The Sharpest Rise of the Last 2 Years in TL

The Sharpest Rise of the Last 2 Years in TL The sharpest rise of the last 2 years was recorded in TL. The Dollar / TL exchange rate has entered the new week with a decline following the news of the presidency change in the CBRT, the victory of Joe Biden in the USA and the resignation of Treasury and Finance Minister Berat Albayrak. After the intense news flow at the weekend, the dollar / TL started to be traded at the level of 8.3790 in shallow transactions in Asian markets. The pair tested below 8.08 as the decline approached 5 percent in the afternoon trading. BIST 100 Index, which started the day with a 2.1 percent gain, follows a positive trend of 2.7. The rise in the banking index was 5 percent. Turkey's five-year credit default swap (CDS) premium was seen below the 500 level. The USD / TL exchange rate had completed the week ending on November 6 at the level of 8.5153. The confusion created by the US elections in the asset classes globally also affected the Turkish Lira, the dollar / TL rate reached its historical high on Friday, November 6 with 8.5793. According to reports at the weekend, Democrat candidate Joe Biden in the USA reached 290 delegates and qualified for the presidency. Following the results indicating that Biden has won, the currencies of the developed countries continued to rise against the dollar in the first transactions in Asian markets.   What Happened on the Weekend? Chairman of the Central Bank of the Republic of Turkey has changed. With the Presidential Decree published in the Official Gazette, Murat Uysal, who had been appointed 16 months ago, was dismissed and replaced by former finance minister Naci Ağbal.   Ağbal stated the following in his first statement: “Our main goal as the Republic of Turkey Central Bank is to maintain price stability and maintain. In line with the main objective of price stability, all policy tools will be used decisively. Communication will be strengthened within the framework of transparency, accountability and predictability principles in monetary policy. Until the Monetary Policy Committee meeting dated 19 November 2020, the current situation and expectations were reviewed and the developments were followed closely; Necessary policy decisions will be taken in the light of the data and evaluations to be formed.” Ağbal held a meeting with bank managers. Treasury and Finance Minister Berat Albayrak announced his resignation with a post on his social media account. Minister Albayrak announced his resignation with the following words: “I have decided not to continue my job due to my health problems. In the next period, I will spend time with my mother, father, wife and children, whom I have neglected for many years due to necessity and they have never withheld their support”