is the communication policy of the central bank. the significance of efficient communication is undeniable in reducing ambiguity and increasing reliability by making central bank policies understandable, assessable and predictable. since 2001, the central bank has placed communication policy at the core of its policies ; and consequently adopted an efficient policy, sharing all knowledge and forecasts with the public and explained its policies clearly throughout the country. i think efficient communication is highly important in terms of the point we have reached today. besides central bank independence and communication strategies, the tight fiscal and monetary policies implemented are two other important factors in the fight against inflation. it is very well known that it is really hard to implement price stability - oriented monetary policies in an environment of fiscal dominance environment stemming from budget deficits and excessive domestic borrowing. in order to solve this problem, under the current economic program, giant leaps have been taken towards decreasing interest rates and achieving sustainable borrowing by employing tight fiscal policies. in addition, steps have been taken towards eliminating the public debt sustainability problem in the medium and long run by achieving primary surplus. at this point, i would like to underline that the stability, confidence and positive expectations, which have emerged in the markets as a result of the tight fiscal policies, have significantly contributed to the downward trend in inflation. furthermore, continuous increases in productivity, the strong position of the turkish lira and an income policy in line with inflation have to a large extent contributed to the favorable course of inflation in the recent period. domestic demand has been kept under control as a result of the tight and prudent fiscal and monetary policies. the postponed consumption and investments, accompanied by advanced consumption, which was driven by worries stemming from old habits, have been instrumental in the rapid increase in domestic demand in the first two quarters of 2004. however, the increase in domestic demand slowed down evidently as of the second half of 2004, as expected.. accordingly, the level of domestic demand did not exceed the production capacity, and thus no demand - side pressure was created on inflation. these developments were foreseen by the central bank and, after a brief interlude, short - term interest rates began to be reduced again from september 2004. e. no apparent pressure of this kind is expected in 2005 either, provided that the tight monetary and fiscal policies continue to be implemented and the incomes policy follows a course in line with inflation. however, as i have just mentioned, the recent press release “ march inflation and outlook ” needs to be read carefully.

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