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Forex reserves supply should be matched by domestic money supply to counter inflation.
If NFA grows, the monetary base will grow
If NFA falls, the monetary base will fall
That is how a currency board system should work.
The local monetary policy is tied to an anchor currency.
The monetary base has two components
NFA Net Foreign Assets
NDA Net Domestic Assets
NDA +NFA = Monetary Base
What #Turkey needs is to #peg its currency to an anchor currency.
#Currency Peg can be fixed or crawling.
They can follow many examples, with or w/o capital #controls.
It can choose from an expansive list that includes Malaysia, Nigeria, Argentina, Hong Kong or those in the GCC.
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