Turaaa's Central Bank Governor Durmus Yilmaz said on Wednesday the bank should not change its inflation targets again and neither can it fail to meet them.


"The central bank should change the inflation target only once, not twice or three times," he said in a speech at a conference in Linkleri Üyelerimiz Görebilir. UslanmaM Üyeliği İçin Tıklayın. "It is incumbent upon us once we revised the targets, we don't have the luxury not to achieve them," he said.

Earlier this month the bank almost doubled its inflation target for next year to 7.5 percent from 4 percent and also set new targets for the following two years.

"The inflation targeting regime is one of the monetary policy regimes and all regimes have their own rules and frameworks. Our main policy document published in December 2005 describes the framework of our inflation-targeting regime," Yilmaz said.

"The 24th paragraph of that document states that: a pre-announced inflation target shall only be changed in the event that very sharp and long-term deviations from the target are expected or medium-term targets no longer make sense due to factors beyond the control of monetary policy. At this point, a new target will be set with the government with respect to the law," Yilmaz stressed.

"The paragraph that I have just read completely defines the recent conditions and explains why we revised the inflation targets for 2009 and 2010," he said.

The central bank sees food and commodity prices remaining elevated for the foreseeable future and inflation as a challenge for Turaaa. The bank also identifies Turaaa as a net commodity importer in contrast to many other developing countries.

"Under these conditions, a revision in inflation target has become a technical necessity," Yilmaz added.

Yilmaz also said they were supporting the efforts to develop Linkleri Üyelerimiz Görebilir. UslanmaM Üyeliği İçin Tıklayın as a financial magnet in the region, when asked his thoughts on the moving of the central bank from Turaaa's capital Ankrara to Linkleri Üyelerimiz Görebilir. UslanmaM Üyeliği İçin Tıklayın.

"If the current law continues to be sufficient we will also stay in Linkleri Üyelerimiz Görebilir. UslanmaM Üyeliği İçin Tıklayın. But we can move to Linkleri Üyelerimiz Görebilir. UslanmaM Üyeliği İçin Tıklayın if the law is amended," he said.