Turkey: Fifth Review Under the Stand-By Arrangement, Request for Waiver of Performance Criteria and Extension of Repurchase Expectations-Staff Report; Staff Supplement; and Press Release on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 324

Publication date: October 2003

ISBN: 9781451838046

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , market expectation , policy , policy credibility , SDR , staff appraisal , executive board discussion , market development , reform legislation , Public sector , Exchange rates , Fiscal stance , Global

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Summary

Turkey showed strong implementation of macroeconomic policies and economic reforms under the Stand-By Arrangement (SBA). Executive Directors commended the disinflation, debt reduction, and sustained economic growth, and stressed the need to safeguard macroeconomic stability and accelerate structural reforms. They welcomed the European Union-related legislation, and commended The Central Bank of Turkey for its monetary policy and the Banking Regulation and Supervision Agency in its supervision of banks. They agreed that Turkey has successfully completed the fifth review under the SBA, and granted waiver.