The Turkish economy has been preoccupied with debates over economic models and the policies of the new economic management in recent times. The "low interest, low inflation" policy led by President Recep Tayyip Erdoğan, which is being attempted to be ended by the duo Mehmet Şimşek and Hafize Gaye Erkan appointed after the elections, has raised questions about the anticipated measures and tightening policies, creating uncertainties in the markets. The promises of the new economic management for a "return to a rational ground" will significantly impact the future of the Turkish economy. #TCMB #CBRT

Changes in Interest Rate Policies:

The recent interest rate hike has brought criticisms that the new economic management is not yet acting entirely independently. However, among foreign investors, there are also those who view gradual and controlled interest rate increases positively. Nick Eisinger, the Manager of Vanguard's Emerging Markets Fixed Income Fund, emphasizes that Turkey should carefully monitor economic pressures and avoid balance of payments issues, stating that interest rate policies are of critical importance.

Economic Slowdown and Investor Sentiment:

Liam Peach, Senior Emerging Markets Economist at Capital Economics, states that the new economic management aims to avoid economic stagnation and that interest rate increases are supported by investors. Paul McNamara, Investment Director at GAM Investments, notes an increased positive outlook towards Turkey amid the slowdown in credit growth. Investors closely monitor the measures to prevent economic stagnation.

Foreign Investors' Reserves and Investment Expectations:

Foreign investors welcome the Turkish Central Bank's decision to stop intervening in the dollar/TL exchange rate. The $50 billion investment agreed during President Erdoğan's Gulf visit is on Turkey's agenda. However, investors still lack clear information about how and under what conditions this investment will enter Turkey. #centralbank

In Summary:

The changes in the Turkish economy and the policies of the new economic management are closely monitored in the markets and have captured the attention of investors. Changes in interest rate policies, efforts to avoid economic stagnation, and foreign investors' reserve and investment expectations hold significant importance for the country's economic trajectory. The measures taken and economic developments in the upcoming period will be decisive for Turkey's economic future. #turkey

Exchange rates in Turkey continue to be an important variable influenced by market movements. The rapid rise of the US dollar against the Turkish lira in recent times has become a focal point of interest in the markets. However, it has been observed that exchange rates have been relatively stable in recent days, raising questions about whether the Central Bank has intervened in the foreign exchange markets. #CBRT #TCMB #USDC #DOLLAR #turkey

Movement of the US Dollar Exchange Rate:

Yesterday, the US dollar closed at a level of 26.15 Turkish liras. Today, the dollar exchange rate is showing a moderate positive trend. Reaching its highest value of 26.1940 Turkish liras during the day, the exchange rate currently stands at 26.14 Turkish liras with a 0.19% increase as of 4:00 PM.

The Situation of the Euro:

The euro is also exhibiting movements similar to the dollar. Reaching its highest level of 28.89 Turkish liras during the day, the euro is currently at 28.94 Turkish liras with a 0.30% increase at the same time. The euro occasionally exhibiting more aggressive movements against the dollar gives the impression that interventions have been made in the USD/TRY parity.

Role of the Central Bank:

However, there is no definitive evidence that the Central Bank has directly intervened in the market. According to the CBRT Analytical Balance Sheet data, the Central Bank is generally in a buyer position in the foreign exchange market. This situation has also been emphasized by the Minister of Treasury and Finance, Mehmet Şimşek, to support the improvement in reserves. Şimşek has drawn attention to the contribution of foreign investors to the recovery process of reserves.

In Summary:

Exchange rate movements in Turkey are closely monitored. Despite the rapid increase in the USD/TRY parity after the recent elections, it has been following a stable trajectory in recent days. The Central Bank's position as a buyer in the foreign exchange market appears to be a move to support reserve improvements. However, there is no clear evidence of direct intervention by the Central Bank. It is important to closely monitor developments in the markets and follow the statements of relevant institutions.

