Testing above 8.20 at the rate that started a week above 8.16 continues today.
The TL, which depreciated 10% against the dollar in March, continues to trade at the lowest levels after November in April.
The expansionary monetary policy implemented during the pandemic period, the increase in inflation and the exchange rate, and the pace of credit expansion gave way to a restrictive monetary policy. After the rate hike, the exchange rate fell from record levels and in mid-February, the exchange rate fell below the record level of 7.0 and fell to 20% from the record level.
CBRT Chairman Kavcıoğlu said there will not be an interest rate cut immediately and interest rates in the markets are expected to remain constant in April. However, President Erdogan’s announcement that he is asking for a single-digit rate again today sparked an increase in expectation that the rate cut will begin around the third quarter of the year. Saying yes, President Erdogan asserted that low-interest loans will also decline.
Today, the dollar rate, which recorded the low of 8.1330 and the highest of 8.2150 during the day, is trading at 8.20 in the last hour. After a 4-day drop on a daily basis, there is a decline in most developing country currencies today, with the movement slightly increasing today, and experiencing the biggest drop.