Economy in Turkey: Dollar/TL exceeds 20 in interbank market
Dollar/TL started the last trading day before the second round of the election by rising to 20. Despite drastic drop in reserves of the Central Bank (CBRT), the TL has continued its limited daily depreciation losses against the dollar. Dollar/TL started the last trading day before the second round of the elections by testing the new historic peak of 20.
According to these data, while the TL lost 2.1 percent against the dollar compared to the rate before the first round of the elections, it has experienced a loss of 5.9 percent since the earthquake and 6.4 percent since the beginning of the year. Despite the recent near-horizontal course of the TL, the last 5-year loss is at the level of 80 percent.
The dollar/TL is at the level of 21.30 in the Grand Bazaar. When someone wants to buy dollars from the bank, the exchange rate goes up to 21.85.
RESERVES ARE MELTING
In order to limit the depreciation of the TL, the CBRT lost $ 9 billion in reserves in the week before the first round of the election, while last week’s reserve loss was $ 3.5 billion. Bankers calculate that reserve losses have continued this week.
Reserve sufficiencyremains the top concern in the markets. Net international reserves fell by another $2.5 billion last week, falling to minus for the first time since 2002. (sozcu.com.tr/2023/finans/dolar-tl-bankalar-arasi-piyasada-da-20yi-asti-7695791/?)
