turalay kenc : fostering longstanding relations – opening of the bundesbank representative office in istanbul speech by mr turalay kenc, deputy governor of the central bank of the republic of turkey, at the opening ceremony of the bundesbank ’ s representative office, istanbul, 26 november 2013. * * * excellency wolke, esteemed dr. dombret, distinguished participants, ladies and gentlemen, at the outset, allow me to express the pleasure and appreciation of the central bank of turkey on the occasion of the opening ceremony of the bundesbank ’ s representative office in our beautiful city of istanbul. it is a distinct honour for me to have the opportunity to deliver a couple of remarks before distinguished participants in this historical opening event, as this is the first representative office in turkey of a fellow central bank. first of all, the central bank of the republic of turkey ( cbrt ) is very pleased with the signing of the memorandum of understanding ( mou ) this year with your esteemed central bank. this is so, not only because the majority of the bundesbank policies have been regarded as gold standards in central banking, but also because the bundesbank is the central bank of germany that is our main trading partner and highest ranking foreign capital provider. the mou agreement manifests the commitment of both institutions to foster long standing relations. in the spirit of the mou agreement, a primary step in our cooperation is to establish high level policy dialogue with the bundesbank on a regular basis, the first of which will be held in 2014. this is timely, considering that not only will turkey assume the g20 presidency in 2015 and engage in an even closer interaction with the central banks of the g20 member states, but will also help meet the recently increased need for policy dialogues over the implementation and implications of new unconventional monetary policies. in general, the cbrt places great emphasis on bilateral relations with fellow central banks, especially those of the g20 member countries. the year 2012 is a testament to our commitment, as the cbrt opened six new representative offices, which brought the total number to ten. the first - round representative offices include those in frankfurt, ny city, london and tokyo. the ones opened later on are in moscow and sydney – to strengthen relations with other g20 presidency countries ; beijing and kuala lumpur – to strengthen relations with the asian countries ; paris – to strengthen relations with the oecd, and finally washington, dc –

durmus yilmaz : economic outlook for turkey speech by mr durmus yilmaz, governor of the central bank of the republic of turkey, at the bursa chamber of commerce and industry, bursa, 11 january 2007. * * * distinguished industrialists, businessmen, dear guests and members of the press, this is the first of the series of meetings planned for 2007, which has become a traditional platform aiming at bringing the representatives of the real sector together directly. firstly, i wish to thank dunya newspaper and bursa chamber of commerce and industry for organizing this meeting and thereby giving me the opportunity to exchange information and views about the economic outlook with the distinguished industrialists and businessmen like you. in the first part of my speech, i would like to present a general evaluation of the year 2006 with a special emphasis on inflation, and to explain our policy implementations and to share our forecasts regarding 2007 in the light of the current data available. then, i would like, once more, to mention about growth, employment and current account deficit that we have shared with the public many times, constituting the major items on the economic agenda. i will then elaborate on what should be done in this regard in the medium and long term. distinguished guests, the primary objective of the bank is to achieve and maintain price stability, as laid down in the central bank law. the central bank pursues and will continue to pursue its monetary policy objectives with determination within the context of its historical mission and responsibility, as stated in the legal framework and the guidelines that were determined in 2001. in this framework, inflation targets are determined jointly with the government ; while the choice of the monetary policy tools and their implementation principles are determined by the central bank. in other words, the central bank was provided with the instrumental independence by its law. the instrumental independence enables the central bank to design and implement its monetary policies with a medium term perspective. distinguished guests, following the establishment of the institutional and legal framework of the monetary policy in accordance with the modern central banking principles, significant steps were taken in the fight against inflation. thus, a rapid disinflation process was experienced and all of the inflation targets were attained for four consecutive years due to the macroeconomic policies, especially the fiscal policy that were implemented consistently with the inflation targets. the inflation rate of 7. 7 percent realized at the end of 2005 was the lowest figure, which was recorded in the last thirty - five years. however, price stability could