Turkey's Cbank releases summary of Monetary Policy Committee meeting

Central Bank of Turkey released the summary of last week's Monetary Policy Committee meeting.

Turkey's Cbank releases summary of Monetary Policy Committee meeting

Turkey's Central Bank said on Tuesday that inflation was expected to decline significantly in January and remain below the end-year target of 5.5 percent in the first quarter, before displaying a volatile path starting with the second quarter.

Central Bank of Turkey released the summary of last week's Monetary Policy Committee meeting.

According to the summary, members of the committee believed that the impact of the recent measures aiming at containing credit supply would be seen in the forthcoming days.

Noting that uncertainties driven by debt sustainability problems across Euro area peripheral economies still persisted, the committee said upside risks regarding global economy were as important as downside risks.

"Sustaining the fiscal discipline will provide more flexibility for monetary policy", the committee noted.

The summary said committee members also noted that economic activity continued to recover amid strong domestic demand.

"The Committee expects the recent policy measures to restrain the pace of recovery in loans and domestic demand over the upcoming period," the summary said.

Noting that unemployment rates remained at high levels despite the improvement in employment conditions, the committee also reiterated that unemployment rates would remain higher than pre-crisis levels for some time, containing unit labor costs.


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Last Mod: 26 Ocak 2011, 11:17
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