USD/TL Rate Entered an Upward Trend

USD/TL exchange rate entered an upward trend. The USD/TL exchange rate, which saw the lowest level in 6 months, ended the decline.

Turkish Lira, which started to gain value after the CBRT changed its monetary policy and increased the interest rates, gained about 18 percent against the dollar rate. Testing below 7.03 in the first half of the first trading day of the week, the Dollar/TL exchange rate recorded its lowest level after August. The dollar, which was falling at the beginning of the day, turned its direction vertically after the middle of the day and gained 1 percent on a daily basis and increased for the first time after January 28. The US Dollar Index, which declined after the non-farm employment data remained below expectations on Friday, rose slightly again and reached to 91.20 today, gaining value against both developed and developing countries' currencies. The Turkish Lira, which has been positively differentiated from the currencies of the developing countries, is among the currencies that have fallen the most, along with the South African Rand. While the USD/TL rate exceeds the level of 7.12 in the last hour, the Euro / TL rate is at 8.57. After the CBRT Governor Naci Ağbal stated that the rate hike will not be in question for a long time, the TL, which has already started to recover, continues to accelerate its monthly recovery in February. The Central Bank of Republic of Turkey (CBRT), which had taken a determined stance that price stability would be maintained and inflation target level would be reached before, proves this stance with the new directorates it opened within the bank. CBRT announced today that President Naci Ağbal visited the Turkish Confederation of Tradesmen and Craftsmen (TESK) in order to inform about the price stability target of 5 percent in 2023 and to gain social ownership around this target.