Turkey
BIS -Turkey borrowed heavily before latest crisis
Turkish public and private borrowers drew large sums from foreign banks late in 2000 even as problems were starting to show up in the country's financial system, the Bank for International Settlements (BIS) said.
Bank watchdog quits as Turkey brings in outsider
The head of Turkey's banking watchdog resigned suddenly on Mar 3, 2001, casting a shadow over the appointment of an economic "superminister" to solve Turkey's woes.
Turkey to name deputy c.banker as governor-sources
Turkey will name central bank deputy governor Sureyya Serdengecti as governor of the bank after the resignation of Gazi Ercel over a financial crisis that slashed the value of the lira, government sources said on Mar 2, 2001.
Turkey seeks World Banker's help to recover
Senior Turkish World Banker Kemal Dervis arrived in Ankara on Mar 1, 2001 for talks with the prime minister that many are hoping will herald the formation of a new economic team capable of restoring calm.
World Bank's Dervis accepts Turk cenbank job-TV
Long-serving senior World Bank official Kemal Dervis has accepted the job of Turkey's Central Bank governor, vacated by Gazi Ercel after last week's financial crisis, television station NTV quoted deputy prime minister Mesut Yilmaz as saying on Feb 28,…
Turk cbank calms mkts, govt pledges action
Turkey's central bank stabilised markets on Feb 27, 2001 and the government pledged to stand firm and fill vital economic posts swiftly in its fight to rebuild its shattered economic policy.
Turks count cost of crisis, austerity looms
In the first official price hike on Feb 26 sparked by last week's shock 36 percent lira devaluation against the dollar, prices rose 10 percent on state monopoly Tekel goods including cigarettes, salt and Turks' favourite aniseed-flavoured alcoholic drink…
Turk PM Ecevit under fire for lira float turmoil
Turkish Prime Minister Bulent Ecevit faces mounting fury at home after sending the lira currency into freefall to try to curb a financial crisis and resisting pressure to reshuffle his beleaguered government.
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.
Turk banks scramble for cash, rates over 4,000 pct
Turkish overnight repo and money rates soared to unprecedented levels on Feb 21, 2001 as the market scrambled for cash in the midst of a deepening financial crisis sparked by a political row.
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.
Turkish market opens 4.95 quadrillion lira short
The Turkish market opened a massive 4.95 quadrillion lira ($7 billion) short after banks rushed to foreign on Feb 19 draining nearly one fifth of the country's international reserves due to a row between the government and the president.
G20 meet in Istanbul, stability discussed
Officials from the Group of 20 (G20) countries which mixes industrialised and emerging market countries met in Istanbul on Feb 18, 2001 to discuss promoting international financial stability and avoiding crisis. Turkish Treasury Undersecretary Selcuk…
Turk cenbank chief sees slower inflation in Q2
Turkish inflation will drop to one percent monthly or less from summer 2001 as a $4 billion IMF-backed plan to cut chronic high inflation progresses, Central Bank head Gazi Ercel said on Feb 15. In an interview, Ercel said a slowdown in the economy and…
G20 cbank deputies meet in Istanbul Feb 18-19
The meeting of G-20 international group of Deputy Finance Ministers and Central Bank Deputy Governors will be held in Istanbul between February 18-19, 2001. Treasury Undersecreatriat said on Feb. 9 that the meeting aimed to prepare the ground for the…
Gazi Ercel on Turkey's disinflation programme
Central Bank Governor Gazi Ercel said on Feb. 7, 2001 that important benefits had already been obtained from the disinflation program which was put into practice with a three-year perspective.Releasing a statement on "monetary policy implementation in…
Turkish cbank meets asset targets under IMF plan
The Central Bank of Turkey on Feb 1 said it has comfortably achieved the net domestic assets target (NDA), and net international reserve levels it committed to under its anti-inflation program agreed with the International Monetary Fund. The bank said in…
Turkey 2001 FDI 'at least' $4bn - ctrl bk governor
Foreign direct investments into Turkey this year will total "at least $4 billion," Turkish central bank governor Gazi Ercel said Jan. 29. This "very high" level of funds will come from the sale of assets including mobile phone licenses by mid-February…
Monetary mechanism in a high inflation environment
A new discuussion paper from the Research Department of the Central Bank of the Republic of Turkey examines the basic features of the monetary transmission mechanism in Turkey.
IMF Koehler praises Turkey govt, but action needed
Horst Koehler, managing director of the International Monetary Fund, stressed on Dec 21 that the $7.5 billion in new financing the IMF is providing Turkey is a short-term measure to ensure a liquidity crisis in the banking sector doesn't derail wider…
Banks to support Turkey, won't cut exposure - IMF
Banks engaged in Turkey will not reduce their financial exposure to the country, a senior International Monetary Fund official said on Monday.
Summers welcomes IMF aid for Turkey
The United States on Wednesday welcomed a $10 billion rescue package agreement between the International Monetary Fund and Turkey, saying that its financial stability was important to the US.
IMF offers $10bn to ease Turkish banking crisis
The International Monetary Fund said it will provide more than $10 billion in financial support for Turkey to help ease a sharp liquidity crisis that has sent the country's interest rates soaring and depleted central bank reserves.
Turk c.bank decision sparks money market turmoil
Turkey's central bank on Thursday shut off the taps of the emergency funding it has carried out over the last six trading days to ease a liquidity crunch sparked by fears of a banking sector crisis.