Turkey reaches economic targets set by IMF

Published July 15th, 2003 - 02:00 GMT

Turkey’s Central Bank has reported that economic targets specified for the end of June 2003 in the Letter of Intent have all been met for base money and net international reserves as performance criteria, and net domestic assets as indicative target, stated a press release.  

 

Under the current monetary program, the ceiling specified as performance criterion for base money as end of June is 13.2 trillion Turkish lira, calculated on the average of the last five working days of the month. The average base money of the last five working days of June stood at TL 13.039 trillion, remaining below the upper limit of TL 13.2 trillion. 

 

Under the current monetary program, the floor specified as performance criterion for net international reserves as end of June is minus seven million dollars. Net international reserves specified in the program has been realized as minus - $3.865 million, standing above the lower limit of minus seven million dollars, which is performance criterion. 

 

Under the current monetary program, the indicative ceiling specified for net domestic assets as end of June is TL 34.1 trillion and is calculated by the average values of the last five working days of June. Net domestic assets stood at TL 29.395 trillion, remaining below the indicative ceiling value of TL 34.1 trillion.  

 

The monetary program targets specified for July-September 2003 in the Letter of Intent are an indicative ceiling value for base money of TL 14.1 trillion. The calculation will be based on the average of the last five working days of September. The indicative floor value for net international reserves as end of September is minus six million dollars. The indicative ceiling value specified for the net domestic assets is TL 33.8 trillion for the same period. — (menareport.com) 

© 2003 Mena Report (www.menareport.com)


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