Exchange rates are important factors that influence economic stability and international trade. The USD/TRY (US Dollar - Turkish Lira) exchange rate plays a significant role in Turkey's foreign exchange market. This article will examine how the USD/TRY exchange rate has changed between 2010 and 2023 and discuss the reasons behind the currency fluctuations during this period. #usdtry

2010-2015: Early Years and Slow Increase

In the starting period of 2010, it can be observed that 1 USD was approximately 1.50 TRY.

In 2011 and 2012, the exchange rate slowly increased to reach 1.80 TRY.

Between 2013 and 2015, the exchange rate experienced fluctuations and reached 2.72 TRY in 2015. #dollar

2016-2019: Rapid Increase and Economic Challenges

In 2016, the exchange rate rose to 3.02 TRY.

In 2017 and 2018, the exchange rate rapidly increased, reaching levels of 4.84 TRY and 5.68 TRY.

During this period, economic challenges and political uncertainties in Turkey were identified as the main reasons for the rapid increase in the exchange rate.

2020-2023: High Volatility and Currency Crisis

In 2020, the exchange rate rose to 7.02 TRY, with the Turkish Lira losing value particularly due to the impact of the COVID-19 pandemic.

In 2021, the exchange rate continued to rise, reaching 8.89 TRY. In 2022, the exchange rate reached 16.57 TRY, indicating a significant depreciation of the Turkish Lira.

In the first half of 2023, the exchange rate rose to 26.17 TRY, reflecting a challenging period for the Turkish Lira.

In Summary:

The USD/TRY exchange rate has experienced significant fluctuations over the past decade. Economic challenges, political uncertainties, and global factors have influenced these fluctuations. The rising exchange rates indicate a depreciation of the Turkish Lira. This situation affects Turkey's exports and imports and becomes an important factor that influences the country's economic situation. The future trajectory of exchange rate fluctuations remains uncertain and depends on various factors. #turkey $USDC $BTC

Countries like Turkey are in search of new and innovative solutions for economic transformation and sustainable growth. In recent years, cryptocurrencies, which have gained popularity, offer promising opportunities for digitalization and the widespread adoption of financial technologies. However, it is also important not to overlook the risks and uncertainties that come with cryptocurrencies. This article will focus on the idea of transitioning Turkey's economy to one based on cryptocurrencies, while addressing potential advantages and challenges.

Advantages Provided by Cryptocurrencies:

Focus on Digitalization: Cryptocurrencies and blockchain technology are powerful tools that promote digitalization. Turkey can strengthen its infrastructure for the digital economy and financial technologies to support entrepreneurs in these fields. This can lead to innovative solutions in various areas, ranging from payment systems to asset management.

Financial Inclusion and Low Transaction Costs: Cryptocurrencies have the potential to increase access to the financial system and facilitate low-cost international money transfers. By enabling lower transaction costs and faster transfers in important economic activities such as foreign trade and tourism, Turkey can stimulate economic growth.

Decentralized Finance (DeFi): Decentralized financial services and DeFi protocols can reduce dependence on traditional financial intermediaries and provide easier and more transparent access to financial products. By supporting DeFi projects, Turkey can increase financial inclusion and accelerate economic development.

Central Bank Digital Currency (CBDC): Turkey can digitize its traditional currency by developing its own central bank digital currency (CBDC). CBDC can enhance payment systems' security and efficiency while maintaining balance in the financial system and enabling effective management of monetary policies. #CBDCs

Challenges Brought by Cryptocurrencies:

Price Volatility: Cryptocurrency market prices are highly volatile and can undergo sudden changes. This could negatively impact economic stability and create a risky environment for investors.

Legal and Regulatory Uncertainties: Cryptocurrencies do not yet have a fully established legal status in many countries. Turkey must continuously update and implement a robust regulatory framework for cryptocurrencies. Legal uncertainties can lead to hesitations among investors and businesses in adopting cryptocurrencies. #regulations

Security Risks: Storing and transacting cryptocurrencies come with security risks. Hacking attacks and fraud can cause harm to investors and the economy. While promoting cryptocurrency use, Turkey must develop effective policies to enhance security measures and protect users.

