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The dollar was flying when the interest rate was cut last year, now it doesn’t.

The dollar was flying when the interest rate was cut last year, now it doesn’t.
The dollar was flying when the interest rate was cut last year, now it doesn’t.

Turkish newspaper writer Cem Small, Referring to the fact that the dollar reached a record level of 18.40 after the Central Bank cut the interest rate, “Last year, when the interest rate was lowered, the dollar was not kept. Even when there was no interest, the dollar was out. When the currency-protected deposits came out, the dollar fell to 12 TL for a while. Then it became 18 liras again. But if there were conditions last year, maybe the dollar would have flown.” said.

“Now that’s not the case. $24 billion has come into the country. That’s a huge number. Four days ago, the Treasury borrowed TL 26 billion at an affordable interest rate. These are good news.

Unlike the West, Turkey is reducing interest rates. The Federal Reserve increased interest rates by 75 basis points. The European Central Bank is making the same moves. Nobel laureate economist Joseph Stiglitz said that raising interest rates does not work.

Of course, it will take some time to see if what the US and EU are doing is working. But for us, here’s the situation:

The exchange is not like last year. So it doesn’t increase much. Even the news that interest rates would fall last year was enough for the currency to fly. Let’s see what will happen?”

The article is in Turkish

Tags: dollar flying interest rate cut year doesnt

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