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How much was the dollar and the euro? (June 7, 2022)

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The most searched phrase on the second working day of the week is “Why is the dollar rising, will the dollar continue to rise and will the dollar be 20 lira?” had questions.

In a statement after the cabinet meeting yesterday, AKP President Tayyip Erdogan said, “No one should expect this from us, this government will not increase the interest rate, on the contrary, we will continue to lower the interest rate.”

Erdogan explained the reason why he talked about lowering interest rates as follows:

“Whatever the investor in this country should do with the public sector banks, and private branch banks if they are included, with the loans they provide at low interest. Let’s further develop and expand their existing investments, let’s provide employment with this, increase production with this, let’s increase exports with this, and with this, let’s invest. Let’s make it grow”

After the sharp rise that started last month and resulted in a 10 percent loss in TL, the Dollar/TL started to rise again after following a quiet course around 16.5 for a few days.

Dollar/TL saw the level of 16.72 for the first time since 20 December today. The exchange rate is trading at 16.7244 at 10:44. The same volatility was also seen in the Euro exchange rate. Euro again saw over 17.93 TL at these hours. Gram gold, on the other hand, exceeded 991 TL and approached the 1000 TL limit.

“By INCREASING THE CURRENT SURPLUS WITH A EXCHANGE RATE AT THE LEVEL OF OUR BUSINESS…”

Stating that there is no problem in financial stability, Erdogan said, “We are planning to ensure price stability by increasing the current account surplus with an exchange rate at a level that suits our business, in addition to other measures we have taken. We look at the problem in this way and work accordingly.”

Erdogan stated that if there had been no hot conflict, the program would have started to show its fruits “in these months”, and that it would now take place “with a little delay”, “starting from the first months of the next year “.

While the economic preferences implemented by the Erdogan administration are aimed at an export-oriented production buoyancy with low interest, an economic structure with a permanent current account surplus is envisaged.

However, the war-induced sharp increases in global oil, commodity and food prices reached a level that did not allow Turkey to have a current account surplus.

 

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