Released on: June 23, 2008, 4:11 am

Press Release Author: Biz Nice

Industry: Financial

Press Release Summary: Kimura Financial analysts frustrated with lack of information
from the Turkish Central Bank following their sharply raised inflation forecasts for
the next three years, citing soaring energy and commodity prices as the primary
cause.

Press Release Body: The views from Kimura Financial are thought to reflect the
general sentiment of the investment community with respect to Turkey - one of the
world's largest emerging economies, after many observers have become skeptical of
the inflation-targeting policy of Turkey\'s central bank, suggesting that their
policies were too ambitious. According to a source close to Kimura Financial,
Turkey's inflation rate was about 70 per cent in 2000, and one of the big successes
of its economic and structural reform programme in recent years has been to bring it
down to single figures. Inflation-targeting monetary policy was introduced in 2006,
however inflation in May this year was an annual 10.7 per cent, far above the 4 per
cent target. The bank, which had already missed its targets in 2006 and 2007, faced
the prospect that it would do so again for a third year in succession.

The Kimura Financial source apparently concluded that the revision will \"surely
damage the nations credibility and monetary policy\" and made reference to South
Africa, who when faced with a similar scenario, refused to revise targets for
precisely these reasons.


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