‘Back door’ sales at the Central Bank do not end!

Although the new management of the Central Bank has increased the policy rate from 8.5 percent to 35 percent since last June and taken new steps towards increasing the share of TL deposits and simplifying, as it was yesterday, it continues to be a matter of controversy due to its interventions in the foreign exchange market.

(Emre Alkin)

’30 LIRA’ EMPHASIS

Commenting on the Central Bank’s interest rate decision, also referring to the Türkiye-Israel tension, Prof. Dr. Emre Alkin, he said:

“I do not think that any tangible foreign capital will show favor to Turkey until the situation is clarified. The fire under exchange rates will continue to burn. The Central Bank will also continue selling foreign currency through the back door in order to reduce the interest in exchange rate protected deposits (KKM). The previous administration was selling foreign currency to prevent inflation, the current administration is selling foreign currency so that people do not go to KKM. Something strange happened.”

(Orhan Ökmen)

Likewise, Sesmir President stated that the reason for the sales evolved from inflation to the resolution of KKM. Orhan Ökmen He also pointed out that: “The short- and long-term disadvantages produced by both justifications far exceed the politically expected advantages.”

(Ugur Civelek)

Republic’Economist Uğur Civelek, who answered the questions and reminded that KKM is intended to be reduced, said: “floating exchange rate policy” He noted that although it was said, the foreign exchange was kept under control and the mode of operation did not change. Civelek, “They are trying to prevent the sharp fluctuation. “If this had not happened, the dollar would have risen well above 30 lira.” said.

On the other hand, according to the decisions announced by the Central Bank yesterday, the 30 percent security facility on TL cash loans was terminated. This regulation also applies to securities issued by the real sector purchased by banks. In addition, the Center increased the monthly TL share increase target from 2.5 percent to 3.5 percent for real persons in order to increase the share of standard TL deposits in total deposits.

While these discussions about the Center continued, financial markets fluctuated again on the last day of the week. While Dollar/TL starts the day at 28.1750, the new historical peak, the impact of increasing global geopolitical risks on Turkey is being closely followed. Dollar/TL rose to 28.35 in instant transactions and finished the day at 28.20.

THERE IS INCREASE IN BIST

Borsa Istanbul (BIST) was the most active market of last week. BIST 100 Index, which reached its lowest point of 7 thousand 501 points yesterday, completed the day with an increase of 0.6 percent and the week with an increase of 2.6 percent.