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 ĆimĆek, to support the improvement in reserves. ĆimĆek 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.
