21.03.2025 11:11
Exchange rates have soared to record levels due to political developments in Turkey. Particularly, the dollar, which closed last week at one of its lowest levels in recent times at 36.51 lira, reached a record high of 40.58 lira, while the euro hit a record of 44 lira. Following these developments, the Central Bank intervened. This increase is expected to be the highest weekly rise in the exchange rate since June 2023.
Global economic uncertainties and the effects of domestic market dynamics have caused exchange rates to reach record levels. The dollar rate hit a record high of 40.58, while the euro reached 44 lira.
Following a series of record highs in exchange rates, the Central Bank of the Republic of Turkey (CBRT) intervened. Although the fire in foreign exchange has gradually cooled after these moves, a new record is expected to be set on a weekly basis. The dollar, which closed at 36.51 TL last week, is progressing towards a 4.08% weekly gain. This gain is expected to be the "highest weekly increase" in the exchange rate since June 2023.
CBRT'S "EXTRAORDINARY" MEETING
After the volatility in exchange rates, the Central Bank's Monetary Policy Committee held an unscheduled meeting yesterday. The measures to be taken were discussed in detail. The Overnight Lending Rate was increased from 44% to 46%. The Policy Rate remained unchanged at 42.50%. Analysts state that especially the increase in the overnight lending rate will lead to higher borrowing costs for banks, thereby tightening control over the Turkish lira.
INVESTMENT IN FOREIGN CURRENCY IS GROWING
As exchange rates rise, foreign currency deposits are also on the rise. In the first week of 2025, the size of foreign currency accounts of domestic residents, which was 163.21 billion dollars, increased to 178.73 billion dollars in the week ending March 14. Thus, an increase of 15.52 billion dollars was experienced during this period.
CURRENT STATUS OF PRICES
Dollar buy 37.9150 Sell 37.9833
Euro buy 41.1915 Sell 41.2657
Note: The information contained in this news is not investment advice.