Central Bank of Turkey - Annual Report 2004

According to the Central Bank of Turkey's Annual Report 2004, following an era of high and chronic inflation, the stabilization program which started to be implemented in 2001, has been successful in reducing inflation.

"Consumer prices inflation was realized below 10 percent at the end of 2004. While the inflation rate has decreased during 2002-2004 period, the Gross National Product (GNP) has grown above the previous years' average. Although improvements in macroeconomic indicators induced

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