How the markets started the week How much did the dollar and euro cost?

SHAFAQNA TURKEY. While the horizontal course of TL continues, the elections, which are expected to take place on May 14 in the markets and could lead to drastic changes in economic policy, are the main item on the agenda.

The president Recep Tayyip Erdogan He said yesterday that he will apply as president on March 10 to hold elections before the scheduled date and that the elections will take place on May 14.

Turkish lira, which lost its value by 29.6% for the whole of last year, mainly in the first half of the year, this morning at 08.49. dollar opposite 18.8020/18.8025 from the horizon. Euro/TL rate 20.48 a new week has begun. Since supply and demand in the foreign exchange market are determined by the measures taken by the Central Bank of the Russian Federation, there have been no sharp movements in the market in recent months.

Last week, the Central Bank of the Russian Federation asked banks to stop the practice that increases the cost of commercial loans. The CBRT also reset the reserve requirement for deposits in Turkish lira for more than three months and for foreign currency liabilities for more than six months received from abroad until the end of the year.

Following the decision, deposit interest rose by 1-2 points across the sector, with bankers saying that deposit interest rates were close to 30%, and in some campaigns even exceeded this rate.

The CBRT also announced last week that it will pay 4.5% per annum on non-foreign currency accounts that banks hold in line with their reserve requirements.

Auctions where the Treasury will reissue 3-year TLREF and 5-year fixed-coupon bonds will be on the domestic agenda.

While the consumer confidence index for January is on the agenda, Erdogan’s cabinet meeting will take place after the market closes.

World Markets

While most Asian markets are inactive today due to public holidays, Japan’s Nikkei rose more than 1% in line with Wall Street’s gains last week, with chipmakers leading the way.

The euro climbed to a nine-month high against the dollar as markets priced in the US Federal Reserve (Fed) for a less aggressive monetary policy, while support for tightening points to higher interest rates in Europe.