USD/TL Exchange Rate Reached 10

The USD/TL exchange rate reached the level of 10. On November 13, USD/TL rate is trading at an all-time high.

The upward movement in the USD/TL rate accelerated by the US inflation continues. Expectations regarding the meeting of the Central Bank of the Republic of Turkey (CBRT) to be held on November 18 are also effective in pricing above the USD/TL rate. Inflation, which was above expectations and recorded the fastest rise in 31 years, played a major role in the course of the dollar. In Turkey, the tightening foreign payment schedule for November and December and the upcoming Monetary Policy Committee meeting of the Central Bank of the Republic of Turkey (CBRT) came to the fore in pricing.

Deutsche Revised Its Forecast

According to the research report published by Deutsche Bank economists, including Christian Wietoska and Fatih Akçelik, lower than expected core inflation in October and the Central Bank of the Republic of Turkey's latest current account deficit, the bank's expectations for interest rate cuts have also been updated. Deutsche Bank economists, who stated that they expect a 100 basis point cut at the CBRT meeting to be held next week, stated that they expect another 100 basis point cut on December 16, and that they lowered their year-end interest rate expectations from 15 percent to 14 percent.