The importance of communication in central banks and analysis of the texts published by the CBRT with natural language processing algorithms

Central banks have a critical importance in the economies of countries as institutions that are at the center of the economy and direct the markets. Along with these important responsibilities, they are at a very different point from other institutions with their independent structure and their own monetary policy and vehicle usage policies. The independence feature has given responsibility to the central banks and created an expectation that they should have a clear communication policy. Otherwise, an inexplicable financial movement or an uncertain monetary policy has the potential to pose a great risk for the country's economy. In order to eliminate this uncertainty, central banks gave great importance to communication policy and differentiated it according to the dynamics of different countries. The aim of the study is to examine the monetary policy texts, which is the main communication channel of the Central Bank of the Republic of Turkey, between the years 2015-2022, and to determine which subjects it gives more importance to in the texts and in which cases it changes this net. A computer discipline called Natural Language Processing (NLP) was used as a working method, and texts between the years 2015-2022 were analyzed. As a result of the study, it has been seen that the contents of the texts are directly related to global events and the current economic situation.