Turkish Lira Continues To Depreciate Against The US Dollar!

The US dollar, which has declined against many currencies, continues to strengthen against the Turkish Lira.

Turkish Lira continues to depreciate against the US Dollar. While the US dollar weakened against many currencies, it was observed that the Turkish Lira diverged negatively. The pressure on the Turkish Lira that started on Wednesday continues today. While the US dollar is weakening against the currencies of many developed and developing countries in global markets, the Turkish Lira diverges negatively with its depreciation. The USD/TL rate increased by more than 1 percent, reaching over 8.29. It is currently trading at 8.27. Turkey’s risk premium was at 408 basis points, while the bond interest was recorded at the level of 18.09 percent. The Central Bank of the Republic of Turkey (CBRT) will share the summaries of the Monetary Policy Committee (PKK) meeting dated April 15, where the policy interest rate has been kept constant and the statement that "additional tightening will be applied if necessary" was removed from the decision text today at 2 pm. At its first meeting with the newly appointed Governor Şahap Kavcıoğlu and two new Monetary Policy Committee members, the one-week repo rate, which is the policy rate, was kept constant at the level of 19 percent. In the statement made by the MPC, it was stated that the tight stance was maintained by keeping the interest at the current level; In the previous texts, the expressions of "additional tightening will be made if necessary" and "tight stance for a long time" were not used this time. The removal of these statements from the text in question was interpreted by economists as a "dovish" approach.