How many Turkish Lira for Dollar – Euro? What was the latest USD exchange rate? The current situation in the foreign exchange rates on the interbank market…

The foreign exchange rates started the new week with a stable trend. The Dollar/TRY was priced around 34.26 today. The Euro/TRY also traded at the level of 37.43. The Ministry of Treasury and Finance went for a borrowing of 35 billion TL with pre-sales of two bonds before the auctions. The impact of the Central Bank’s (CBRT) tightening on the market’s liquidity generally remains below the policy rate, as indicated by the overnight interest rates for the past few weeks. The overnight interest rate dropped to as low as 48.41% today. The excess liquidity was observed around 350 billion lira. INTEREST RATE DECISION TO BE ANNOUNCED CBRT will announce its interest rate decision on Thursday this week. Expectations are that the rate will be kept steady around 50%. Expectations for interest rate cuts shifted to a later date after the higher-than-expected inflation in September and the statements by CBRT Governor Fatih Karahan. December and beyond started to be discussed as the possible dates for the first interest rate cut. CBRT Deputy Governor Cevdet Akçay stated that they will maintain a tight stance until inflation shows a downward trend. The first inflation data for the last quarter will be announced in November and followed by the publication of the current inflation report. All these will help clarify the Central Bank’s interest rate cut cycle according to the markets.