The recent interest rate decision by Turkey’s central bank was a positive development for markets.
In recent days, the most important reason behind an ease in the foreign currency rates is an expected rate hike decision by the Central Bank in its meeting this week. Now the question is whether the interest rate hike will be three or five points.
Foreign trade inputs made public Aug. 29 showed the deficit had narrowed in July.
This will be a new and critical episode for the markets following the long Eid al-Adha or the “Feast of Sacrifice” holiday.
There is pressure on the Turkish Central Bank to raise the interest rates, though it is not clear if it will produce a result or not.
We have become a country where the first thing people start doing in the mornings when they wake up is to check foreign exchange rates, even when they are on holiday.
While a fluctuating trend is continuing in the markets, expectations about the Medium Term Program (OVP) in the framework of the future of the economy is growing day by day.
Presidential spokesperson İbrahim Kalın has announced economy was on the table in the first cabinet meeting of the new period and that the Medium Term Program would be announced in a few weeks.
The new cabinet ministers and economy-related ministers, long awaited by the markets, were announced on July 9. Some of the appointments to the cabinet and to economy-related ministries are rather surprising.