‘Interest’ Statement from the President of the Central Bank

The Central Bank of the Republic of Turkey issued a statement after seeing the dollar level of 14 TL after the exchange rate increase in recent weeks. In this statement, it was shared that the Central Bank started to intervene directly in the increase in the exchange rate by selling to the market. After the exchange rate that has increased with the interest rate cuts in the last 2 months, today’s Central Bank Chairman Şahap Kavcıoğlu interest and inflation New information about.

Kavcıoğlu, who met with investors and economists, stated that inflation will decrease once the increasing commodity prices and the factors originating from the supply chain are eliminated. We will observe the cumulative effects of the current monetary policy in the first half of 2022. explained. Kavcıoğlu stated that there is an unrealistic and unhealthy price formation in the foreign exchange market, and that the CBRT is susceptible to high volatility. that you can intervene also reminded.

“We have limited space left for the rate cut”

Kavcıoğlu made a statement that gives clues about the interest rate decisions that may come in the coming period. “We have limited space left for the rate cutUsing the expression ”, Kavcıoğlu explained that he thinks they have completed this area to a large extent.

In addition, Kavcıoğlu announced that they will soon make arrangements to encourage the transition of foreign currency deposits to TL instruments.

Foreign trade deficit, exports and imports increased

Kavcıoğlu, Turkey’s exports of the last 12 months $221 billion declared level. He added that in November, exports increased by 33.4% to 21.5 billion dollars, imports increased by 26.7% to 26.8 billion dollars, and foreign trade deficit increased by 5.4% to 5.3 billion dollars.