get a loan. How will we fight inflation if you take out the loan and buy foreign currency, if you buy a car? That’s why we stopped the loans.”

Love to the one who can stop Kavcıoğlu. The setting leaves its place to the threat:

“Those who buy foreign currency with cheap loans, those who buy cars… We have a list of all of you. There are also ISO members on the list.”


Discussion between MB President Şahap Kavcıoğlu and industrialists and Kavcıoğlu’s “From February 24 until today, we have identified companies that take out cheap loans and receive foreign currency, we have the list of companies that receive foreign currency” We asked the DEVA Party leader Ali Babacan, whom we hosted together with Taha Akyol, on Sıra TV on Friday evening.

Babacan’s assessment of Kavcıoğlu’s style was as follows: “It’s really a pity. As someone who managed the economy of this country for 11 years and was the head of the economy management during the most successful period of the country’s economy, I must say that this picture is very sad. This style and attitude is not the style and attitude befitting a Central Bank Governor. This style is the market style.”

Does the head of the Central Bank speak in the market style? Would there be a Central Bank President who scolds the industrialist who complains about high interest rates?

Where in the world has such an event occurred?

We are having difficulty in finding loans, loan interest rates have reached 40 percent, should this be the answer of the President of the MB to the industrialist in his system?

“I will be happy to answer your questions” What did Mr. Kavcıoğlu expect? Asking him questions he’d be happy to hear? Mr. President, “How well our country’s economy is growing, how do we achieve this good growth?” or “Mr. President, you seem to be in great shape, how do you keep it in shape?” or “Inflation is not just our country’s problem, it’s the whole world’s problem, don’t bother your sweet soul, why do you look a little sad?” type of questions?

What did he really expect?

Would there be a chairman of the MB who accuses the industrialists of his country of hoarding and threatens who has a list of how much foreign currency they have?

Turns out there’s more!

Mr. Babacan shared the information that the companies of the Central Bank called the industrialists on the phone and wanted them to exchange their foreign currency on the broadcast, he explained as follows:

“We have the lists,” he threatens. Currently, the Central Bank actually calls companies and industrialists on the phone, instructing that ‘you will exchange currencies, friend’. I hear this from dozens of business people. What did he buy and sell foreign currency to you? You set the balances, protect the value of the Turkish currency and your reputation. You empty the MB’s foreign exchange reserves through the back door, and then you covet the currency in the hands of the nation.” (July 29)

Would there be a Central Bank that calls businessmen and threatens to say, “You have this much foreign currency, we know, you will exchange these currencies, friend”? Where in the world has it been seen?

Since the Central Bank became the Central Bank, the rule that this institution was established has never seen such a president.

Would there be a chairman of the MB who accuses the industrialists of his country of hoarding?

It’s not seen.

In recent years “not that much” What we experienced, what we saw astonishment, but this really didn’t happen, it shouldn’t have happened.

OK, the Central Bank is not as important as it was in the old Turkey, it is no longer important.


Nurettin Nebati, Minister of Finance and Treasury, explained that the Central Bank is not important and has lost its importance:

“We downplayed the Central Bank and the policy rate.” (January 24, 2022)

Imagine that for the first time in the history of the world and the Central Bank, a responsible minister said that his country has trivialized the Central Bank.

Again, I think it is the first time that a responsible minister has come out and announced that he has downplayed one of his most basic instruments, monetary policy.

Mr. Nebati is right in a way, how can a Central Bank that changes its president 4 times in 20 months maintain its importance and reputation?

It is not an independent and impartial institution. With the CB system, it completely lost its independence and impartiality.

Today, with the Central Bank, which is chaired by exceptionally respected figures such as Selahattin Çam, Nusret Metya, Naim Talu, and recently N. Süreyya Serdengeçti, Durmuş Yılmaz, Erdem Başçı, who said “no” to İsmet Pasha, who asked him to lend a loan to the Ministry of Agriculture. It is not possible for the Central Bank, headed by Şahap Kavcıoğlu, who was an AK Party deputy, to be the same.

But it still shouldn’t be like this.


If Durmuş Yılmaz and Erdem Başçı had sat in the chair of the Central Bank today and these names had gone to the meeting at ICI on Friday as the Chairman of the Central Bank. If Durmuş Yılmaz or Erdem Başçı had addressed the question of that industrialist…

How would they talk to that industrialist, would there be a dialogue like “Don’t buy it, brother, don’t buy it then”?

For example from our recent history, would Erdem Başçı or Durmuş Yılmaz or Murat Çetinkaya nod to the industrialists of our country that “we have the list of all of you”?

Could such an event happen?

If the Central Bank had maintained its importance as before, neither our money would have turned into stamps nor would inflation have been on the rise to triple digits.

Hamis: Taha Akyol tells where the Central Bank came from and where it came from, with examples from history “He didn’t listen, from where to where is the Central Bank?” I highly recommend that you read his book. Mr. Akyol’s book tells the story of the collapse of the Central Bank, but this story of collapse is not only the story of the MB, but also the collapse of all public institutions…


Related Articles

Leave a Reply

Your email address will not be published.

Back to top button