Wondering how the dollar and euro are performing against the Turkish lira? Here’s the scoop on the latest exchange rates and market trends.
The dollar is currently trading at ₺32.28 (TL), while the euro is being bought at around ₺34.97.
Meanwhile, the Central Bank of the Republic of Turkiye (CBRT) continues to amass record reserves, adding a staggering $42 billion in reserves just 1.5 months after the local elections.
Today, attention will be on April budget realizations domestically, while international focus remains on US inflation figures.
Additionally, watch for Minister of Treasury and Finance Mehmet Şimşek’s address at the Qatar Economic Forum.
CBRT President Fatih Karahan has affirmed a commitment to combat inflation with a firm monetary policy stance, promising to take “whatever is necessary.”
In April, the dollar-to-lira exchange rate saw modest gains, with May showing a relatively stable trend.
CBRT’s net international reserves climbed by $7 billion in the week ending May 3, reaching $21.08 billion.
Bankers estimate a $10 billion increase in net reserves last week alone, totaling $31 billion when excluding swaps.
Over the last six weeks, net reserves (excluding swaps) surged by an impressive $42 billion, with $15 billion added just last week alone.
Source: NTV / Prepared by Irem Yildiz