However, it does not specify the size of the deviation from the target that will require such an explanation. Therefore, in order to clarify this mechanism and facilitate its operation, the Central Bank has set a symmetrical uncertainty band of 2 percentage points in both directions around the point target. It has been decided to keep the uncertainty band around the target at 2 percent for 2007 as well. The path consistent with the end-year target and the uncertainty bands defined for the end of each quarter of 2007 are shown in Table 1. In case the figures go outside the band, the Central Bank shall submit a separate report to the Government disclosing the reasons for the deviation and the measures to be taken for convergence to the target and share this report with the public. The path shown in Table 1 will also be used as performance criterion for the IMF reviews within the framework of the Stand-by program.
The first session will start at 1:00 pm and will host the Central Bank authorities and specialists as well as authorities from the Undersecretariat of Treasury. In this session, the related bodies of the Central Bank will present their reports on evaluations about economic developments and inflation outlook to the Monetary Policy Committee. At the same time, the authorities from the Undersecretariat of Treasury will present their evaluations on the developments in debt management and fiscal policy to the Committee. In the second session, the Committee members will make the final evaluations about the outlook and the decision will be put to a vote. After making a decision, members of the Committee will prepare a brief report explaining the rationale of the decision. The decision and its rationale will be announced by the Central Bank in a press release before 7:00 pm on the same day, and it will also be posted on the website of the Bank. A significant change in the upcoming period is that the Turkish version and the English translation of the decision will be published on the same day. Other policy statements and important dates The Central Bank will continue to publish main policy statements regularly in 2007 as well. Within this framework: •  The Inflation Report will continue to be published quarterly. •  The Financial Stability Report will be published twice a year on previously announced dates.