The dollar rate started with a high fluctuation of the new week after the week of 17-21 March. Euro started at 41,22 TL. The CBRT said that they could do anything within the framework of the rules by gathering banks yesterday.
After the corruption operation against IMM President Ekrem İmamoğlu and his entourage, harsh movements were seen in the exchange rates and harsh decreases in Borsa İstanbul were made. The dollar saw 41 TL and then returned to 37 TL levels with the intervention of the CBRT. Borsa Istanbul experienced a 17 percent decrease. The banking index fell more than 26 percent!
The Central Bank (CBRT), who wants to prevent the harsh movements in the exchange rate, announced consecutive decisions. A CBRT official who spoke to Bloomberg said he had intervened $ 10 billion. Then, with an intermediate meeting, the CBRT increased the upper band of the interest corridor to 46 percent with an increase of 2 points. He reported that the funding from the policy interest was suspended.
Then on Friday, the CBRT decided to withdraw TL in the market with 90 -day liquidity bills. The deed issues will begin today.
Finally, the CBRT, who wanted to prevent fluctuations that may occur in the new week, held a meeting with banks yesterday.
According to Reuters, CBRT President Fatih Karahan, banks within the framework of the rules will do everything the necessary. Karahan said to the banks, “We attach importance to the fact that the measures we take are market -friendly. We use all our vehicles as proactive.”
Following the meeting, the Turkish Banks Association said in a statement, “In the technical meeting, with the close cooperation of all relevant institutions, all kinds of vehicles will continue to be used effectively and determined in the market rules for the maintenance of stability.” said.
Treasury and Finance Minister Mehmet Şimşek, who came together at the iftar meeting with the Banks Association of Turkey on Friday evening, said in his speech, “All necessary measures will be taken to protect and develop these gains. We have enough tools. There is no hesitation about the implementation of the program.
Following the movements in the exchange rates last week, investment banks updated their forecasts for exchange rates and inflation. Investment banks said the CBRT has sufficient foreign exchange reserves for foreign exchange intervention. However, he reported that the fight against inflation may have been difficult.
Borsa Istanbul, on the other hand, took a number of measures for today after the 17 percent decrease last week. These measures have been a prohibition of reducing ratio to reduce the calls for companies without permission, to reduce the calls for guarantee of loan transactions and to last until 25 April.
Markets, politics and process will continue to monitor … whether the measures taken will be effective by the markets will be monitored.
