Inflation targeting fails in first yr in Turkey

According to this article published by the Turkish Daily News on Saturday 6 January, Turkey's long-awaited "inflation targeting" has failed in its first year, and there is a big chance it will be unsuccessful in 2007.

"The inflation goal for 2006 was set at 5 percent, but yesterday, based on data for December, inflation for the year was announced at 9.65 percent," the article says.

"One of the main reasons inflation targeting did not work was the fluctuation in global liquidity, exacerbated by

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