ANKARA - Central Bank Governor Sureyya Serdengecti said on Wednesday that it was not possible to convert Turkish lira (TL) into euro without being a member of European Monetary Union.
Speaking about ''money policy applications, macro economic positions and expectations'' in the cabinet meeting, Serdengecti said that practices of monetary policy which was formed under floating exchange rate regime should have some factors to be successful.
Stating that economic programme which was implemented in Turkey and reforms which were made in public sector changed capital accumulation process in Turkey, Serdengecti said that real sector could not recover without completing reforms in banking sector.
Serdengecti said that the balance of current accounts in 2002 will be in line with the targets, adding that the current accounts are expected to give a deficit of 1.9 billion dollars in the year 2003.
Serdengecti noted that the capital inflow to the country in 2002 is 6.4 billion dollars and it is expected to be 6.5 billion dollars in 2003.
Serdengecti noted that if Turkey wants to pursue a growth strategy based on exports, all the units in economy have to focus on productivity increase and technological renewal to get competition power and the increasing input costs of companies have to be examined closely.