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    World Bank Turkey Director Vorkink: "We do not see any new crisis in front of Turkey"

    Hürriyet Haber
    22.03.2005 - 16:22 | Son Güncelleme: 22.03.2005 - 16:22

    "We do not see any new crisis in front of Turkey,'' World Bank Turkey Director Andrew Vorkink said on Tuesday. Vorkink attended ''4th Information Economy Forum'' held with the cooperation of Turkish State Planning Institute and World Bank''.

    Replying to questions of reporters, Vorkink said transition to fluctuating exchange rate following 2001 crisis facilitated Turkey's adoption to developments in the world.

    Vorkink said there was several new developments in the world economy, noting this stemmed from the changes in US dollar.

    ''The most important outcome of the increase in interest rates is the changes in value of US dollar compared with the other exchange rates. Developing countries are also affected by this. Thus, Turkey is directly affected by these changes. This was one of the reasons in
    loss of value in TL,'' Vorkink said.

    Vorkink stressed that Turkey moving towards its target of full EU membership would not be able to endure another crisis.

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