Investors beware! New peak in dollar… How much are Dollar and Euro worth today? Foreign exchange prices as of March 1, 2024

Today, February manufacturing industry purchasing managers index (PMI) and Istanbul Chamber of Commerce (ITO) February leading inflation data will be announced in the domestic market.

Dollar TL started the day at its new historical peak at 31.42 in the Forex markets, continuing its gradual upward trend since September 2023. According to these data, TL lost 2.7 percent of its value against the dollar in January and 2.9 percent in February. The loss of TL against the dollar since the beginning of the year has been 5.7 percent. Euro TL, on the other hand, started a limited decline at 33.98.

‘THERE IS A MELT IN THE CENTER’S RESERVES

Central Bank (CBRT) net reserves decreased by 6 billion dollars last week; In addition to routine factors, processors saw an impact on reserve loss due to energy import payments.

Net reserves rose significantly in the second half of last year after falling to a historical low of -5.7 billion dollars before the elections at the end of May. Net reserves have fallen by $17.64 billion since rising to $40.09 billion on December 22, the highest level since January 2020.

Treasury announced its three-month domestic borrowing strategy yesterday. The Treasury will hold seven auctions as well as three direct borrowings in March. Two of the direct sales will be gold-based borrowings in the domestic market. In March, the Treasury aims to borrow 131.8 billion TL, 87.1 billion TL from the market, against 94.6 billion TL of domestic debt service.

The liquidity surplus in the banking system increased to approximately 110 billion TL yesterday.

The TL liquidity surplus in the banking system, which reduces the effectiveness of monetary policy, was decreasing significantly until yesterday. This week, liquidity surplus decreased to 14 billion TL. TL liquidity is again moving towards a structure where the Central Bank can switch to net funding through open market operations.