Over the last four years, Turkey’s economic program has delivered a sustained improvement in economic performance. The strength of the real economy has exceeded projections while inflation has fallen to its lowest level in a generation.
The implementation of prudent fiscal and monetary policies and the granting of independence to the Central Bank of Turkey (CBRT) have been central factors in the success achieved so far.
Inflation in single digits, the declining public debt burden and a healthier financial system have convinced CBRT that the time is ripe for introducing formal inflation targeting. Detailed plans of this new regime have already been announced ahead of its introduction in January 2006. CBRT will host a two-day international conference to mark the launch of formal inflation targeting.
The conference will serve as a platform to evaluate the performance of inflation targeting in achieving price stability. It will discuss the types of reforms that countries need to implement before establishing an inflation targeting framework and the challenges for Turkey that now lie ahead. The conference will draw on a variety of country experiences: New Zealand, Canada and the United Kingdom -countries that have led the way in inflation targeting; Israel, Chile, Brazil and South Africa -emerging market countries that have successfully adopted inflation targeting; Poland, the Czech Republic and Romania -transition economies that are new and prospective members of the EU. CBRT is honoured to welcome leading practitioners and academicians as speakers at the conference. We believe that this Conference will provide an excellent forum in which to exchange information and enhance monetary policy cooperation between countries. In addition, it will provide an opportunity for Turkey to enrich her knowledge about the experiences of different countries with inflation targeting.
The Conference is aimed at a target audience of policy makers, academicians and representatives of national and international institutions.