Turkey

Increased hope that Turkey soon out of recession

TURKEY - A much sharper than expected rise in industrial output in Turkey has raised hopes that the country could soon recover from a deep recession. Industrial output rose 14.1% in April from a year earlier, well above a growth rate of 7.8% as predicted…

IMF approves $16bn for Turkey

TURKEY - The International Monetary Fund (IMF) has approved a $16bn economic package for Turkey, the third major aid program for Ankara in under two years.

Turkey - Letter of Intent

NEWS - The following item is a Letter of Intent of the government of Turkey, which describes the policies that Turkey intends to implement in the context of its request for financial support from the IMF.

IMF Press Release, 4 February

PRESS RELEASE - IMF Managing Director Sees Impressive Commitment by Turkey to Economic Reforms; Executive Board Approves US$16 Billion Stand-By Credit.

Turkey woos IMF with reforms

TURKEY - Turkey is due on Friday to finalise a series of reforms to its banking system, deemed to be crucial if the country is to secure further loans from the International Monetary Fund (IMF).

$10bn loan for Turkey goes through

US - The IMF yesterday finalised a package of $10bn in new lending for Turkey. Arguing that it needs the loan to cover the fall off in tourist revenue and the effects of a flight to quality following September 11, Turkey had asked for $12bn.

Turkish police silence chained protester

TURKEY - Turkish police on 20 August detained a man who chained himself to iron railings outside Prime Minister Bulent Ecevit's office in protest at a hard-hitting economic crisis, state-run Anatolian news agency said.

Emerging markets - round up the usual suspects

CENTRALBANKNET'S SPECIAL REPORT - A little local difficulty or the beginning of a global shake-down? First Turkey, then Argentina - next stop Brazil? Or south-east Asia? The omens are not good as emerging markets from Poland to Pretoria feel the effect…

Capital inflows and central bank's policy response

CENTRAL BANK RESEARCH - Melike Altinkemer from the research department at the Central Bank of Turkey has written a paper "Capital inflows and the central bank's response". In this paper, capital inflow episode after the liberalization of capital account…

IMF is 'well equipped to tackle crises'

ARTICLE - In a letter to the editor of The Straits Times, the IMF's director of external relations, Thomas Dawson, hits back at the newspaper's suggestions that the IMF's policies in Asia, Russia and now Turkey have been failures.

Comparing price competitiveness of SE Asia exports

CENTRAL BANK RESEARCH - Zelal Kotan from the Central Bank of Turkey and Serdar Sayan from Bilkent University have written a paper titled "A comparison of the price competitiveness of Turkish and South East Asian exports in the European Union market in…

Turkish cbank to adopt monetary policy committee

SPEECH - In his first speech as governor of the Central Bank of Turkey on Mar 19, 2001, Sureyya Serdengecti discusses the continuing liquidity problems faced the the country's state bank and how this is hampering the implementation of monetary policy. He…

Currency crisis in emerging markets - predictable?

RESEARCH PAPER - Brazil and Argentina are among the countries most vulnerable to a currency crisis, according to a new model developed by a Dutch central bank economist which had been flashing warning signals about Turkey back in December 2000.

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