CBRT

The Turkish central bank joined the swelling ranks of central banks rushing to ease policy rates this week. The CBRT has now cut rates back down to single digits with its own 1% interest rate cut. Following the move which echoed that of…

It’s now been a year since we saw the crash in TRY. This crash led USDTRY to explode from around 5.25232 at the start of August 2018 to highs of 7.11745 in under two weeks. It has been an important year for Turkey. What began as a…

TRY Craters on CBRT Shock The USD keeps moving higher against the Turkish Lira since President Erdogan fired the country’s central bank governor, Murat Cetinkaya, earlier in the week. Cetinkaya had been governor of the CBRT since April…

The dramatic decline in the Turkish Lira has been the headline move in currency markets this year with TRY having fallen by over 30% against the US Dollar as inflation spiraled out of control, last peaking at nearly 25%, as geopolitical…

In the latest “flash-crash” episode for the market, the Turkish Lira suffered a sharp and sudden fall overnight plunging around 13% against the US Dollar. TRY has been under increasing pressure this year as a stronger US Dollar and domestic…

Rates Unchanged At its latest rates setting meeting this week, the Central Bank of Republic of Turkey kept rates unchanged as expected, though the market was taken by surprise as the CBRT announces new monetary policy framework. At its May…

Significant TRY Depreciation The Turkish Lira has weakened dramatically over the last few weeks moving over 8% lower against the US Dollar over the last month. TRY has been deteriorating over the last few months, however, even by…