USD-EUR exchange rate in Turkish Lira? What was the latest dollar rate? The current situation in foreign exchange rates on the interbank market…

The exchange rates continue to fluctuate. The USD/TRY traded around 34.34 today, while the EUR/TRY changed hands at 37.46. The real value of the Turkish Lira increased by 1.96 points in October to reach 64.82. This marks the highest level in the index since March 2021. The Banking Regulation and Supervision Agency (BRSA) granted operational permits to FUPS Bank, Ziraat Dynamic Bank, and Colendi Bank.

INFLATION FAILS TO EASE THE CENTRAL BANK Turkey’s Statistical Institute (TURKSTAT) released the inflation figures for October yesterday. Inflation showed a monthly increase of 2.88% in October. The annual inflation was reported at 48.58%. Treasury and Finance Minister Mehmet Şimşek stated that inflation expectations for the last 12 months have reached the lowest level in 2.5 years in all sectors. Şimşek said, “It takes time to eliminate rigidity but the developments are positive.” According to economists, the inflation data did not give the Central Bank of the Republic of Turkey (CBRT) the signals to ease their monetary policy. Hopes for interest rate cuts for this year are almost completely abandoned. Talks about the first interest rate cut are now beginning for the first quarter of 2025. The last inflation report for the year, which will be announced on Friday, will be closely monitored. Insights on the timing of interest rate cuts will be gained with the messages from the Central Bank. GLOBAL MARKETS This week in the global markets, besides the US presidential elections, the Federal Reserve (Fed), Bank of England (BoE), Swedish Central Bank, and Norwegian Central Bank will announce their interest rate decisions. It is expected that the Fed, which will begin its meeting a day after the presidential election, will make a 25 basis point interest rate cut. Harris and Trump were nearly tied in the polls ahead of the elections that will take place tomorrow. The winner of the election may be determined a few days after the voting has ended.