President Recep Tayyip Erdoğan made clear and critical statements about the future and course of the Turkish economy for the first time, following the election of Mehmet Şimşek and Hafize Gaye Erkan in economic management following the elections.
While the dollar/TL parity rapidly depreciated after President Erdogan’s statements, Borsa Istanbul displayed a positive outlook at the same time.
Emphasizes “Low Interest Low Inflation”, Dollar/TRY Declines
In Erdogan’s speech, there were very critical sales points regarding the economy. Referring to the perceptions that the “low” interest policy has been reversed and orthodox economic policies have become applicable again for Turkey, especially after the appointments of Mehmet Şimşek and Hafize Gaye Erkan, Erdoğan said, don’t fall into it, I’m the same here”, giving the message that his view has not changed.
While the dollar/TL parity decreased after Erdoğan’s statements, the statements brought positive winds on the Borsa Istanbul front.
The dollar/TL parity, which was at the level of 23.67 when Erdoğan made a statement, declined to 23.50 as the first reaction after the statement. The dollar/TL, which regressed to the lowest level of the day at 23.51 as of 13:11, could not switch to the positive side despite a slight recovery after the rapid decline, and with a decline of 0.34 percent as of 13:50, it reached 23.10. It continues to be traded at 55.
In the same minutes, Borsa Istanbul was positively affected by the announcements and rose from the levels of 5,400 to the levels of 5,460.
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