Following the close of markets on Friday last week, the BRSA’s decision to “lend to companies whose foreign currency assets do not exceed TL 15 million, provided they do not increase their foreign currency assets beyond TL 15 million. TL “, took place in the markets. Here is the latest situation in the dollar, euro, pound, gold, silver and cryptocurrency markets …
Economy management added a new move to the KKM and SPP in the face of the large depreciation of the Turkish lira against the exchange, after the close of markets on Friday last week.
With the regulation issued by the BRSA, it was decided to adopt coordinated macro precautionary measures, in his view aimed at strengthening financial stability and using resources more efficiently, and for the effective functioning of the credit system, and the companies whose foreign currency assets do not exceed Turkish Lira 15 million, provided that their foreign currency assets do not exceed Turkish Lira 15 million.
The dollar index is 103 and Turkey’s 5-year CDS premium is 803 basis points.
Following this decision, there was a rapid drop in the exchange rate and all eyes were on the new week as the markets were closed as the decision was announced.
Here is the latest market situation after this much-discussed decision:
Dollar, Euro and Pound Sterling
Starting at 16.61 TL Dollar After seeing 16.13 TL 16.72 TL ‘from,
Starting at 17.63 TL EUR After seeing 17.14 TL From 17.71 TL,
Starting from 20.64 TL GBP after seeing 19.94 TL 20.60 TLIt is traded by.
On Friday the selling price of the dollar was 17.37 lire and the euro 18.31 lire.
gold and silver
Starting at $ 1,834 Gold is $ 1,839 an ounce‘from,
Starting from 979 TL grams of gold Having seen 952 TL From 988 TL,
Starting from 1,575 TL Gold quarter After seeing 1,531 TL from 1,589 TL,
Starting at 6,480 TL gold republic after seeing 6,301 TL 6,541 TL,traded at the price.
Starting at 11.42 TL Silver is 11.58 TLIt is priced from.
The prices of gold and silver are traded in the interbank market and in the free market with a spread of 20 percent.
In cryptocurrency markets Bitcoin 21 thousand 418 dollars, Ethereum costs $ 1,229.traded by.
Brent oil: The price of Brent oil, which reached 124 on 8 June, continues to decline. The selling price of Brent oil on international markets is currently at the $ 109 level.
Inflation is at its peak
With the Central Bank’s interest rate decisions, the exchange rate crisis erupted and annual inflation rose to 73.50. The expectations of economists, on the other hand, show that the peak of inflation, which has reached the highest level of the last 24 years, has not yet been seen and that the rise could continue for a few more months.
TL continues to depreciate
The currency crisis triggered by the relaxation cycle brought TL losses against the dollar to 44% in 2021, which fueled inflation due to rising import prices. TL, which has long been trading in a narrow band due to Russia’s attack on Ukraine, lost its value by around 24% against the dollar this year, driven by global developments in financial markets.
Reserves of the Center
The Central Bank of the Republic of Turkey (CBRT) announced the Weekly Money and Bank Statistics. According to this; Total Central Bank reserves fell by $ 1 billion 485 million in the week ending June 17 to $ 101 billion 28 million. Gross foreign exchange reserves decreased by $ 1 billion 339 million from $ 60 billion 788 million to $ 59 billion 449 million. Gold reserves, on the other hand, fell by $ 145 million in the week of June 17, from $ 41 billion 725 million to $ 41 billion 580 million.
Limited increase in CDS
After Turkey’s five-year CDS record, which surpassed 840 basis points (bp) last week, it rose slightly after the decline of the past two days. CDS fell yesterday, ending the day at 791/807.
The Fed’s influence continues
On the other hand, yesterday, while continuing his presentation to the United States Congress of the Report on Monetary Policy, the chairman of the US Federal Reserve (Fed), Jerome Powell, said that the commitment to fight inflation is “unconditional. “. As Fed officials continued their verbal guidance yesterday, Fed member Michelle Bowman said a 75 basis point hike in interest rates in July would have been more appropriate, then said it would support 50 basis point hikes. until the end of the year.