New peaks expected to come in dollar TL rate
The dollar/TL is moving above 17.60 ahead of the Central Bank’s interest rate decision. The depreciation of the TL against the dollar since the beginning of the year has exceeded 25 percent.
The dollar/TL continues to be under pressure above the 17.60 level due to high inflation, concerns about economic preferences, especially foreign exchange, and concerns about the global recession.
DOLLAR/TL SEES 17.68
In line with the calls (instructions) of President Erdoğan, the CBRT (Central Bank) had lowered its weekly repo interest rate by 500 basis points to 14 percent starting last September. Interest rate cuts, on the other hand, accelerated the decline of the Turkish LIRA against the dollar, which led to a 44 percent depreciation last year.
DEPRECIATION EXCEEDS 25 PERCENT
The dollar/TL ended the day at 17.6 after rising to 17.6920 yesterday. The exchange rate started the day at 17.5700/17.6010 at 08:54 this morning.
According to these data, the depreciation of the TL since the beginning of April is at the level of 15.5 percent and the loss since the beginning of the year is at the level of 25.1 percent.
