"Turkey's Economy Gaining Respect
Slowing inflation, expanding GDP, soaring productivity and falling interest rates create a level of economic stability not seen since the 1980s.
By Vincent Boland, Financial Times
ANKARA, Turkey � If the state of a country's economy can be judged by the quality of the paper its money is printed on, Turkey's is in rude good health. At the start of the year the central bank introduced crisp new Turkish lira notes, minus six zeros, to replace the inflation-ravaged old ones, often so shabby that they were held together with adhesive tape.
The redenomination is not just cosmetic. Turkey's economic decline and high inflation during the 1990s led to a steep loss of value in the currency that has now been halted. Inflation fell to 9.3% in 2004, the first time since 1972 that it has been in single figures. The 1990s average was 77.5%, said Serhan Cevik, an analyst at Morgan Stanley in London."
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