Today’s Dollar Exchange Rate: USD and EUR Prices as of May 23, 2024

What is the current exchange rate for the Dollar and Euro? Here are the latest foreign exchange rates in the interbank market.

The Dollar/TL is trading around 32.20 following the Central Bank’s May interest rate decision.

The Euro/TL stands at 35.01.

The Central Bank has kept the policy rate unchanged at 50%, consistent with market expectations.

Reserve Increase Continues

Based on preliminary data, bankers calculate that the CBRT’s net reserves, excluding swaps, rose by $9.5 billion last week. Last week, net reserves excluding swaps were calculated at minus $14.1 billion. Since the local elections, $51 billion in reserves have been accumulated.

Foreign Share is Increasing

Recent inflows have increased the foreign share to 5%. In the first quarter of the year, this rate was around 1.7%. The record in this field was approximately 28% a decade ago.

Overnight Interest Rates in the Lower Band

With the CBRT’s significant accumulation of reserves, the Turkish Lira is once again exerting pressure on overnight interest rates and deposits. As of yesterday, overnight interest rates were at 47.2%, with the system’s liquidity surplus expanding to around ₺520 billion.

Source: NTV / Prepared by Irem Yildiz

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