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Exchange rates fluctuated after the Central Bank (CBRT) raised the policy rate by 475 points to 15 percent in line with market expectations.
The exchange rate, which was at the 7.70 level just before the decision, fell back above 7.60 after falling back to 7.51 after the decision.
The euro / TL rose again above 9 after retreating from 9.15 to 8.89.
THE CBRT DECISION WAS PRICE
The CBRT reduction of the policy rate to the weighted average cost of financing level, which reached 14.80 percent yesterday and is real interest, was previously quoted on the market. The CBRT’s decision to simplify by stating that it will increase the policy rate and finance the policy rate were the steps the market expected.
For this reason, the exchange rate did not drop significantly. Thanks to these expectations, the exchange rate went from 8.50 to 7.60 last week.
Foreign portfolio inflows, import and export figures, the course of the epidemic, and geopolitical developments will be effective in the currency from now on. Loans and imports are expected to decline in line with rising interest rates.
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