USD/TL On The Rise After The Change In The CBRT

Upon the dismissal of Vice President Murat Çetinkaya at the CBRT, the USD/TL exchange rate increased sharply.

After the change in the CBRT, the USD/TL is on the rise. The Turkish Lira led to a decline in the currencies that developed with the negative divergence. The new appointment at the Central Bank of the Republic of Turkey is at the top of the news flow that focuses on the markets. The Turkish lira displayed a negative decoupling compared to the currencies of the developing countries in Tuesday's transactions. The balance was achieved at 8.27 after the USD/TL exchange rate, where the first transactions passed at the level of 8.21, was seen above the 8.28 level in the following section. While the Bloomberg Dollar Index was observed to follow a horizontal course, the currencies of the countries that lost the most value along with the Turkish Lira were recorded as Indian rupee and Indonesian rupee. Turkey's risk premium is traded at the level of 470 basis points, while the benchmark bond rate stands at 19.15 percent.

From Morgan Stanley, New Vice President of the CBRT

Vice President of the Central Bank of the Republic of Turkey (CBRT) Murat Çetinkaya was dismissed by the Presidential decision and Mustafa Duman was appointed to the position. Mustafa Duman is a graduate of METU Business Administration Department. After graduating from here, he completed his MBA at City University CASS Business School, London and his Master's Degree in Capital Markets at Marmara University Banking Institute. Duman became Deputy General Manager at Morgan Stanley Securities in January 2013, was appointed General Manager by proxy since February 2020 and Vice Chairman of the Board of Directors since March 2020. In August 2020, he acted as the General Manager in person.