Turkish Central Bank Head Cites 4 Percent Inflation Rate For Three Consecutive Years

KAYSERI - Turkish Central Bank Governor Durmus Yilmaz said Thursday the bank targeted a four percent inflation rate for 2008 and the following two years.
"Our inflation target is very precise: 4 percent for 2008,2009, and 2010," Yilmaz told a meeting on monetary policy in the central city of Kayseri.
"We do decide the inflation target together with the government but the decision on how to chose the means to reach that target is completely under the bank's authority and responsibility," he said.
"We cannot give any concessions on price stability. We need to further reduce the figure because if we get to stop at this moment, inflation can climb even higher," Yilmaz said.
Yilmaz added that the only means at the bank's disposal to tackle with inflation is the policy interest.
(YMB-AÖ)