Dollar / TL Decreased by 1 Percent on the Last Day of the Week

Dollar / TL Decreased by 1 Percent on the Last Day of the Week Dollar / TL decreased by 1 percent on the last day of the week. Changes in required reserves by the Central Bank were effective in the decrease in the exchange rate. USD / TL rate, which continued this week by gaining value and reached over 8 levels in Tuesday's transactions, started the new day with a negative value after completing Thursday at 7.8753. The decrease in the exchange rate was recorded as 1 percent. Central Bank of the Republic of Turkey’s (CBRT) decision to change in the reserve requirement was effective on the decline of USD/TL Exchange rate. While the required reserves in Turkish lira and foreign currency have increased, the requirement for the growth of provisions has been removed. Today, the dollar / TL exchange rate fell 0.70 percent at 10 am and was traded at 7.8205. Euro / TL traded at the level of 9.3302. The currency basket was recorded as 8.5807. While the one-year trading range in the currency is between the levels of 8.5793 - 5.7156, the 1-month moving average is 8.0039, the 50-day moving average is 7.9146, and the 100-day moving average is 7.5569. The Economic Confidence Index, which measures the expectations for the country's economy, was announced today. The index fell to 89.5 from 92.8 in November, according to data released by Turkish Statistical Institute (TURKSTAT). Following the news flow in the economy agenda and President Erdogan's “new era” emphasis in his speech last week, there was a sharp decline and the currency completed the last week at 7.6381. Last week the Central Bank of the Republic of Turkey (CBRT)’s first policy meeting chaired by President Naci Ağbal with a decision to set up 475 basis points increase in interest rates. BIST 100 Index in Borsa Istanbul started the day by gaining value after closing the day at 1.342.49 points with 1.28 percent gain.