An International Monetary Fund official praised Türkiye's central bank for making steady progress and building market confidence, speaking at the opening of the International Finance Arena in Istanbul on Wednesday.
IMF Türkiye representative Hugh Brendenkamp noted that Türkiye's gross domestic product expanded 2.15 percent over the 1998–2000 period, though he cautioned that this growth introduced certain risks requiring attention.
Brendenkamp pointed to the market turbulence of May and June as a significant shock, while acknowledging that markets rebounded quickly and that loan quality had not deteriorated. He credited this resilience to sound risk management practices.
On domestic policy, he called for corrective steps to reduce the likelihood of future market volatility. He also identified Türkiye's current account deficit as an area of ongoing concern.
Brendenkamp stressed that a well-structured banking sector, an independent central bank, and disciplined fiscal policy are essential foundations. He expressed confidence that, with proper strategy, future external shocks can be absorbed effectively.
Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.