•  The statement entitled Summary of the Monetary Policy Committee Discussions will be published within 8 working days following the meeting with the title Summary of the Monetary Policy Committee Meeting, alongside its English translation. •  As of July 2006 the “Price Developments” report started to be published to provide an accurate understanding of inflation data. This report will be published within 2 working days following the announcement of inflation data. BIS Review 1/2007  5  •  Besides all these statements, presentations and speeches made by the Governor and the Committee members will be shared with the public from time to time. •  Moreover, the research papers, booklets, and technical notes published by the Central Bank and organized conferences will continue to be a part of the communication policy. The publication calendar for the Inflation Report and the Financial Stability Report along with the Monetary Policy Committee Meeting dates are presented in the Appendix. Meeting dates have been determined by taking into account such factors as official holidays, national and religious festivals, and the data flow calendar. Exchange rate policy and foreign exchange buying auctions Along with inflation targeting, the Central Bank will continue to implement a floating exchange rate regime in the upcoming period. In the floating exchange rate regime the FX rate is neither a target, nor a policy tool. The only variable that the Central Bank sets as target is inflation and the main policy tool to achieve this target is short-term interest rates.
In case the issue of liquidity bills is deemed necessary, the method of issue of the said bills and other related information will be announced to the public in advance by a press release. As always pointed out, the Central Bank deems the stability and development of financial markets as a supporting objective for the effective implementation of policies pertaining to price stability. As a matter of fact, compatible with the floating exchange rate regime, the Central Bank has taken measures towards maintaining financial stability several times in the last four years. Within this context, the Central Bank, the primary goal of which, entrusted to it by law, is to establish price stability, will continue its practices to enhance the effectiveness of the monetary policy and liquidity management, also in 2007. Accordingly, the Central Bank may change not only its liquidity management strategy, but also the borrowing and lending interest rate margins in cases of unpredictable changes in market conditions and according to the new needs. Obviously, under the floating exchange rate regime, the Central Bank is able to implement the YTL liquidity policy in a more flexible manner than it can under a fixed currency peg regime and can act more promptly and flexibly to meet the YTL liquidity needs of the banking system. The Central Bank can prevent excessive fluctuations in money market interest rates as long as they are consistent with the inflation target.