Flash claim! Did public banks buy dollars before the interest rate decision?

The Central Bank of the Republic of Turkey announced its interest rate decision, which caused a sensation in the markets, at 14:00. While the general expectation of the markets was that the interest rates would be increased from 8.5 percent to 20 percent with an increase of 1150 basis points, the decision came in a lower frame than expected. The decision that surprised the markets was that interest rates rose to 15 percent with an increase of 650 basis points.

After the decision, an increase of more than 3 percent was observed in the dollar / TL, while the sharp movements in the stock market accompanied the increase in the dollar / TL.

Particularly, the interest of investors was above USD/TL. After the decision was announced, the dollar/TL parity, which did not react much to the interest rate decision, which was below the expectations in the first minutes, started to rise rapidly 25 minutes after the decision was announced.

The Allegation that Public Banks Bought Dollars Before MPC

Before this interesting development on the dollar/TL front, allegations emerged that public banks bought dollars at 23.55 in the morning hours. According to the information provided by sources close to the subject, who did not want to be named, to Bloomberg, public banks bought $ 23.55 before the MPC meeting.

While it was noted in the news that the demand for dollars by public banks from the market may contain signs that there is a change in the understanding of the “public” that has been selling dollars to the market for a long time, the fact that the public took such a transaction before the critical MPC left a question mark in mind.

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