Turkey: Sixth Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Nonobservance and Applicability of Performance Criteria: Staff Report; Staff Supplement; and Press Release on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 363

Publication date: November 2007

ISBN: 9781451838220

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , debt ratio , monetary policy , Medium-run inflation expectation , market participant , inflation outlook , social security institutions , inflation projection , bringing inflation , Public sector , Health care spending , Monetary base , Global

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Summary

The staff report for the Sixth Review and Inflation Consultation Under the Stand-By Arrangement on Turkey explains the macroeconomic framework and monetary and exchange rate policies. High interest rates, slowing credit growth, and election-related uncertainty were expected to weigh on private domestic demand and keep growth near its estimated long-term potential of 5 percent. The central bank renewed its commitment to building international reserves for prudential reasons. There was broad agreement on the need to ease labor regulations and taxes as fiscal resources permit.