Domestic markets have made an adverse start to the week due to global volatility. Rise in commodity prices, concerns over the Chinese property firm Evergrande’s bankruptcy, high inflation and growth indicators had a negative impact on TRY assets as the USD appreciated globally.
Prior to the Federal Reserve and the Central Bank’s interest rate decisions, USD/TRY, which hit 2.5-month high by 8.72, is traded at TRY 8.63 this morning.
The process which began with the Central Bank Governor Sahap Kavcioglu’s emphasis on ‘core inflation’, and the need to raise the required forex reserve ratio accompanied with the increase in rediscount credit limits to USD 30bn last week have been mainly interpreted as market preparation for the interest rate cut.
Turkey has made the top 50 by ramping up 10 positions in the 2021 Global Innovation Index, prepared by the United Nations’ World Intellectual Property Organization (WIPO). The country has also ranked second among 132 economies in the index with the biggest jump.
Turkish and Azerbaijani forces have launched a joint military exercise in the Nakhchivan Autonomous Region.
So far over 105.6 million coronavirus vaccine jabs has been administered. Some 52.8 million people have received their first doses, while more than 42.3 million are fully vaccinated. Some 27,688 new coronavirus cases and 231 deaths due to Coronavirus were reported in the last 24 hours by the Health Ministry.
DAILY AGENDA
The Ministry of Treasury and Finance will reissue 9-month (266 days) zero coupon Treasury bill and issue 7-year (2,548 days) semiannually floating rate note, while it will directly sell a 5-year lease certificate.
President Recep Tayyip Erdogan, who received British Prime Minister Boris Johnson yesterday at the newly opened Turkevi Center in New York, will address the United Nations General Assembly in New York besides events organized by the Turkey-U.S. Business Council (TAIK) the Foreign Policy Association in Washington DC.
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