In Summary:

Countries like Turkey can consider the opportunities presented by cryptocurrencies during their economic transformation process. Emphasizing digitalization, increasing financial access, supporting decentralized financial services, and developing a central bank digital currency can play a significant role in promoting economic growth. However, challenges such as price volatility, legal uncertainties, and security risks should also be taken into account. #turkey #cryptocurrency

Turkey should adopt a gradual and cautious approach in developing strategies for the cryptocurrency space while not neglecting to strengthen traditional financial systems. Integrating cryptocurrencies with other investment and technology sectors to enhance economic diversity may support sustainable growth. Ultimately, the role of cryptocurrencies in Turkey's economic transformation should be carefully evaluated and supported by appropriate policies and regulations.$BTC

BIST 100, Turkey's leading index, started the day with a new record in the evening hours after the interest rate decision announced by the Federal Reserve (FED). Investors observed with satisfaction that FED's interest rate hike, which happened as expected, did not have a negative impact on the Turkish stock market. Despite a slight decline due to profit-taking on Tuesday, the index quickly recovered and reached new heights on Thursday, starting the day above the psychological resistance level of 6,800 points. However, maintaining sustainability above certain levels is crucial for the index to continue its upward trend.

Impact of the Interest Rate Decision on BIST 100:

The Federal Reserve (FED) raised its target interest rate by 25 basis points, reaching a record of 5.25% - 5.50%, the highest in 22 years. However, this interest rate hike by the FED did not have a negative effect on the Turkish stock market, and BIST 100 continued its strong performance.

Strong-Performing Sectors:

Technology, finance, and energy sectors are showing robust performances in BIST 100 recently. Technology companies stand out with their digital transformation and innovation efforts, while the finance sector is supported by the economic recovery and increased demand for credit. The energy sector, on the other hand, benefits positively from the rise in global energy prices.

Key Points for Investors:

Despite the rise in BIST 100, careful portfolio management and sectoral diversification are important for investors. Given the constant volatility of markets, conducting thorough research and analysis, seeking expert opinions, and staying updated with current developments are among the factors that contribute to successful investment decisions. #interestrate #turkey

In Summary:

BIST 100, Turkey's leading index, continues its strong performance following the interest rate decision announced by the Federal Reserve (FED). The strong performances in the technology, finance, and energy sectors are noteworthy, and careful portfolio management and sectoral diversification are essential strategies for investors. Considering market volatility, conducting thorough research and analysis, following expert opinions, and staying updated with current developments play a critical role in achieving investment success. #feds #BIST100

In the dynamic world of cryptocurrency trading, Turkey has experienced a significant shift in market dynamics. Paribu, Turkey's largest crypto exchange, has dethroned BtcTurk PRO to become the new market leader. This article explores the changing landscape of Turkey's crypto exchange market and the factors contributing to these shifts. #turkey #türkiye $BTC

Market Share Overview:

As of 2023, Paribu holds the lion's share of the Turkish crypto exchange market with a commanding 50.5% market share among the top four centralized cryptocurrency exchanges (CEXs). BtcTurk PRO follows closely behind with a 36.9% market share. The remaining market is shared by Bitci (12.0%) and Bitlo (0.7%), the smaller players in the Turkish crypto exchange scene.

Paribu's Rise to the Top:

In the previous year and up until the first quarter of 2023, BtcTurk PRO reigned as Turkey's largest crypto exchange, peaking with a 74.0% market share in September. However, Paribu emerged as the new market leader in April 2023, narrowly edging out BtcTurk PRO with a 48.6% market share. Since then, BtcTurk PRO has continued to lose ground to Paribu.

Bitci and Bitlo's Fluctuating Market Share:

While Bitci continues to rank below Paribu and BtcTurk PRO, it has experienced significant growth, increasing its market share by 11.1 percentage points compared to the previous year. However, Bitci's market share has been subject to fluctuations due to varying trading volumes. Similarly, Bitlo has more than doubled its market share since being tracked, but it still holds a minor fraction of the overall Turkish crypto exchange market.

