New peak in the dollar! How much is Dollar and Euro? Foreign exchange prices on April 15, 2024 – Last Minute Economy News

Treasury and Finance Minister Mehmet Şimşek and CBRT President Fatih Karahan will go to the USA this week for the World Bank IMF spring meetings.

According to the statements made during the holiday, the World Bank approved providing financing of 18 billion dollars to Turkey in the 2024-2028 period. The amount of financing provided by the World Bank to Turkey will increase to 35 billion dollars with the resources to be provided in the areas of productivity increase, employment, improvement in public services and disaster resilience.

INCREASING GEOPOLITICAL CONCERNS

Iran launched an unmanned aerial vehicle (UAV) and missile attack on Israel on Saturday in retaliation for Israel’s suspected attack on the Iranian consulate in Syria on April 1. Thus, Iran directly attacked Israeli territory for the first time.

US President Joe Biden warned Israeli Prime Minister Benjamin Netanyahu that the US will not take part in a counter-attack against Iran.

Increasing tension in the Middle East has led investors to safe haven assets. While gold prices increased by 0.51 percent to $2,356.39, the price of Brent oil decreased by 0.5 percent to $90.01.

HOW MUCH ARE DOLLAR AND EURO?

Dollar/TL completed the last trading day before the local elections at 32.39, and followed a fluctuating course around 32 after the elections.

Then the holiday broke out and dollar/TL broke the record by starting the day around 32.57 this morning. Euro/TL finds buyers at 34.54 lira, close to the peak.

TL lost 3.5 percent of its value against the dollar in March and approximately 9 percent in the first quarter. TL gained 1.4 percent value in the first week of April. Since September 2023, there has been a limited rise in dollar/TL every day, except for rare downward pressures.

Despite the recent movement, bankers’ general expectation is that the rise in dollar/TL will gradually continue towards the 40 level at the end of the year.

This means that TL loses nominal value against the dollar. However, the depreciation of TL under inflation also indicates that there will be a real increase in value. CBRT, on the other hand, gives the message that it is satisfied with the real value gain in TL.

CBRT’s surprise interest rate increase and the end of the local elections enabled the Central Bank to turn from a weekly foreign exchange loss of 8.5 billion dollars to a 6.5 billion foreign exchange purchase as of the first week of April.

Traders expressed their opinion that the balance in the foreign exchange market, which has been in favor of TL for years, will change and the positive contribution to the CBRT reserves will continue at least until the end of summer.

RECORD LOSS WAS ANNOUNCED

CBRT announced today that it will lose 818.2 billion lira in 2023 due to the high cost of exchange rate protected deposit accounts. The ordinary general assembly meeting for this balance sheet period will be held in Ankara on April 30.

The CBRT also announced that it would end the security facility practice, which is the regulatory symbol of the policies implemented before the general election.

Securities regulations were the focus of criticism ahead of the general election because they forced banks to buy long-term Treasuries at a yield well below inflation.