With the increasing pressure on the dollar from the Central Bank, the exchange rate divergence in the free market became more evident. The dollar selling rate level announced by the Central Bank yesterday evening is 19.3890. Today, in the free market, there are three different exchange rates different from this level.
In exchange offices reflecting the Grand Bazaar, sales are at 20.09 dollars. In the box office rates, the buying and selling spread reaches 3-4 percent, while the sales rates are 20.34 TL in some banks.
On the other hand, levels of 19.56 TL and above are observed in the interbank foreign exchange market.
Suggestion not to buy foreign currency from the Central Bank
Of course, it should be noted that the news that started to circulate in the backstage yesterday may also have an effect. According to a report published by Bloomberg with the signature of Kerim Karakaya, the Central Bank asked banks to reduce the amount of purchases they make in the foreign exchange interbank. It is believed that this puts pressure on the banks, and while this pressure puts pressure on the interbank foreign exchange market to lower the exchange rates, it also puts upward pressure on the box office prices and the Grand Bazaar.
It is stated that while banks reduce their transactions in the interbank foreign exchange market due to the Central Bank’s guidance, on the other hand, it widens the gap between the buying and selling rates in the free market.
Expectation of a bounce in the dollar for the post-election
As it will be remembered, last week, especially due to the shortage of foreign currency in the market, public institutions brought to the Grand Bazaar physically close to 5 billion TL banknotes with official service vehicles and iron chests, with an average of more than 250 million dollars in foreign currency from the Grand Bazaar. was also proven.
Especially in the period leading up to the election, experts and foreign banks and intermediary institutions agree that the Central Bank will make every effort to alleviate the pressure on the exchange rate. However, if the current government continues on its way after the election and the opposition wins the election, it is thought that a return from today’s heterodox monetary policies to orthodox, that is, traditional monetary policies, is inevitable. This strengthens the expectation of an upward movement in the exchange rate after the election.
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