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    Turkey does not need IMF funds at this time- Central Bank governor

    HotNewsTurkey Staff
    27 Ekim 2008 - 12:08Son Güncelleme : 27 Ekim 2008 - 13:50

    Turkish Central Bank Governor Durmus Yilmaz said the country was facing a serious U.S. dollar liquidity problem at the moment, however it did not need International Monetary Fund's (IMF) funds, on Monday. (UPDATED)

    "We are facing a serious dollar liquidity problem at the moment. Some measures must absolutely be taken in order to avert this issue. As the Turkish Republic, we don't need the IMF's funds at the moment," Yilmaz told reporters when asked about talks with the IMF delegation, which is currently in Turkey, Anatolian Agency reported.          

    However, Yilmaz said some regulations would be beneficial to restore confidence in the markets because of the uncertainties.

     

    "There are uncertainties about what we can face in the coming period, therefore we see it beneficial to launch some regulations in order to restore confidence in the markets, but consequently this is a political decision. And it depends on a government decision," Yilmaz added.

    Market players and Turkey’s business world have been piling pressure on the government to make a rapid decision on the future shape of relations with the IMF amid a growing global financial crisis. The IMF and the European Union process are seen as major anchors of the economy.

    Turkey's last 10 billion dollar-stand-by deal expired in May and the government is yet to decide on the new form of relations with the IMF.

    An IMF delegation is currently holding talks in Turkey as part of the fund’s post-program monitoring activities. 

     

     

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