TL Moved Into Negative Zone Against The USD Today

TL moved into negative zone against the USD today. The USD/TL exchange rate tested above the 8.43 level.

Turkish Lira showed a negative separation compared to the currencies of the developing countries on the second trading day of the week and it became the currency of the developing country that lost the most value during the day. The USD/TL exchange rate, where the first transactions passed the 8.21 level, was tested above the 8.45 level with an increase of more than 2 percent. Turkey's risk premium was traded at 483 basis points, while benchmark bond interest was at 19.15 percent. The rise in the 10-year US Treasury bond interest rate was also a factor that increased the pressure on the USD/TL exchange rate. The US 10-year Treasury bond interest, which started the week at around 1.65 percent, rose by more than 10 basis points in two days to reach 1.76 percent. Thus, the interest rates exceeded the peak reached on March 18 and recorded the highest level of 2021.

More Changes At The CBRT

Central Bank of the Republic of Turkey’s (CBRT) Vice President Murat Çetinkaya was dismissed and Mustafa Duman was brough in to replace him.