CBRT President, unexpectedly and surprisingly over the weekend I was born Ağbal he was dismissed and in 20 months there were three changes of presidents in the Central Bank.
The new week started seeing the reflections of this. After the CBRT raised interest rates by 2 points, President Ağbal was removed from office in two days. Risk perception increased, uncertainty increased. The predictions were short term rather than medium and long term.
Sunday new central bank governor Şahap Kavcıoğlu made a statement and met with the bankers.
The PPK meetings were said to be on the schedule previously announced to the public. The message has been received that the fight against inflation and price stability is being resolved.
MINISTER ELVAN’S EXPLANATION: NO COMMITMENTS FROM THE FREE MARKET
Finance and Finance Minister Lütfi Elvan made a statement as markets started the new week after the change in the Central Bank presidency over the weekend. Minister Elvan assured the markets that “the free market mechanism will not be compromised” and affirmed that “the implementation of the liberal exchange regime will continue resolutely.”
Dollar exchange rate Today it is trading at the 7.85 lira level. Euro / TL it is looking at levels of 9.40.
The USD / TL was at 7.2185 in the last trading on Friday before the decision.
TRANSACTIONS IN ISTANBUL STOCK STOP FOR THE SECOND TIME
New trading week with change of presidency of the Central Bank of the Republic of Turkey (CBRT) after the tough decision on the field of play.
In the stock market, which opened 6.65 percent lower, the circuit breaker application worked twice in a row. After the second half-hour break, operations resumed at 11:08. After the third start, losses at BIST 100 increased more than 9 percent.
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HARD WEEK IN THE MARKETS
The experts pointed out that the evolution of the Covid-19 epidemic in global markets, the course of the bond market, the speeches that the president of the Fed, Powell and the data calendar that will intensify starting tomorrow will be followed. , and statements of the economy Management and political developments will be monitored at the national level.
This week, President Erdogan’s statements at the AK Party’s Seventh Ordinary Grand Congress and the action program that Finance and Finance Minister Lütfi Elvan will share on the Economic Reform Package, will also be in the focus of investors.
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