CB governor: "Turkey doesn't need an IMF deal right now"

Central Bank Governor Durmus Yilmaz said yesterday that although Turkey is currently facing a serious US dollar liquidity problem, it doesn't need a new International Monetary Fund deal. Speaking to reporters during a meeting in the Turkish Republic of Northern Cyprus (TRNC) to introduce the Turkish lira, Yilmaz added that due to prevailing uncertainty, new regulations would help to restore market confidence, saying that this is a political decision which is up to the government. Speaking about the recent rise in exchange rates, Yilmaz said such fluctuations are possible under Turkey's floating exchange regime, adding that the market, not the CB, set currency rates. He also advised people to use liras in their transactions and savings to protect themselves from possible risks.