Turkish Central Bank chief vowed on Friday to promote foreign exchange liquidity and increase efficiency in credit markets to cope with the global financial turmoil, the semi-official Anatolia news agency reported.
"Concerns over inflation had diminished for now, we should focus more on foreign exchange liquidity and efficiency in the credit markets," the report quoted Central Bank Governor Durmus Yilmaz as saying at the bank's symposium.
Noting that Turkish banking sector was relatively prepared for fluctuations in the foreign exchange liquidity, he said "Turkish Central Bank's monetary management had a structure that could efficiently meet the liquidity need of the banking sector."
Ad hoc measures would be employed by the central bank to stoke the foreign exchange flow and maintain the sound operation of the exchange market, Yilmaz said.
"The way the developing countries would use their foreign exchange reserves is of great importance during the current difficult period," he stressed.
Meanwhile, he said that the Turkish government has been trying to increase efficiency to defrost the credit market.
"Despite the measures taken, the shrink in the credit markets and the banks' unwillingness to provide credit facilities will continue," Yilmaz predicted.
The symposium dubbed "Globalization, Inflation and Monetary Policy" kicked off in Turkey's biggest city of Istanbul on Friday.
Source:Xinhua
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