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Citizens on the street of industrialists, the dollar is trading on the financial markets down to small players in Turkey, closely followed by all / TL rate, the coronavirus period continues under pressure against the TL.
Turkey experienced periods of worsening economic data, especially new outsourcing needs has increased, causing it to lose the regular value of TL uncertainties in this regard. The dollar / TL, which reached the level of 7,1040 TL yesterday, has approached the record historical level of 7.24, which was last seen on August 13, 2018. Dollar / TL closed the day at a level of 7.08 lira. The loss of TL against the dollar has reached 19 percent since the New Year. In addition, the real effective exchange rate index, calculated by the Central Bank, decreased by 4.03 points in April based on the CPI and fell to 68.88.
ATTENTION TO CDS
In evaluating the process, bankers say that the Central Bank’s reserves have decreased “very quickly”, which has generated new selling pressure on TL. With this reduction, it is being closely monitored in Turkey that it would bring a new outsourcing market. Although politicians reject IMF aid with swap or credit, they are seeking financing with steps similar to those of the negotiated G20 countries.
Turkey’s five-year credit default swaps (CDS) The premium of 650 basis points after surpassing the highest level since the 2008 financial crisis moved between 605 and 625 yesterday. CDS had fallen to 240 points earlier in the year.
NEW EXCHANGE STEP
On the other hand, the Central Bank yesterday changed the exchange limits of TL against foreign currency and increased the rate from 30 percent to 40 percent. Thus, the opportunity increased to $ 20 billion. The bank allowed banks, whose foreign exchange opportunities with contracts abroad, to receive TL by giving more currencies, while BRSA’s active relationship continued to increase with increasing transactions.
INCREASES CENTRAL FOOD ANXIETY
In evaluating consumer inflation in April, the Central Bank drew attention to food prices: “Prices have increased significantly compared to the seasonal trend in processed and unprocessed products. Annual inflation increased to 5.23 percent in unprocessed foods and to 17.78 percent in processed foods. Overall, unprocessed increases are seen in the other group of unprocessed foods, especially legumes (7.54 percent), and red meat prices (4.3 percent) have drawn attention. ”
The bank stated in its March report that fresh fruits and vegetables were effective in slowing annual food inflation.
The bank emphasized that the slow course of service inflation was effective in the horizontal course of items such as airlines, entertainment culture, tour packages, and barbering where compilation was not possible.
