Dollar exceeded 20 TL limit

The last trading day before the second round of the elections in the financial markets was fluctuating. Borsa Istanbul recovered and exceeded the level of 4 thousand 500, as before the first round, while the dollar/TL exceeded its historical level and settled above 20 liras, despite all the pressures of the government.

Already in the Grand Bazaar and the interbank market, transactions have been over 21 liras for a long time, especially in the sales direction. Experts Central Bank’s pre-election “Dollar 20 TL” Reminding that he burned billions of dollars in foreign currency in order not to create a perception, he drew attention to the dangers waiting for Turkey.


“The dollar has already been sold for 21 liras in the free market for a long time. There is no one who can buy a dollar for 20 liras” said Dr. Murat Kubilay, He stated that the dollar rate in Turkey increased due to the high current account deficit rather than the foreign exchange demand. Kublai continued: “For this reason, it is not possible to stay at 21 liras. Next week, if there is no capital restriction, we will see a rapid increase in the exchange rate.”

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(Murat Kubilay)

Kubilay also stated that restrictions such as access to cash advances in installments will definitely be made after the election, and that Turkey will pay the price for these policies in the autumn, even if it doesn’t feel much until the end of summer.

Stating that the money stored in the Gulf and the Russian aid did not work, Prof. Dr. Cem Baslevent, He stated that the only way to keep the dollar in the event that President Erdoğan wins is to increase the TL deposit rates even further. Başlevent continued his words as follows: “They learned that the dollar cannot be kept by suppressing it by burning billions of dollars. Now, I think they will give up the low interest rhetoric implicitly by releasing TL deposit interests.”

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(Cem Baslevent)


TEPAV Director Dr. Burcu Aydin Ozudogru He also made the following comment on social media: “There is a struggle to close the dollar/TL below 20 before the election. The fire is fueled by the interest policy. If we look at ammunition, net reserves are negative. The longest working day for the Central Bank.” prof. Dr. Hakan Kara On the other hand, he shared a social media post that likened the events in the economy to a storm. “The perfect storm evokes more external factors, ours is more of a ‘I found it myself’ situation” said.

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Speaking to Reuters, Prof. Dr. Daron Acemoglu, with reference to the situation in reserves “I am convinced that the current situation cannot continue” said. Acemoğlu emphasized that there is a situation similar to Argentina.

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