ANKARA - State Minister Ali Babacan said on Thursday that the year-end inflation target was set as 20 percent but it would probably be around 18 percent.
Babacan, who attended a program broadcast on state-run TRT 2 channel, said that the biggest reason of crises in Turkey was bad management and corruption.
Noting that people wanted politicians whom they could trust, Babacan said that confidence was important in reduction of inflation rate.
The government aimed to reduce inflation rate to a level which could be compared with inflation in European Union (EU) countries in four years of time till the following elections, Babacan stated.
Noting that they could see net public borrowing stock ratio to Gross National Product (GNP) as 70 percent by the end of the year, Babacan said that the chance to record net public borrowing stock ratio to GNP as 60 percent during their five-years of ruling was high.
Babacan emphasized that foreign investors were pleased with decisions taken so far to better investment environment.
Stating that they had made some arrangements for investors, Babacan said that they would complete some other arrangements within a few months.
Babacan said that they also aimed at a Turkish lira (TL) without so many zeroes.
Current 1 million Turkish liras (TL) would be equalized with new 1 TL as they put into practice their project, Babacan noted.
Babacan pointed out that new TL would start to be minted in 2004 and they would try to start using the new TL by January 1, 2005.
(BRC-AÖ) 06.11.2003