10  BIS central bankers’ speeches  Figure 7  CPI inflation (*) (annual change, percent)  10  CPIEFE inflation (*) (annual change, percent)  10 10  10  8  8  8  8  6  6  6  6  4  4  4  4  2  2  2  2  0  0  0  0  -2  -2  -2  -2  -4  -4  -4  -4  07 08 09 10 11 12 13 14 15 16  07 08 09 10 11 12 13 14 15 16  Dec.'2013 Report  Mar. '2014 Report  (*) Gray area, as from the first quarter of 2014, shows forecast. Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 8 MPR and expectations (percent) 9  9  7  7  8  8  6  6  5  5  4  4  3  3  2  2  1  1  0  0 07  08  09  10  11  MPR  FBS second half March 2014  12  13  EES March 2014  14  15  16  Forward, March 2014 Report  Source: Central Bank of Chile. BIS central bankers’ speeches  11
During the same period, the number of foreign banks with subsidiaries or branches in Turkey increased from four to 20. As of November 1998, 60 banks out of 74 are universally commercial banks and the remaining 14 are development and investment banks. Thirty-six of these banks are commercial banks whose majority shares are privately owned; 20 are foreign banks established in Turkey or having branch offices in Turkey; and 14, as noted above, are development and investment banks. As of November 1998, Turkish banks now operate though their 7,062 local branches. More than 165,000 persons are employed in the banking sector. In addition, the Turkish banking system is aggressively modern, adopting every banking innovation rapidly. Turkish banks, operating in parallel with the process of internationalization and globalization, have gone one step further by starting to invest in foreign financial establishments as well. Turkish banks are now able to form joint ventures with foreign banks to open financial subsidiaries and branches abroad. As of November 1998, Turkish banks had 63 financial subsidiaries in 19 different countries, and 26 branches in 10 different countries. As of November 1998, the size of the consolidated balance sheet of the banking sector was $ billion. According to our peer group classification by ownership, public and private banks both have significant shares in the sector.