On the other hand, having tightened its monetary policy sooner and more strongly than its peers, Turkey has become one of the few economies that have offered a substantial real interest rate since the beginning of 2021. Along with a better current account balance, risk premiums affecting borrowing costs will also continue to improve as we make progress in our efforts on inflation and reserve accumulation. In addition, as of May 2021, short-term external debt is down USD 25.7 billion from USD 144.9 billion to USD 119.2 billion thanks to our recent work on compiling debt statistics. This will have positive implications for our external debt indicators. Some developed countries have large external debts and many have high budget deficits, but their risk premiums and policy rates remain low. Due to fiscal, monetary and financial policy responses to the pandemic and its negative effects on households and the corporate sector, indebtedness rates have surged in many countries. Amounting to USD 289 trillion globally, debt exceeded 360% of the world’s income (GDP). In the coming months, both public and private sector indebtedness will become a growing issue worldwide. In this context, among sectors of the economy, the public sector and households have a very high debt burden across advanced economies. In terms of indebtedness, Turkey diverges quite positively from advanced economies in all categories. Compared to other developing countries, I can say that Turkey is in a relatively good position in terms of public and household indebtedness.
Norges Bank became a member of the NGFS in December 2018. The primary objective of this network is to create an arena for central banks and financial supervisors to exchange experiences and share best practices in developing environment and climate risk management in the financial sector. We consider this network to be an important meeting place to arrive at a well-considered understanding of the role and activities of central banks in this field. 3/3  BIS central bankers' speeches