Central Bank insists on price stability
ANKARA - Hürriyet Daily News
Head of Turkey’s Central Bank Erdem Başçı. AA photoEvery country needs an inflation target in order to ensure the stability of prices, Erdem Başçı, the head of Turkey’s Central Bank, said this morning during a press meeting in Ankara.
Turkey’s inflation target for 2013 is estimated to be 5.3 percent, he said.
Meanwhile, the bank head said the country would be following a formula of “3x5,” whereby financial authorities will target an inflation rate of 5 percent, a growth rate of 5 percent and a current account deficit-to-GDP ratio of 5 percent.