fatih karahan : recent economic and financial developments in turkey speech by ms fatih karahan, governor of the central bank of the republic of turkey, at the briefing on the inflation report 2024 - ii, ankara, 9 may 2024. * * * distinguished members of the press, esteemed participants, welcome to the briefing to convey the main messages from the second inflation report for 2024. i would like to extend my respect and greetings to all of you. as we have always underlined, the cbrt's primary objective is to achieve and maintain price stability. to this end, we have been implementing strong monetary tightening since june 2023. we closely monitor price setting behavior and inflation expectations. we are determined to maintain our tight monetary policy stance until inflation falls to levels consistent with our target. i would like to emphasize again at the beginning of my speech that we will definitely not allow a permanent deterioration in the inflation outlook. i will start the meeting with a presentation on our assessment of the global and domestic macroeconomic outlook and our monetary policy stance, as well as our inflation forecasts. later on, i will address your questions. before i begin my assessments, i would like to draw your attention to the box studies we have included in our inflation report regarding the prominent issues on the agenda. the boxes in the report cover different topics such as services inflation, expectations and tl deposits. i would like to make a special note here for those who are interested. distinguished guests, i will first touch upon recent key developments in the global economy. global financial conditions continue to weigh on growth. geopolitical developments and the ongoing tight monetary policies stand out as risk factors for the course of global economic activity. meanwhile, both the export - weighted global growth outlook and leading indicators point to a limited improvement in global economic activity, compared to the previous reporting period, mostly driven by the services sector. the recent growth outlook for the us economy has diverged favorably from that of the euro area and other advanced economies, and economic activity in the us has been relatively robust. 1 / 12 bis - central bankers'speeches commodity prices continue to be driven by the outlook and composition of global growth, geopolitical risks, financial conditions, and supply - side factors. commodity prices have posted broad - based increases since the previous reporting period. in addition to supply - side factors, some industrial commodities have recorded notable price increases, particularly in line with china's growth. with the heightened geopol

good governance must prevail among management and the company as a whole. the best company directors stand out with their commercial acumen as well as their strong ethical fibre. where sid can play a part sid can play an important part in promoting the professional development of 17. directors by providing thought leadership, building a platform for sharing of best practices, and enhancing training standards for directors. in fact, sid has been doing this for the past years, including collaborating with the singapore management university to launch a formal certification program for directors. 18. sid has also been increasing its outreach both within and outside singapore. these include : training workshops for china - based directors of singapore - listed companies, as well as courses for our small and medium sized enterprises and private companies who are looking to list on the stock market. an example is the risk management & corporate governance programme, conducted with spring singapore. 19. sid can do much more in this respect. sid should be sensitive to the current needs of directors and fine - tune the content of its courses accordingly. in addition, sid can better engage experienced directors, and tap on their expertise through putting together relevant case studies. conclusion 20. ladies and gentlemen, with increasing expectations on directors, companies will come to place a premium on well - trained, ethical directors who look out for the interests of all stakeholders, and are not rubber stamps for management decisions. this presents an opportunity to directors who are proficient and professional. 21. it is in companies ’ and directors ’ best interests to “ get it right ” by having effective and committed directors who pursue good corporate governance practices, as this will result in a premium for shareholders. grooming such directors will help to encourage new ideas, better practices and encourage leadership renewal for company boards. 22. on this note, i would like to end by thanking sid for its efforts in the area of corporate governance. i hope that the discussions arising from this conference will help directors gain a better understanding of how they can carry out their duties more effectively. 23. thank you and have a pleasant day ahead.