Lira

Harsher fines are being considered for stockpiling and exorbitant prices, Trade Minister Ömer Bolat has unveiled, noting that respective legislation will be submitted to parliament.

"We have completed our work as part of the efforts to fight excessive price increases. Soon we will forward it to parliament," Bolat said in an interview with private broadcaster CNN Türk.

Turkey's central bank posted a 2023 loss of 818.2 billion lira ($25.25 billion), showed its balance sheet published in the Official Gazette on Sunday, on the back of steep loss stemming from the "KKM" foreign exchange-protected deposit scheme.

Finance Minister Mehmet Şimşek has ruled out scenarios regarding the real depreciation of the Turkish Lira after the upcoming local elections.

"We do not have an exchange rate target. We are implementing a policy set which makes the lira attractive," Şimşek said in a televised interview on March 4.

Pimco has been wading into Türkiye's bond market, betting that President Recep Tayyip Erdoğan's commitment to a sweeping economic overhaul has set the country on a path to regaining its investment grade credit rating, the Financial Times has reported.

The Turkish currency started losing its value against the dollar again today and fell to a record low, local media reported.

The Turkish lira traded today at 27.01 per US dollar.

In recent days, the euro was exchanged for 29.60 TRY.

The Turkish lira, which fell today by more than five percent, hit a new historic low against the dollar ten days after the re-election of President Recep Tayyip Erdogan, reported AFP.

Within the scope of the first-phase studies of the Digital Turkish Lira Project, the first payment transactions on the Digital Turkish Lira Network have been successfully executed, the Central Bank said.

The bank said in a statement that it will continue to run the limited, closed-circuit pilot tests with technology stakeholders in the first quarter of 2023.

FX-protected deposit accounts that were launched some nine months ago have attracted more than 1.3 trillion Turkish Liras of savings, Treasury and Finance Minister Nureddin Nebati has said.

Having more lira assets and deposit accounts with longer maturity are crucial both to investments and loans, Nebati said.

Türkiye's banking watchdog has announced the details of commercial loans decision revealed on June 24, while emphasizing that the decision is a measure taken to strengthen financial stability, use resources more efficiently and productively, and ensure that the credit system works effectively.

The Turkish lira rose 3.3% against the euro in April due to the latter's weakness.