While the USD/TL followed a relatively flat trend above the level of 27.20, the markets are following the effects of the steps aimed at reducing the exchange rate protected deposits (FXPD) before the Central Bank's (CBRT) interest rate decision to be announced tomorrow.
CBRT will announce its interest rate decision at 14.00 with the renewed staff of Cevdet Akçay, Fatih Karahan and Hatice Karahan after the 900 basis point rate hike, which fell short of expectations.
What were the expectations?
The policy rate is expected to be raised by 250 basis points from 17.5 percent to 20 percent. In the August survey; the maximum expectation was 20 percent and the minimum expectation was 16 percent.