While the Turkish Lira continues to remain under pressure due to the global search for a safe haven, it has lost over 1 percent of its value against the dollar this week; the new peak in the exchange rate is at 33.61.
After rising to a new peak of 33.61 due to selling pressure, the USD/TL started the day around 33.55 this morning. The TL lost 1.1 percent of its value against the dollar this week.
Today on the internal agenda Treasury cash balance data for July is available. Tomorrow, the third inflation report of the year will be followed in the markets.
Treasury and Finance Minister Mehmet Şimşek stated yesterday that the biggest priority is to reduce inflation and that they will not step back on this issue, They also said that they do not plan to change the targets in the OVP. told.
Şimşek said, “…we will not step back, we do not plan to change the targets, we are determined on this issue. It may be ambitious, but we will take the necessary precautions and continue on our way.”
OVERNIGHT INTEREST RATE APPROACHED THE UPPER BAND, EXCESS LIQUIDITY DECREASED
Overnight interest rates and excess liquidity are being closely monitored in the domestic market. The TCMB started last week intraday additional TL warehouse purchase tender and local banks reverse swap auctions overnight interest rates then increased significantly.
Excess liquidity decreased significantly from approximately 400 billion TL last week to 23 billion TL yesterday. The overnight interest rate increased from 47.02% last week to 52.75% yesterday.