Resilience in Trading Activity:

Despite a decline in crypto trading volumes in Turkey, the impact appears less severe compared to other countries such as India and Indonesia, which experienced significant drops of 82.3% and 76.6% year-on-year, respectively. Turkey's high inflation crisis has led to increased adoption and reliance on cryptocurrencies among its residents, resulting in more consistent trading activity.

Annual Trading Volume and Monthly Averages:

In 2022, Turkey's top crypto exchanges recorded a total annual trading volume of $106.89 billion, driven by strong performance in Q2 and Q3, despite the global crypto market downturn. However, in 2023, the average monthly trading volume decreased by 34.7% to $5.82 billion compared to the previous year's monthly average of $8.91 billion. Q2 of 2023 witnessed three consecutive months of decline in trading volume.

Paribu's Market Share Growth:

Paribu has experienced significant growth, increasing its market share from 34.1% at the start of 2022 to 50.5% in 2023. Paribu widened its market share gap with BtcTurk PRO, from 1.2 percentage points in April to 13.6 percentage points in June 2023. In 2023, Paribu's market share range expanded to between 42.7% and 59.6%, surpassing its previous range of 25.4% to 47.7% in 2022.

Trading Volume on Paribu:

In the first half of 2023, investors traded $16.54 billion worth of crypto on Paribu, a 39.9% decrease compared to the same period in the previous year. The total annual crypto trading volume on Paribu reached $43.24 billion in 2022, with a monthly average of $3.60 billion. In 2023, the monthly average trading volume on Paribu decreased to $2.76 billion.

BtcTurk PRO's Declining Market Share:

BtcTurk PRO's market share has fallen from 65.0% at the beginning of 2022 to 36.9% in 2023. Consequently, BtcTurk PRO has lost its dominance in the Turkish market and is now the second-largest crypto exchange in the country. BtcTurk PRO's market share range has decreased to between 34.6% and 53.4% in 2023, compared to the previous range of 51.0% to 74.0% in 2022.

Trading Volume on BtcTurk PRO:

BtcTurk PRO recorded the highest annual trading volume among Turkey's top crypto exchanges in 2022, amounting to $62.62 billion. However, the first half of 2023 saw a steeper decline of 55.9% year-on-year, with the total crypto trading volume decreasing to $16.52 billion. This marks a significant decrease from the $37.50 billion recorded in 2022.

Bitci's Growing Market Share:

Bitci has experienced substantial growth in market share, increasing from 0.9% at the start of 2022 to 12.0% in 2023. Although Bitci held a negligible share of the market last year, ranging from 0.1% to 2.4%, it has improved significantly this year, ranging from 3.4% to 12.0%.

Trading Volume on Bitci:

Bitci's trading volume has surged by 199.6% in 2023, reaching $1.68 billion, compared to $0.56 billion in the same period last year. The monthly average trading volume on Bitci has more than tripled from $0.08 billion in 2022 to $0.28 billion in 2023.

Bitlo's Market Share Growth:

Bitlo has made progress in capturing market share, increasing from 0.3% in October 2022 to 0.7% in June 2023. Although Bitlo's trading volume is significantly lower than other leading Turkish crypto exchanges, it holds a minor fraction of the market.

Trading Volume on Bitlo:

Bitlo has seen a slight increase in trading volume in 2023, with $0.17 billion traded so far this year and a monthly average of nearly $0.03 billion. This is slightly higher than the $0.02 billion monthly average recorded in Q4 of the previous year.

In Summary:

Turkey's crypto exchange market has experienced a reshuffling of positions, with Paribu surpassing BtcTurk PRO as the country's largest crypto exchange. Paribu's rise to the top can be attributed to its increased market share, while BtcTurk PRO has seen a decline in both market share and trading volume. Bitci and Bitlo have also made progress, with Bitci's market share growing significantly and Bitlo slowly gaining traction. Despite a decrease in trading volumes, Turkey's crypto trading activity has remained relatively stable due to the country's high inflation crisis and increased reliance on cryptocurrencies among its residents. #crypto #bitcoin