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.
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