The Central Bank of Turkey has warned that inflation in the country may not return to target until mid-2013, as policymakers contend with rising import prices and an "overvalued" currency.
In a letter to Turkish deputy prime minister, Ali Babacan, dated January 31, the central bank explained that sharp increases in import prices and the decline in the Turkish lira were the main factors causing inflation to exceed the target in 2011. The rise in the domestic currency price of imports during 2011
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