USD/TL Exchange Rate Decreased

After the announced inflation data, the USD/TL rate declined by about 0.30 percent during the day.

USD/TL exchange rate decreased. USD/TL declined with the announcement of the consumer price index as 15.61 percent annually. The US dollar rate, which started Wednesday at the level of 7.36, declined to 7.33 with a 0.30 percent decline. The median estimate of the 17 economists who participated in the Bloomberg HT survey was an increase of 0.8 percent per month, an annual increase of 15.50 percent. The institution that shared the lowest expectation in the said survey, monthly inflation was 0.5 percent in February; He estimated it would be 15.10 percent annually. The institution that shares the highest expectations, on the other hand, said that the consumer inflation in February increased by 1.71 percent on a monthly basis; it had predicted to materialize at 16.5 percent on an annual basis. After starting the week at 7.43, USD/TL dropped sharply to 7.22 on Monday.

USD/TL Forecasts from Foreigners

In the report published by the Bank of Mitsubishi Tokyo in March, he stated that the prerequisites for reverse dollarization were completed and the interest in Turkish assets increased, and stated that the USD/TL estimates for the first half of 2021 were at the level of 7.20. Mizuho Bank Currency Strategist Hidetoshi Honda said that the exchange rate forecast for the end of March was 7.50 TL, and that interest rate cuts could occur earlier than expected. Noting that the USD/TL forecast for the end of the year was at the level of 8.00, Honda pointed out that he recommended a long position in the US dollar. Standard Chartered analysts, on the other hand, in their statements on the subject, stated that they preserved their year-end USD/TL estimates at 9, predicting that Turkey's energy bill will increase faster than tourism revenues as a result of the recovery in the global economy with the vaccination studies against the coronavirus epidemic.