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How much was the dollar and the euro? (May 24, 2022)

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Dollar/TL reached 16′ TL after 10 days of increase. The intraday high was 16.0477. Euro, on the other hand, saw the process at 17,2182 TL, and reached the highest level of 17,2220 during the day.

CENTRAL BANK’S RESERVES ARE DELETING

The main reason for questioning the sustainability of the exchange rate policy, which the market defines as publicly controlled, is the fact that the CBRT’s reserves continue to erode despite the need for more and more foreign currency to maintain its current foreign exchange policy. The CBRT’s reserves excluding swaps have also decreased to minus 52 billion dollars.

TL LOSSES 8 PERCENT OF VALUE THIS MONTH

TL has lost about 8 percent against the dollar since the beginning of the month. Whether the public will allow the continuation of the depreciation in TL is the main agenda item in the markets.

Dollar/TL followed a horizontal course for two months in the middle of 14.5-15 until the first days of this month. Afterwards, the exchange rate approached 16 with a continuous rise, but now it did not test above this level.

Even though the CBRT adds 40 percent of the exporter’s foreign exchange revenues and the foreign currency part of the KKM application to its reserves, the bank’s reserves do not increase at the same rate. The difference in the middle is the currency used for “stability” as defined by the government. While the CBRT does not officially accept its interventions in the exchange rate, it describes the movements as a floating exchange rate regime.

IT STARTED UNDER 16 QUICKLY

Dollar/TL started the first trading day of the week under 16 quickly. The dollar started at 15.97/15.98 at 08.55 this morning. On the other hand, Euro was at the level of 17,0446 TL.

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