Increaseinoilandgoldpricesininternationalmarkets

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Unformatted text preview: Decision Making Body: MPC (Pre­announced monthly meetings) ► Main Communication Tool: Inflation Report 29 30 Source: Kara & Orak, 2008 31 Inflation Target and Realizations Inflation* 2002 2003 2004 2005 2006 2007 2008 2009 Target 35 20 12 8 5 4 4 Actual 29.7 18.4 9.3 7.7 9.7 8.4 9.3° 5.3 1.6 2.7 0.3 ­4.7 Difference ­4.4 4 ­ *CPI, year to year percentage change ° CB’s estimation Source: CBRT 32 Due to developments in 2008 (global financial turmoil and crisis) CB have revised up the end­2008 inflation forecast to % 11.1. Accordingly CB adjusted the inflation target rates of %4 from 2009­2011 to the following rates: 2009 % 7.5 2010 % 6.5 2011 % 5.5 : : 2012 % 5.0 33 Inflation Expectations for the next 12 and 24 months Inflation Expectations for the next 12 and 24 months Source: CBRT, Monetary and Exchange Rate Policy 2009 34 Inflation Target Adjustment Inflation Target Adjustment Inflation* 2008 2009 2010 2011 2012 5 Target 4.0 7.5 6.5 5.5 Actual 10.6 6.53 6.4 9.5** Difference ­6.6 0.97 0.1 2013 2014 5 *CPI, year to year percentage change **November 2011 35 Inflation Targeting Performance Inflation Targeting Performance 36 Performance in 2008 Source: CBRT Inflation Report IV, 2008 37 Performance in 2009 38 Performance in 2010 Source: CBRT Inflation Report IV, 2010 39 Performance in 2011 Sourc...
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This document was uploaded on 03/11/2014 for the course ECON 353 at Middle East Technical University.

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