IMF: Turkish CB independence essential for IT

The independence of Turkey's central bank is essential for the success of inflation targeting, the IMF said in its 2007 article 4 report.

The Fund's directors supported the tight monetary policy of the central bank, and its intention to hold back on rate cuts until inflation is on course for the 4% target for 2007. After hovering around the 10% mark for nearly a year, the trend has turned down and the Fund forecasts a rate of 5.6% for 2007. Its directors "underscored the importance of achievin