The Central Bank of the Republic of Turkey announced the new interest rate decision that has been expected for days. The rate was cut by 100 basis points to 15%.
While there was an increase in the exchange rate on October 21, contrary to the expectations of the market, the Central Bank of the Republic of Turkey, which lowered the interest rate, announced its new interest rate decision today. After President Erdogan’s statement yesterday that the interest rate should not be high again, the Central Bank reduced the interest rate again, in line with the expectation in the market.
With the decision announced to be announced at 14.00, the Central Bank, that the interest rate was reduced by 100 basis points to 15%. announced.
Dollar started to rise again:
- Dollar, 5-minute chart
The dollar rate, which broke a new record by seeing 10.97 TL at around 05.30 this morning, made a sudden increase with the decision of the Central Bank. 5 minutes after the announcement of the decision, the dollar fell from the level of 10.53. to 10.83 level rose. The dollar increased by 30 cents in 5 minutes.
There were problems in accessing the Central Bank’s website:
Minutes before the Central Bank announced its interest rate decision, there were problems in accessing the official website. The website of the Central Bank was slow due to the intensity, there were problems while accessing the site.
Why does the dollar increase when interest rates fall? We previously explained with Economist Enes Özkan:
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