Özet:

Today, the relationship between the monetary policy strategies of the Central Bank and the currency transition process has gained great importance in terms of price stability, especially in developing countries. Thus, the central banks have set the currency transition reduction as a main objective within the framework of their monetary policy strategies. In this process, the preferred currency regime in the framework of monetary policy practices has played a very important role. On the other hand, the range (anchor) implementation, which is determined in the monetary policy strategy and selected by economic units to direct expectations, has also shown to be quite effective. In our study, the central bank’s monetary policy strategies identified in the framework of the relevant elements have been analyzed in the framework of the effects it creates on the currency transition process. In this context, the role of money supply, exchange rate and inflation targeted monetary policy strategies in reducing the currency transition process has been comparatively determined. Thus, the advantages and disadvantages of the monetary policy strategies in question have been revealed in terms of controlling the exchange rate transition process. From here, some findings have been made about monetary policy practices that will reduce the vulnerabilities of developing countries against external financial shocks during the currency transition process.

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