This programme was designed to free Turkey from high inflation, restore macro-economic fundamentals and address structural weaknesses in the economy. For most of 2000, the government’s economic programme made good progress. Consumer price inflation declined rapidly from 68.8 per cent in January 2000 to 33.4 per cent in February 2001, the lowest level since 1986.
Since the marginal cost to consumers of making payments by ACH is about half that of the cost of making payments by check, in the end the most interesting question may be why the ACH has not displaced the costlier check system even more rapidly. Electronic money With that background, we now turn to our main topic, electronic money.