The International Monetary Fund (IMF) said in a statement on Thursday Turkish economy was more resilient than that in the past.
But the statement also warned that it would unavoidably be affected by the retrenchment of inflows to emerging markets.
An IMF staff team, led by Turkey Desk Chief Lorenzo Giorgianni, held talks with Turkish officials and private sector representatives over the past two weeks in the context of post-program monitoring following the completion of a stand-by deal, according to the IMF.
"Buffers in bank and public balance sheets, the flexible exchange rate and greater diversification of export markets have increased Turkey's ability to cope with shocks. However, its dependence on external financing exposes the economy to the effects of the global credit crunch," Giorgianni was quoted as saying by the semi-official Anatolia news agency.
The discussions were held against the backdrop of heightened risk aversion and financial market turmoil in emerging markets and advanced countries alike, the IMF said.
The IMF added that the mission focused on the implications of global deleveraging for the Turkish economy and on the appropriate policy responses to minimize disruptive effects.
Giorgianni said Turkey's monetary policy should continue to aim to bring inflation down to target, adding that the Central Bank's recent moves to enhance its liquidity management toolkit was welcome.
Meanwhile, Turkish State Minister Kursad Tuzmen said at a meeting of the Turkish-Pakistani Business Council in Istanbul on Thursday that the global economic crisis will have an impact worth 2 billion U.S. dollars on Turkey's exports and 10 billion dollars on Turkey's imports.
Source:Xinhua
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