Dollar continues downtrend
The Dollar / TL continues its downward movement with the statements that the Central Bank will keep its monetary policy tight for a long time and will not consider interest rate cuts for most of the year. The dollar rate on February 11 is at 7.0580.
The dollar rate continues its downward trend with the determined tight stance of the Central Bank (CBRT).
While Naci Ağbal, President of the CBRT, described permanent price stability as "indispensable" in investor meetings, "We will maintain the monetary policy with a tight stance until 2023, in other words, with a monetary policy set that will have a strong disinflationary effect, until we achieve the 5 percent target. he said.
With Ağbal's statements that an early interest rate cut would not be made on Friday, the value gains in TL strengthened, and significant decreases were observed in the CDS. 5-year CDSs, which stood at 570 at the beginning of November, have declined below 300 basis points.
The dollar rate, which exceeded 8.50 in November, broke down the 200-day moving average of 7.30 two weeks ago, and the TL gained 20 percent against the dollar since Ağbal's arrival, showing the best performance among developing country currencies. The value of TL has increased by 5 percent in the last two weeks. Residents sold $ 3.4 billion in the last 2 weeks.
On February 11, the dollar rate was 7.0580 TL and the euro / TL was 8.57. Gram gold price horizontal at 418 TL.