Forecast: US dollar to reach 2,80 TRY/US in Turkey in a short time

Reducing the cost of the lira to increase imports from Turkey to Azerbaijan

Baku. 28 April. REPORT.AZ/ Last week at the meeting of the Central Bank of Turkey (CBTR) were made no concrete decisions in direction of reducing the value of US dollar, which led to an increase in the dollar exchange rate to 2,74 TRY/USD.

Report informs, market participants considered the decision of CBTR will not change interest rates as the consent of the bank with the current USD exchange rate. After the news, during the day (on April 22) dollar rose from 2.70 to 2.74. Analysts predict increase of US dollar up to 2,80 TRY/USD.

In Turkey the yield of two-year government bonds exceeded 10%, 10-year-old bonds increase increased by 9.3%.

Turkey ranks second among major trade partners of Azerbaijan after Russian Federation. Trade with Turkey for the first quarter of 2015 in comparison with the same period of last year increased by 21% to 323 million dollars. Weakening of the Turkish lira to US dollar may result with increase of imports from this country.

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