How has this week been in the economy?

The presidential and parliamentary election process, which will take place on 14 May, was followed as the main agenda item, as it could bring about great changes in the economy in the markets.

President of the AKP, Recep Tayyip Erdogan, signed the decision to renew the presidential and parliamentary elections on 14 May. The decision was published in the duplicate issue of the Official Gazette.

KILIÇDAROĞLU, THE CANDIDATORY OF THE PRESIDENT OF THE ALLIANCE OF NATION

CHP Chairman Kemal Kılıçdaroğlu was announced as the presidential candidate of the 6 parties forming the Nation Alliance.

CRITICAL REGULATION FROM CENTRAL BANK TO REQUIRED LOANS

In a letter sent to banks, the CBRT introduced a covert interest cap on consumer loans after commercial loans. Banks that apply consumer loan interest that will occur above the CBRT’s reference interest will be subject to the obligation to hold securities.

NON-FARMY EMPLOYMENT EXCEEDED EXPECTATIONS IN THE USA

The US economy created 311,000 net non-farm jobs in February, a job increase that exceeded the expectations of 225 thousand. Despite this data, the unemployment rate was realized as 3.6 percent, above the expectations of 3.4 percent. Average hourly earnings, on the other hand, increased below expectations. Following the release of the data, the probability of a 50 basis point rate hike in March on Fed swaps fell below 50 percent.

SHAH INTEREST MESSAGE FROM POWELL

Fed Chairman Jerome Powell, in his presentation to the US Senate Banking Committee, stated that high inflation will cause them to raise interest rates more than they expected.

RALLY CAUSED UNDER THE BANKRUPTCY OF THE GIANT BANK!

The bankruptcy of Silicon Valley Bank in the USA shook the markets. The ounce gold price rose more than 2 percent to $ 1870 on Friday. After Powell’s speech on March 7, the gram gold price, which decreased to 1102 TL, rose to 1140 TL.