Turkey

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On July 13, regional leaders gathered in the southern Turkish port city of Ceyhan to celebrate the official opening of the Baku-Tbilisi-Ceyhan (BTC) pipeline.
On July 11, Turkish Minister of State Ali Babacan held a conference for members of the international press, in which he laid out the government's long-term economic plans and admitted that the country will likely miss its 2006 inflation target of 5%.
Despite strong expectations that inflation would soar in June on the back of the declining value of the Turkish lira and the tumbling Istanbul Stock Exchange (IMKB), recently-released June figures revealed a lower than anticipated increase in the consumer price index (CPI).
On June 22, Turkish Finance Minister Kemal Unakitan unveiled plans to remove the 15% withholding tax for foreign investors and reduce it to 10% for their domestic counterparts, in the hope of restoring foreign investor confidence.
On June 18, the high value placed on a university education was on display throughout Turkey as families waited anxiously while graduation year high school students wrote the university entrance exam, called the ÖSS.
Despite a last-minute hiccup which threatened to derail the whole process, Turkey began formal accession negotiations with the EU at a summit in Luxembourg on June 12.

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