overseers and supervisory authorities. the main objective of all these principles and responsibilities is to create a more secure and efficient structure for authorities of fmis that also includes payment systems. in this regard, i think that all authorities related to payment systems will do their utmost to achieve harmonization of these systems and apply the said principles in the near future. further international studies carried out in this field will focus on the implementation of these 24 principles. distinguished participants, cross - border connections of payment systems progressively gain importance in line with the increase in the volume of foreign trade. in the meantime, studies geared towards developing the international payment systems continue all around the world. i think this conference will significantly contribute to these studies and i very much hope that it will be a useful and fruitful conference. i would like to thank you all for listening. bis central bankers ’ speeches

also declined somewhat in the recent period, albeit still remaining high. for further information about this issue, you can refer to the relevant box in our report. 6 / 12 bis - central bankers'speeches we envisage that our decisions will facilitate an improvement in inflation expectations, and the gap between market expectations and our interim targets will be closed. monetary policy distinguished participants, in this part of my speech, i would like to talk about our monetary policy strategy. as you know, we initiated a strong monetary tightening process in june 2023 to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior. accordingly, we have raised the policy rate from 8. 5 percent to 50 percent. as a technical adjustment, we widened the interest rate corridor in march. in addition, against the divergence in expectations of economic units and possible volatilities, we continue to implement macroprudential policies to enhance the effectiveness of monetary transmission. accordingly, in order to support the rebalancing process in domestic demand, we lowered turkish lira commercial loan and general - purpose loan growth limits to 2 percent, we introduced reserve requirements and terminated securities maintenance practice. moreover, we raised the maximum interest rate on credit cards. in order to reinforce the monetary transmission mechanism and increase the share of turkish lira deposits, we started remunerating turkish lira required reserves according to targets and revised targets for growth of turkish lira deposit share. as of today, we completely terminated the securities maintenance practice in order to enhance the functionality of market mechanisms and strengthen macro - financial stability. thus, we were able to enhance the functionality of the bond market, normalize the yield curve and strengthen the monetary transmission mechanism. we have sterilized the excess liquidity stemming from the exchange rate difference payments of fx - protected accounts and the increase in the cbrt's swap transactions with domestic banks in the final quarter of 2023. more than 1 trillion turkish liras were sterilized from the market via the increases in required reserves. in december, we started holding turkish lira deposit buying auctions to sterilize access liquidity. we are sterilizing the temporary excess liquidity via deposit buying auctions. 7 / 12 bis - central bankers'speeches we will monitor liquidity conditions closely and we will effectively use necessary sterilization tools when necessary. our monetary tightening steps have immediate and strong effects on financial markets. in this part