Effort to keep the dollar stable... Central Bank reportedly purchased 10 billion dollars in 1 week

10Haber columnist Erdal Sağlam stated that the Central Bank has increased its foreign exchange reserves since September 6 and made purchases totaling 10 billion dollars in one week.

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10Haber columnist Erdal Sağlam announced that the Central Bank has achieved a significant increase in its foreign exchange reserves since September 6.

EFFORT TO KEEP THE DOLLAR STABLE

Sağlam stated that the Central Bank is trying to keep the dollar exchange rate stable at the 34 TL level, adding, "While foreign inflows are accelerating, the Central Bank is not allowing exchange rates to fall and is making large-scale foreign currency purchases at a high rate."

According to Sağlam's statements, the increase in foreign exchange reserves after September 6 reached 10 billion dollars.

Expressing that the Central Bank is causing an abundance of TL in the market, Sağlam added, "The funding interest rate for banks has fallen below 50 percent, which may cause a decline in deposit interest rates next week."

Reminding that net reserves excluding swaps had fallen to 13.7 billion dollars last week, Sağlam noted that as of September 12, this figure rose to 23.8 billion dollars and that reserves could exceed 25 billion dollars by the end of the week. Evaluating the acceleration in the Central Bank's foreign currency purchases, Sağlam stated, "There was a 10 billion dollar increase in reserves from Thursday to Thursday, and this increase is expected to exceed 12 billion dollars."