The ‘Digital Turkish Lira Collaboration Platform’ has been established by the Central Bank after it signed a bilateral memorandum of understanding with defense companies ASELSAN, HAVELSAN and TUBITAK Informatics and Information Security Research Center. The Central Bank said in a statement that it continues to research the potential benefits of introducing a digital Turkish lira to complement the existing payments infrastructure. For the first phase, the bank will create a prototype of Digital Turkish Lira Network and conduct limited tests with technology stakeholders. “Based on the results of those tests, the Central Bank will unveil advanced phases of the pilot study that will reflect a broader participation,” read the statement. The bank also plans to carry out tests that may diversify the coverage of the Digital Turkish Lira R&D Project into areas such as blockchain technology, the use of distributed ledgers in payment systems, and integration with instant payment systems. The results of the first phase will be shared with the public in 2022 after tests are completed.
Looking at the real money market, USD/TRY, which rose from 8.30 to 8.40-8.50 after the Central Bank’s messages that have been perceived as the early interest rate cut, hovers around 8.43-8.45 this morning. EUR/TRY is traded at 9.97.
Oil prices, which show an upward trend with the concerns over tropical storm Nicholas and saw USD 76 yesterday, declines to USD 75.52 this morning. Spot gold, meanwhile, fell below USD 1,800 per ounce. The yellow metal is traded at USD 1,786.
The Central Bank will release private sector’s outstanding loans received from abroad (10.00 am).
The Central Bank will announce Residential Property Price Index for July (2.30 pm).
The Central Bank will release weekly money and banking statistics (2.30 pm).