After the start of the invasion operation, the dollar/TL broke the narrow band around 13.5, which it had been watching since the beginning of the year, for the first time last week. Every increase in the dollar/TL is followed with concern due to the increasing foreign exchange risk of the public.
As of January, the Central Bank (CB) started to follow a more active exchange rate policy, which had both a decrease and an increase in foreign exchange reserves. Analysts define the new order as an exchange rate policy that is more controlled by the public.
Bankers were calculating that CBT reserve losses, estimated at $20 billion in December and $3 billion in January, had not been seen in the first two weeks of February. Afterwards, public steps became evident in the foreign exchange market.
A well-informed source who briefed Reuters, “$2.5 billion was sold to the public in just one day last week, surpassing $4 billion in total (last week). The impact of the Ukraine-Russia war can be felt more and more every day. said.
Bankers found at least $1.1 billion in reserve losses on the CBT’s analytical balance sheet last week. However, the exact amount cannot be calculated due to new applications such as the Central Bank’s purchase of 25 percent of exporters’ foreign exchange revenues.
Bankers’ estimation is that around $4 billion, of which at least $1.1 billion was used in exchange rate policy last week.
Again, according to bankers’ calculations, in the week ending February 25, the net reserves of the Central Bank will decrease by approximately 1 billion dollars from 19.8 billion dollars in the previous week.
The markets are looking at the MB’s reserves by clearing the swap data, and although this amount has come from minus 60 billion to minus 45 billion dollars, it continues its distinctly negative course.
Dollar/TL was traded at 13.82 level as of 09:21 this morning.