The Monetary Policy Committee of the Central Bank of the Republic of Turkey (PPK), chaired by the Central Bank Governor Hafize Gaye Erkan, convened to make the 8th interest rate decision of the year.

The Bank increased the one-week repo auction rate, which is the policy rate, by 750 basis points to 25 percent. After the decision, there was a sharp decline in the foreign exchange markets.

BIST 100 index started the day at 7,648.30 points with an increase of 46.05 points and gaining value by 0.61 percent. BIST 100 index, which saw the lowest 7,476.31 and the highest 7,872.81 points during the day, closed the day at 7,491.94 points with a decrease of 1.45 percent compared to the previous close.

Turkey’s 5-year credit risk premium (CDS) decreased by approximately 20 basis points to 394 basis points after the interest rate decision.

The dollar fell by 7%.

The decrease in Dollar / TL approached 7 percent, the pair tested 25,2800, the lowest level since June 26.

The decrease in Euro/TL also approached 6 percent, the parity tested 27.3816.

The gram price of gold decreased by 6 percent to 1,556 liras.

Minister Şimşek: Price stability is our top priority

Mehmet Şimşek, Minister of Treasury and Finance, on his social media account. “We are determined! Price stability is our top priority…” he shared.

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