What matters this morning

Today’s most important agenda is the interest decision to be taken by the Central Bank at the Monetary Policy Committee’s (PPK) meeting. The interest is predominantly estimated to be increased by 100 points according to latest surveys. On the other hand, the U.S. Federal Reserve (FED) has kept its benchmark interest rate unchanged between 0.00%-0.25%, following its two-day meeting. “Fed will not move away from zero interest rates or its bond purchases any time soon,” said Jerome Powell, Chairman of FED.

Let’s take a look at the impact of these developments on foreign exchange (FX) rates. Horizontal movements are observed in the FX market this morning. USD/TRY stands at just below 7.50, as it was yesterday. EUR/TRY is traded at 8.97-8.98.

Oil prices declined after the U.S. Energy Department released weekly data indicating that the oil stocks increased by 2.4 million barrels. Accordingly, brent crude fell to USD 67.69 per barrel, while U.S. crude oil dropped to USD 64.2.

Gold prices reached the peak of the last 2 weeks following FED’s decision on securities and interest. Spot gold climbed USD 1,743 per ounce at international markets this morning.

On the political side, the Supreme Court of Appeals’ Chief Public Prosecutor Bekir Sahin filed a suit at the Constitutional Court claiming the People’s Democratic Party (HDP) to be shut down. The indictment, which sought a political ban on over 600 HDP members, has been sent to the Supreme Court.


The Central Bank will announce the interest decision (2.00 pm).

External assets increased by 2.3% to USD 246.3bn, while liabilities against non-residents decreased by 0.9% to USD 638.7bn in January, compared to December 2020, according to the Central Bank’s International Investment Position (IIP).

The Banking Regulation and Supervision Agency (BDDK) and the Central Bank will release weekly money and banking statistics (2.30 pm).

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