7 Major Developments This Week

7 Major Developments This Week In the economy, this week, in addition to the CBRT's interest rate decision, record closures in the Borsa Istanbul, developments in Bitcoin, statements regarding the coronavirus vaccine came to fore. Here are the 7 major developments of this week;   CBRT's Interest Rate Decision Central Bank of the Republic of Turkey (CBRT) increased the policy rate by 475 basis points to 15 percent. The bank decided to make all funding from weekly repo. In the text of the decision, it was pointed out that the tightness of the monetary stance will be maintained with determination. On Friday, after the policy rate decision, the TL interest rate used in weekly swap transactions was also increased. CBRT revised the TL interest rate used in weekly swap transactions from 13.25 percent to 15 percent.   Bitcoin Exceeds the $ 18K Limit The effect of pricing for the increase in cases in the coronavirus epidemic has supported the rise of Bitcoin. Bitcoin surpassed the $ 18,000 level, testing its highest level since December 2017. Thus, Bitcoin came close to 10 percent of the peak level it had seen before.   Erdogan's "Bitter Pill" Statement President Recep Tayyip Erdoğan stated the following in his speech at MUSIAD Expo on Friday: "If necessary, we recognize that we need to take the bitter pill, I consider yesterday's interest rate increase on this framework. We have to remove Turkey from the helix that consists of the interest rate, inflation, exchange rate. Interest before everything is exploitation of people by profiting from money. Interest is due, inflation is the result. Our main goal is to reduce inflation to single digits in a short time and to ensure that interest rates go down accordingly. "   Broadcasting Crisis in Football Minister of Youth and Sports Mehmet Kasapoğlu said in a statement, that Turkish Football Federation came to an agreement with beIN SPORTS. Under the agreement made by the broadcaster with TFF, the amount that the clubs had to buy for this season was around 3.3 billion TL. On the other hand, it was stated that the broadcaster would not pay this amount and conveyed to the clubs that it would pay a maximum of 2 billion 350 million TL for broadcasting rights. After the events, the Clubs Association told TFF that it could make a discount of up to 2.8 billion TL in broadcasting rights. According to the latest situation, the clubs and the broadcaster have agreed to 2 billion 650 million TL.   Record Closings at Borsa Istanbul At the opening of the first day of the week, the BIST 100 index reached an all-time high of 1,304.70 points with 13.41 points and 1.04 percent gain. On Friday, the BIST 100 index closed the day at a record level of 1.323.95 points, gaining 0.83 percent after reaching the peak of its history by reaching 1.328.33 points during the day.   Positive Statements for the Coronavirus Vaccine According to the results obtained from Moderna's vaccination activities over 30 thousand people, the vaccine developed for use in the treatment of coronavirus was 94.5 percent effective. In the analysis study, it was determined that 90 of the participants who were given placebo got coronavirus. Only five of the subjects given at least two doses of vaccine developed the disease. A new statement came from Pfizer, who previously stated that the vaccine they developed with BioNTech was 90 percent effective. Pfizer has revealed that the vaccine is 95 percent effective to combat the coronavirus in recent clinical trials. The vaccine they previously developed was about 90 percent effective.   "Credit-deposit pricing should be formed in a free market" Releasing a new statement on Friday, Minister of Treasury and Finance Lütfi Elvan once again drew attention to the fight against inflation and stated that loans and deposits should be formed in the free market. “Therefore, it is an important issue that credit and deposit markets operate in a competitive structure and observing intermediary costs”, Elvan said that they consider the formation of pricing in credit and deposit markets within the free market mechanism as an important issue.