The Central Bank of the Republic of Turkey (CBRT) held interest rates at 19.00%, in the first meeting presided over by the new Governor Sahap Kavcioglu. In the first policy statement by the bank after the firing of the hawkish Naci Agbal on March 20, the CBRT noted that inflation […]
It has been the end of a turbulent week for the Turkish Lira, and the USD/TRY looks set to end higher for the week. The pair has reclaimed 4-month highs after a devastating blow deal to the Lira by the Turkish President Recep Erdogan, who sacked Naci Agbal as Governor […]
The Central Bank of the Republic of Turkey (CBRT) has raised its 1-week repo rate to 19.00%. The 200 basis points rate hike by the CBRT thus surpassed the expectation of analysts, who had forecast a rate hike of 100 basis points to 18%. As a result of the hawkish […]
The Central Bank of the Republic of Turkey (CBRT) has left its key interest rate unchanged. The CBRT retains the 17.00% benchmark for the 1-week repo rate, and this has led to some strengthening of the Lira against the US Dollar. The USDTRY is down 0.33% as of the time […]
The Lira continues to extend its gains against the US Dollar, as cheap investment dollars now seeks emerging market currencies that have a higher interest rate and therefore are capable of producing a higher yield. This carry trade scenario appears to favour the Lira in its pairing with the US […]
The Turkish Lira has gained a modest 0.1% in its pairing with the US Dollar, after data released late Friday showed that Turkish Manufacturing Confidence grew from 106.8 in December 2020 to 107 in January 2021. This allowed the USDTRY to extend its downside slightly, following the bearish move that […]
The Turkish Lira gained strength for the 3rd straight session after the Central Bank of the Republic of Turkey (CBRT) left the interest rates unchanged at 17.00%. Further adding to the weakness of the USDTRY was the prevailing bearish sentiment on the greenback, as inflows pour into emerging market currencies […]
The CBRT raises interest rates by 475 bps. Sign up to find out how the USDTRY responded.
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News flash: Turkey’s President, Recep Erdogan has reportedly fired Central Bank of Republic Governor Murat Uysal, barely 15 months into his tenure. News sources such as IG Squawk are quoting an official gazette as the source of the news report. This could have major implications of the Turkish Lira, which […]