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Significant activity in the dollar, euro and gold

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The rally in the markets continues after the decision on interest rates by the Monetary Policy Committee of the Central Bank of the Republic of Turkey announced yesterday. Here is the latest situation in the dollar, euro, pound, gold, silver and cryptocurrency markets …

With the interest rate decision announced yesterday, the CBRT decided to keep the policy rate constant at 14 points. After cutting the interest rate by 500 basis points in the last 4 meetings last year, the CBRT did not make any changes in the first 6 meetings of this year. In the CBRT statement, “political interest rates were once again held constant at 14 percent in line with economists’ expectations.” statements have been included.

Markets, which continued their horizontal run to peak following the Central Bank’s interest rate decision, fell after the BRSA decision earlier today.

The BRSA has decided to take coordinated macroprudential measures, which it believes aim to strengthen financial stability and make the credit system work more efficiently by using resources more efficiently.

Companies whose foreign currency assets do not exceed TL 15 million in TL equivalent can receive loans provided they do not increase their foreign currency assets beyond TL 15 million.

Here is the latest market situation:

Dollar, Euro and Pound: Starting from 17.36 TL $ 16.50 TL ‘starting at 18.31 TL Euro 17.68 TLstarting from 21.33 TL The pound is 20.55 TLIt is traded by. Yesterday the selling price of the dollar was 17.35 lire and the selling price of the euro was 18.26 lire.

Gold and Silver: $ 1,827 per ounce of gold‘from, Gold gram 1,020 TLfrom, Gold quarter 1,640 TL ‘from, The gold of the Republic is 6,751 TL traded at the price. Gold prices are traded with a spread of 20 percent in the interbank and free market. Silver is 11.72 TLIt is priced from.

Cryptocurrencies: In cryptocurrency markets Bitcoin $ 20,859, Ethereum costs $ 1,148.traded by.

Brent oil: On the last trading day of the week, there is a horizontal trend in US crude oil and Brent oil. Recession fears dominated prices this week. While US crude was trading above $ 104, Brent oil was close to $ 110.

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 be more appropriate, then said it would support 50 basis point hikes. until the end of the year.

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