The dollar rate increased by 0.47 percent compared to the previous close and reached 20.90 liras. The dollar exchange rate, which was 19.57 before the Parliamentary and Presidential Elections held on May 14, and 19.97 before the second round of the Presidential Elections on May 28, increased by approximately one lira in a week.
EXCEEDED THE 21.30 LEVEL
The dollar/TL rate in the Grand Bazaar also rose above the 21.30 level. The dollar selling rate of banks is at the level of 22 liras.
GRAMS GOLD IS ALSO RISING
Euro/TL, on the other hand, is trading at 22.55 with an increase of 0.13 percent on the new day. The gram gold, which sees the peak with the increase in Dollar / TL, is at 1328 TL in these minutes.
RESERVES CONTINUE TO FALL
The gross reserve of the Central Bank decreased by $3.1 billion in the week of May 26, when the second round of the Presidential Election was held, to $98 billion 458 million. The gross reserve of the Central Bank fell below $100 billion for the first time in 10 months. The decline in reserves has approached $30 billion in the last 2.5 months.
The CBRT’s foreign exchange reserves decreased by 2.3 billion dollars last week to 56 billion 519 million dollars, while its gold reserves decreased by 800 million dollars to 41 billion 939 million dollars.
DECREASED 32 PERCENT
Looking at the end of 2022, the Central Bank’s foreign exchange reserves decreased by 31.83 percent. Foreign exchange reserves fell from $82.9 billion to $56.5 billion. Gold reserves, on the other hand, decreased by 8.53 percent compared to the end of the year. The net international reserves of the Central Bank, which went into the negative zone for the first time in 21 years last week, decreased from minus 0.2 billion dollars to minus 4.4 billion dollars in the week of May 26. Net reserve excluding swaps, on the other hand, decreased from minus $60.3 billion to $60.5 billion.
KKM SIZE IS 125 BILLION DOLLARS
The size of currency protected deposits (KKM) increased by 100.6 billion liras in the week of May 26 and reached 2 trillion 498 billion 727 million liras. Thus, the size of KKM exceeded 125 billion dollars last week. The share of KKM among deposits in the banking system increased to 24 percent.
MAIN AGENDA CABINET
The main agenda of the markets regarding Turkey will be the new Cabinet. President Erdogan’s new Cabinet, which is expected to be announced on Saturday economy It is wondered who will be in his administration and whether Mehmet Şimşek, who has been on the agenda for a long time, will return.