Turkish State Minister Ali Babacan declared Wednesday that Türkiye has no intention of revising its inflation target, despite recent price fluctuations he attributed largely to global market conditions. Speaking on a joint NTV and CNBC-e broadcast, he said it remains too soon to forecast final year-end inflation figures.
Babacan said preparations for an additional letter of intent to the IMF are complete. The IMF Executive Board is expected to meet in early July to finalize its third and fourth program reviews, after which approximately 1.9 billion USD in loan disbursements to Türkiye are anticipated.
Separately, Babacan announced that two World Bank program loans, each worth 500 million USD, are set for release in late June or early July. One supports financial and public-sector structural adjustment; the other backs public-sector policy development.
On the currency, Babacan said the exchange rate reflected by market activity is the most reliable indicator. He also noted that revenues from privatization have not been used to retire existing debt obligations.
Historical summary. TurkishPress restated this wire report, first published in June 2006, in its own words.