Turk cbank floats lira, to adopt inflation target

The central bank of Turkey said Feb 22, 2001 that it's shifting from a monetary framework centered on the exchange rate to one centered on formal inflation targeting, which will give the bank more flexibility and independence.

The bank said to support this shift, a new central bank law will be "crucial" and the draft will be quickly submitted to the government. This legislation is expected to be consistent with the European Union's Maastricht Treaty on Economic and Monetary Union, which requir