##stituting goods. up to now, a total of try 111. 47 billion in advance loans against investment commitment ( ytak ) have been allocated to 740 industrial and tourism investments in 67 provinces. moreover, we increased the limits, reduced interest rates and extended the maturities of rediscount credits extended to exporters and firms engaged in fx - earning services and activities, making this convenient financing opportunity more affordable and accessible. in addition, while changing company - based credit limits to turkish lira in line with the liraization strategy, we decided that the rediscount credit limits allocated to banks be also revised to turkish lira as of 2023. 2 / 4 bis - central bankers'speeches in 2022, 346 billion turkish lira worth of rediscount credits were used by our exporters. facilitated access to rediscount credits led to a huge increase in the share allocated to smes compared to previous years. the number of smes using rediscount credits surged from approximately 1, 900 in 2021 to 5, 972 in 2022. we used our main policy tool, the one - week repo auction rate, and macroprudential policy tools in line with the liraization strategy. accordingly, we kept the policy rate ( the one - week repo auction rate ) unchanged at 14 % in the january - july 2022 period. on the other hand, we acted in a proactive manner in the face of intensifying risks of a global recession driven by geopolitical developments and global financial conditions. to limit the effects of these risks on domestic supply, investment and current account surplus capacity and to sustain the structural gains in industrial production and employment, we initiated a rate - cut cycle in august. as of november, we had delivered a rate cut of 500 basis points in total, bringing the policy rate down to 9 %. with these decisions, we enabled investments that will strengthen turkiye's position to continue at suitable financing costs at a time when the global economy was facing supply chain and financing problems. in 2022, we also conducted an effective reserve management to reinforce our international reserves. we created a diversity of sources through deposit accounts converted from foreign exchange, yuvam accounts that we devised for non - resident citizens, fatsi accounts aimed at bringing physical gold into the financial system, and regulations regarding the selling of a portion of export proceeds to the central bank. as a result of all these actions, our

vitor constancio : in defence of monetary policy opinion piece by mr vitor constancio, vice - president of the european central bank, 11 march 2016. * * * this week the ecb adopted new measures to reinforce its monetary policy in the face of recent headwinds. that decision was taken against a backdrop of vocal scepticism in the media and markets. the sceptics ’ reasoning is two - pronged. first, that monetary policy is not sufficient to address the present low growth trend ; and second, that monetary policy is increasingly ineffective in any case. the notion that monetary policy alone cannot raise trend growth is mostly true but trivial, especially if the challenges of secular stagnation highlighted by robert gordon in his brilliant new book are considered. the g20 has appealed for the use of other policies, notably fiscal and structural reforms. while other policies would certainly be welcome, one can have justified doubts about their implementation. for a start, active stabilising fiscal policy is restricted by law in the eu and by politics in the us. more generally, countries that could use fiscal space, won ’ t ; and many that would use it, shouldn ’ t. that leaves us with structural reforms. some, like upgrading education and judicial efficiency, are important but take a long time to implement and to produce results. the structural reforms economists often have in mind ( i. e. liberalization and deregulation of markets ) lead to lower wages and prices in the short - term, which does not help inflation normalisation. and concerning unemployment, higher productivity often initially implies labour saving. structural reforms are essential for long - term potential growth, but it is difficult to see how they could spur growth significantly in the next two years, especially when the current problem is lack of global demand. and as regards their delivery by governments, we should recall the embarrassing results of the g20 plan agreed in brisbane to generate an additional 2 % in world growth via a long concrete list of reforms put forward by the imf and the oecd. in fact, the world economy now risks not even attaining what was then considered the baseline scenario. so if these other policies either can ’ t or won ’ t contribute to a significant degree, then not only is it wrong to start talking down monetary policy – it ’ s actually dangerous. the second criticism of monetary policy is mostly based on a crude comparison between where inflation ( or growth ) is now and where it was at the beginning