Türkiye Central Bank Chief Addresses Market Concerns at London Conference

Turkish Central Bank Governor Durmus Yilmaz spoke at a Turkish Bankers' Association (TBA) conference in London, saying the bank steps in when markets fail to function properly.

Yilmaz told attendees that Türkiye's current account deficit was expected to narrow by the close of 2006. He also attributed recent economic turbulence to external global factors rather than any weakness in the country's economic fundamentals, drawing a clear distinction from the crisis of 2001.

The governor said the Central Bank would prepare a formal letter explaining the rise in inflation, a copy of which would be shared with the IMF.

After concluding his London engagements, Yilmaz was scheduled to travel to New York for meetings with several financial organizations.

Historical summary. TurkishPress restated this wire report, first published in June 2006, in its own words.