CBRT President Changed, Markets Increased

CBRT President Changed, Markets Increased The President of the CBRT has changed, the markets have increased. Naci Ağbal's statements built an atmosphere of trust in the markets. CBRT Chairman Murat Uysal was dismissed last Saturday morning, and Naci Ağbal was appointed. While this development stimulated the markets, Minister of Treasury and Finance Berat Albayrak announced on Sunday morning that he had resigned from his post. After these developments, the stock market started to rise, and the TL gained value against the falling exchange rates. BIST 100 index in Borsa Istanbul started the new week with 2 percent gain in value, while the dollar / TL rate dropped to 8.07 at noon. Banks index appreciated by about 5 percent. Stock markets started the new week with buyers. BIST 100 gained 2.53 percent, while BIST 30 gained 2.58 percent. The banks index rose by 4.22 percent, becoming the index that most satisfied its investors. As the markets are closing, the exchange rates continue to decline. The CBRT's traditional method repo auction with a maturity of 7 December received 37.1 billion TL. In the auction, the lowest simple interest was 14.93 percent, the average 14.94 percent and the highest interest was 15.03 percent. On the other hand, CBRT did not open foreign exchange repo auctions against TL. International credit rating agency Moody's will perform a webinar on November 18, will assess the 2021 outlook of Turkey, Russia and CIS countries. Moody's pointed out that the outbreak of coronavirus, financial shocks and political developments put a pressure on the credit quality of Turkey, Russia and CIS countries. After Joe Biden won the US presidency, US stock markets were also positive. The S&P 500 rose 1.49 percent, while the Nasdaq rose 2.03 percent. The US dollar / TL rate seems to have declined to 8.18, the euro / TL rate to 9.7 and the British pound / TL rate to 10.7. Gram of gold is sold for 493 liras with a decrease of 7.80 percent. The barrel of Brent oil traded at $ 43.12.