The “Price Developments” report will be published on the working day following the announcement of inflation data. Beside these communication tools, speeches and presentations made by Central Bank autorities at the meetings in Turkey or abroad constitute an important pillar of the communication policy. Working papers, booklets and technical notes published along with the conferences and workshops organized by the Bank will be used as effective tools for communication policy. 1  The publication calendar for the Inflation Report and the Financial Stability Report along with the Monetary Policy Committee Meeting dates are presented in the Appendix. BIS Review 4/2008  5  Exchange rate policy and liquidity management Exchange rate policy and foreign exhange buying auctions Along with inflation targeting, the Central Bank will continue to implement floating exchange rate regime in 2008. As stated in the annual monetary and exchange rate policy announcements that have been published since 2002, the foreign exchange rate is neither a target, nor a policy tool in the floating exchange rate regime. Exchange rates are determined according to the supply and demand conditions in the market. The main factors affecting foreign exchange supply and demand are the monetary and fiscal policies implemented, international developments, economic fundamentals, and expectations. Even if floating exchange rate regime has been adopted, keeping a strong foreign exchange reserves position is very important in emerging economies like Turkey to eliminate the unfavorable effects of potential internal and external shocks and to boost confidence in the country’s economy.

It is also a pledge by the industry to provide the required support by allocating the needed resources in our endeavour to create and promote an internationally recognised Islamic finance professional body. Industry recognition to the bearers of CIIF qualification as highly qualified and competent professionals will give an added boost to the entity as it embarks on this important journey. Although CIFF is only being officially launched today, the entity has completed two guiding principles and two guidelines which will be launched today. These issuances will set the minimum requirements on the pathway of becoming Chartered Professionals and for financial institutions to become accredited institutions that would enable the training of staff as Islamic finance professionals. More is in the pipeline and I am confident that CIIF is committed towards developing the highest quality of guiding principles and guidelines that are in line with the current and future developments. Another bold action that we shall embark on is the transformation of The Association of Shariah Advisors in Islamic Finance (ASAS) to become the leading professional body for Shariah advisors. This transformation would further complete the Islamic finance service providers ecosystem. This is envisioned in the Financial Sector Blueprint, with standards to be set for professional programmes, qualifications and continuous professional education on Shariah. I would like to congratulate the Board and management of CIIF on its official launch. I am confident that CIIF can contribute towards higher professionalism for the Islamic financial services industry.