Turkish cbank governor-no reason to devalue lira

Turkey has no reason to devalue its currency, as the central bank is firmly keeping monetary aggregates in line with the IMF-backed anti-inflation program, central bank Governor Gazi Ercel told the CNN Turk TV channel on Feb 19, 2001.

"There's very little pressure on the lira's exchange rate," Ercel said in a live interview. "Devaluation expectations are only psychological." Ercel said the bank's monetary base - the lira available in the market - is equivalent to $7 billion, and central bank r