Grand Bazaar difference in dollar rate is gone, banks are open

After the official completion of the elections, the exchange rate started to rise steadily every day as the pressure on the dollar rate decreased.

The day-to-day events in Dollar/TL after the election were as follows:

May 26: 19.9662
May 29: 20.0926 (+0.1264)
May 30: 20.4955 (+0.4029)
May 31: 20.7878 (+0.2923)
1st Jun : 20.8041 (+0.0163)
2nd Jun : 20.9567 (+0.1526)

When we come today, with the close of June 2, the dollar rate has reached the level of 20.9567 TL in the free market. It was seen at 21 TL on weekdays.

Scissors shrink as pressure on dollar eases

As it will be remembered, one of the biggest problems before the election was that there were three different currencies in the market. In response to the intense demand for dollars, the Grand Bazaar brought the exchange rates closer to the level of 22 TL, and the exchange rates seen at the counters of the banks climbed above 23 TL. However, the exchange rates that I see as free market were at the level of 19.89 TL. But the problem is that there was no one who could buy or sell for 19.89 TL. Because the pressure was not only on the course of the exchange rates, because the dollar was not around anyway. In other words, the market was starting to turn into a closed market on its own. However, after the election, the pressure on the exchange rate, which was allegedly coming from the Central Bank, started to be loosened gradually. Of course, the first effect of this was that the dollar rate entered a slow but steady upward trend, as can be seen in the calendar above.

The excitement that comes with the name Mehmet Şimşek

But more importantly, President Erdoğan will announce a cabinet reshuffle in a short time and Mehmet Şimşek, one of the former finance ministers, will be the head of the economy in the new cabinet, and Şimşek will return to orthodox policies, and his appointments to the economy bureaucracy, especially the head of the Central Bank. It was also the news that it would be in this direction.

Scissors decreased to 9 per thousand in the Grand Bazaar

Both this news and the demand, which put great pressure on the Grand Bazaar, shifted to other channels in the free market, and the dollar rate in the Grand Bazaar suddenly began to loosen. The gap, which previously reached 15 percent with the free market and 10-12 percent between buying and selling, quickly closed. Today, it is possible to see 21.15 TL exchange rates on the selling side of the Grand Bazaar. The purchase price is at 21.08. The difference between the free market rate and the Grand Bazaar base rate decreased to 9 per thousand. In addition, the difference between the dollar buying rate and the selling rate in the Grand Bazaar seems to have decreased to 3 per thousand.

With bank rates, the scissors are still 6 percent

However, the double currency issue still persists. Because the base rate of 22.20 TL still continues at the bank counters. In fact, the dollar selling rate in some banks is around 22.84-.85 TL. The purchase price is 20.40 TL. The difference between the bank’s box office rates and the free market rates is still around 6 percent. Moreover, the gap between the buying rate and the selling rate of banks is around 9 percent.

This leads to comments that the pressure on banks is still ongoing. The first question that comes to mind, of course, is: In this case, while the policy is loosened against the dollar demand of individuals, is it continuing to rein in the demand of institutions? It will be possible to learn the answer to this question in the coming days.

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