Within the framework of the promises of the new economy administration to return to rational ground, sharp rises occurred in the dollar/TL after the abolition of the intervention in the dollar/TL parity and the freedom in the exchange rates to come to the fore again after a long period of time.
Tips on how the new administration would return to rational policies and some expectations about this return caused different opinions in the markets. Within the framework of these views, the interest rate decision of the Center, which was expected to return with the discourse of “interest is the cause, inflation is the result”, was the first agenda item of the markets. While foreign institutions and organizations in particular were waiting for the interest rates to be moved to at least 20 percent, the Center’s decision was to move the interest rates from 8.5 percent to 15 percent with a 650 basis point increase.
While some discussions about the path to be followed by the Center and the new economy administration after the interest rates were increased below expectations, some market actors said that the relatively soft increase in interest rates indicated that interest rate cuts might start again, especially before the municipal elections that will take place in 2024.
After all these active days in Turkey’s economic agenda, it climbed to the level of $26, which was around 19.80 on 29 May.
On the first trading day of July after the 9-day holiday, the dollar continued its upward trend and rose to 26.78 at the hour when the markets were closed in Turkey, while at 9:30 it was at 26.07 with an increase of 0.22 percent.
However, the tide seems to have reversed this time in the Euro/TL parity, which is on the rise even when the dollar is decreasing due to the interventions made to the dollar/TL.
Euro, which was at the level of 20.5 on May 29 and rose to 28.60 with a rapid rise after the elections, is trading at 28.38 with a decrease of 0.07 percent on the first trading day of the new month.
Gram gold, on the other hand, is at 1.604 with a 0.21% decline, following the 0.28% decline under ONS.
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