Dollar/TL rate breaks another record

After the decision of the US Central Bank (Fed) to increase the interest rate, the dollar / TL has renewed its peak of 18.36. Dollar / TL has seen 18.38 today and exceeded the peak of 18.36 seen on December 20, 2021. Today, the Central Bank’s (CBRT) interest rate decision will be followed in the market.

CBRT LIKELY TO KEEP INTEREST RATE AT 13 PERCENT

Due to the fact that the CBRT (Central Bank of Turkey) defined “sufficient” for the interest rate at the previous meeting, the expectation in a Reuters poll for this month is that the policy rate will be held steady at 13 percent. There is also a minority forecast of interest rate cuts.

Along with the interest rate cut, the CBRT also took steps to put itself in a more decisive position in the foreign exchange market, followed by the credit and bond markets.

Since the CBRT has also given a clear message in the previous Monetary Policy Committee (MPC) text regarding the steps to be taken in loans and then explained its steps, the changes to be made in the text will also be followed today.

The interest rate decision of the CBRT will be announced at 14.00. Today, the consumer confidence index and the CBRT weekly money and bank, reserve, securities data for September will also be published.

CHANGE IN CBRT NET RESERVES

The calculation made by bankers from leading data shows that the CBRT’s net reserves decreased by about $ 2 billion last week, while its total reserves will show a limited increase. The Turkish lira has lost 2.1 percent against the dollar since the surprise interest rate cut last month. It reached as high as 18.35, a fairly limited rise compared to the hard sales in global markets in recent days.

When viewed in cumulative terms, the TL has lost 19 percent since the end of April, 28.1 percent since the beginning of the year, and 54.3 percent in one year. The TL also experienced a depreciation of more than 40 percent last year.