Dollar and Euro Start the Day Steady as Central Bank Maintains Tight Monetary Policy
As of July 24, 2024, the dollar exchange rate has been closely monitored by market participants. The interbank market saw the dollar/TL starting the day at 32.87, while the euro/TL found buyers at around 35.70.
The Central Bank of Turkiye (CBRT) recently announced that it would keep the policy interest rate steady at 50%, aligning with market expectations. This decision is part of the CBRT’s ongoing commitment to maintaining a tight monetary policy stance.
In addition, the CBRT introduced a new measure to manage excess liquidity in the market. The bank will now be able to conduct swap auctions involving the sale of Turkish lira against gold and foreign currencies.
Hakan Aran, the General Manager of İş Bankası, highlighted that consumers have begun tightening their belts, indicating an economic cooling. Aran pointed to 2027 as a potential timeline for economic relief.
The Economic Coordination Board, chaired by Vice President Yılmaz, convened to review the current economic situation. The post-meeting statement emphasized the determination to implement the actions outlined in the Medium Term Program (OVP) and noted that increased interest in the Turkish lira is bolstering financial stability.
Source: NTV / Prepared by Irem Yildiz