What is the exchange rate between the Dollar and Euro in Turkish Lira? When was the last time the Dollar rate reached this level? The current status of exchange rates in the interbank market…

The Dollar/TL is trading around 34.18 levels following the September inflation figures.

On the other hand, the Euro/TL is changing hands at 37.80 levels.

WHAT WAS THE INFLATION RATE IN SEPTEMBER? Inflation figures for September have been released. Inflation increased more than expected in September, with a monthly rate of 2.97%, while the annual inflation decreased from 51.97% to 49.38%. This places the annual inflation below the policy interest rate for the first time in 3 years. WHEN WILL THE FIRST INTEREST RATE CUT BE? The markets are closely watching when the Central Bank of the Republic of Turkey (CBRT) will join the interest rate reduction cycle that recently began in the US. Today, the Consumer Price Index (TÜFE) will be followed by CBRT President Fatih Karahan’s presentation to the Turkish Parliament’s Planning and Budget Commission, starting at 1430. Economists suggest that recent communications from the CBRT hint at the possibility of an interest rate cut based on fourth-quarter data. The first data for the fourth quarter will be released in November, followed by the publication of the current inflation report. These developments will help clarify the bank’s interest rate reduction cycle according to market expectations. The CBRT had made changes to its Monetary Policy Committee text in September. The term “tightening” that was previously used was removed from the text. Economists believe that the decision text subtly indicated preparations for an interest rate cut. RECORD RESERVES EXPECTED Bankers are anticipating a new record in the Central Bank’s reserves. According to calculations, there has been approximately a $2.5 billion increase in the net reserves of the Central Bank. Total reserves are expected to reach a new record of $157.5 billion with a $1 billion increase.