Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

The dollar is rising against the lira again


March, 26 2024
watermark Economic news

The dollar began to rise again against the Turkish lira after the unexpected decision of the Central Bank of Turkey to raise the key interest rate. The markets are also in anticipation of the upcoming local government elections, which will be held on March 31.


Last week, the Central Bank of Turkey increased its key interest rate by 500 basis points, from 45% to 50%, which came as a surprise to the market. Previously, it was expected that the rate would either remain at the same level or increase by 250 basis points.


After this decision, the dollar rose above the 32 Turkish lira mark again. Today, the dollar is trading at the rate of 32.17 lira, and the euro is trading at the rate of 34.91 lira.

 

Earlier, the regulator announced its intention to hold the key rate until inflation in the country drops to stable values. According to official data, annual inflation in Turkey in February amounted to 67.07%, and independent experts estimated it at 121.98%.


The Central Bank of the country expects that the inflationary situation will level out by the end of this year. The regulator's forecast for the end of 2024 is 36%, and for 2025 –14%. Turkish Finance and Treasury Minister Mehmet Shimshek earlier said that the country's government is committed to achieving price stability and a steady inflation rate by 2026.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.