A few days ago, the Dollar / Turkish Lira exchange rate, which rose to 5.84 a day, fell down to 5.30, falling consecutively yesterday and today.
The dollar is trading at 5.36 against the Turkish Lira at the time of publication. This level is noteworthy due to a level not seen in the Dollar since the beginning of March.
This decline in the dollar largely cuts the liquidity of the banks providing Turkish Lira to the London market and hence a 350% per annum in the London swap market. 's stems from seeing.
Banking Regulation and Supervision Agency (BRSA) last year in August in order to avoid the rapid depreciation in the TL of resident banks in Turkey had imposes limits on swap transactions.  BRSA, domestic banks in Turkey
The restriction of the supply made it difficult for the foreign investor to sell the Turkish Lira to the Turkish Lira.
Garanti Yatırım Ar Tufan Cömert, Director of Investment Consultancy and Investment Consultancy, stated that there were many investors following the movement when last week, when Dollar / TL lost more than 6 percent.
Cömert, the investors' expectation to go up rapidly as in August last year
Cömert also raised the CBRT's funding cost from 24 percent to 25.5 percent, followed by the swap operations of domestic banks.
Cömert, in this case, said he wanted the high interest because of the liquidity in his hands, and that the interest soared up to 363 percent in London this way.
19659002] Garanti Investment Director ü, with the large increase in interest rates, the speculation of speculative foreign exchange demand led to some appreciation in TL.
Finally Cömert thinks that the actual appreciation in TL will be seen not only by the foreign inflow of foreign investors, but also by the intense foreign exchange traders who have recently bought foreign currency.
yabancı In the long term, it makes foreign investors an enemy of TL kes
On the other hand, the famous economist Özgür Demirtaş says that the increase in the interest rates on swap will cut the way for speculative investments in the short term, but that the foreign investor who cannot find TL in the long term will be hostile. Demirtas, in this case, will lose the reputation of the TL, will sell the stock market and bonds, ie foreign investors will miss.
The stock market has lost 2 percent
As a result today after the value of the value of the value of the Istanbul Stock Exchange Borsa Istanbul ' significant sales were also seen. BIST 100 index decreased from 100,187 to 97,230. BIST 100 made the closing at 97,379.
The highest rate of overnight interest rates in the swap market since the 2001 economic crisis,