instruments shall be denominated in major reserve currencies. this is to ensure access to a large pool of global investors and broaden the range of its holders, thereby enhancing the prospects for active secondary market. there is not an available mechanism through which the central bank of turkey can provide liquidity to the interest - free banking sector, or the so - called participation banks. however, the central bank of turkey has become a founding member of the iilm and contributed 10 million usd to its equity. as additional efforts by the institutions in turkey to facilitate participation banks ’ liquidity management, the undersecretariat of treasury has started the issuance of revenue indexed bonds, which are purchased by the participation banks. as it is known, another kind of interest - free security, which could be useful for participation banks especially in their liquidity management, is a specially designed financial certificate, called “ sukuk ”. there is a regulation of the capital markets board of turkey dated 1 april 2010 that permits the issuance of rent certificate, which are very similar to asset - backed securities. we believe that such interest - free securities, which could also be traded in secondary markets, is very beneficial for the participation banks in their liquidity management operations. distinguished participants, the vital issue of liquidity management has the potential to reshape the future trends in the monetary policy framework. the path to resolution involves not only revisiting economic policies, but also economic and institutional infrastructure that surrounds them. in this sense, the islamic finance has a good way to go in order to maintain well - structured liquidity management system. i hope that this conference will lead to new ideas that help authorities in their efforts to design a solid islamic liquidity management structure. thank you for your attention. bis central bankers ’ speeches

in the upcoming period as well. besides, high levels of unemployment are expected to restrict private consumption expenditures. in addition to these, considering the ongoing partial tightness in financial conditions, the central bank considers that the uncertainties pertaining to the strength and endurance of the recent partial revival in demand may not yet have come to an end. figure 25 : aggregate index of consumer sentiment * and private consumption expenditures ( annual percentage change ) - 5 private consumption - 10 aggregate index - 15 2 * * * the index is compiled by the cbrt by using production and imports of consumer goods. * * comprises data pertaining to april - may period. source : turkstat, cbrt. distinguished members of the press, the nature of the period we are going through increases the importance of monitoring data pertaining to the speed and timing of global recovery, with respect to the foreign demand outlook. since the last report period, growth forecasts for 2009 for the us economy have been quite stable while those for the eurozone have been revised downwards. meanwhile, global growth forecasts for 2010 were revised upwards by a small margin in the last quarter. an analysis of regional growth forecasts reveals that the upward revision in the eurozone for end - 2010 has been more limited compared to the revision in the us economy. to sum up, while forecasts for global economic activity have become relatively more stable in the last quarter, the outlook for the “ recovery process in the eurozone – our main trade partner – to be anemic and protracted ” has strengthened ( table 2 ). table 2. forecasts for annual growth previous forecast new forecast previous forecast new forecast world - 1, 3 - 1, 4 1, 9 2, 5 developed countries - 3, 8 - 3, 8 0, 0 0, 6 usa - 2, 8 - 2, 6 0, 0 0, 8 eurozone - 4, 2 - 4, 8 - 0, 4 - 0, 3 developing countries 1, 6 1, 5 4, 0 4, 7 imf oecd all oecd members - 4, 3 - 4, 1 - 0, 1 0, 7 usa - 4, 0 - 2, 8 0, 0 0, 9 eurozone - 4, 1 - 4, 8 - 0, 3 0, 0 world - 2, 1 - 2, 6 1, 9 2, 1 usa - 2, 7 - 2, 6 1, 8 2, 1 eurozone - 3, 4 - 4,