ANKARA, August 6 (Reuters) – As the dollar / TL rose to 7.1, approaching the historical record at 7.2690, euro / TL is on the new record with 8.4316.
TL is losing value by negatively diverging from similar currencies, developing with concerns about the sustainability of foreign exchange sales, which are estimated to have reached $ 110 billion since 2019, without new sources.
The depreciation became evident last week after the dollar / TL remained stable at around 6.85 for almost 2 months.
The euro / dollar parity effect is still the main determinant in the rise in Euro / TL.
It is remarkable that the CBRT’s policy rate is 4 points below inflation and that local investors are not able to obtain TL deposit returns, so they tend to focus on foreign exchange, gold and mutual funds that hold these instruments recently. Foreign currency deposits of domestic residents are at their historical peak with 204 billion dollars.
On the other hand, the real interest of £ enough to find since the Christmas of foreign investors for fixed-income and equities output in Turkey has exceeded $ 11 billion.
Over the years, one of Turkey’s volume of government securities to finance foreign investors in the lower quarter of the current state of this ratio below 4%.
It is worried that the public, especially the CBRT, is close to either a new foreign currency financing or a break in foreign exchange supply, in order to continue its supply in the foreign exchange market to date. As of 1046, it is at 7.0915 / 7.0920, euro / TL at 8.4136 / 8.4154. At the same hour, on a basket basis, TL is at the level of 7.7528 / 7.7533