Report: Dollar rate in Turkey may decline to TRY 5.15 by end of this month - ANALYSIS

Baku. 19 October. REPORT.AZ/ One week has passed since the release of US pastor Andrew Brunson, who was accused of espionage.

Report’s analytical group notes that during this time the TRY rate strengthened by 4% against other currencies.

For instance, TRY/USD rate has fallen from 5.87 on October 12 to 5.63 today. Despite the fact that the USD rate was 5.53 yesterday, general tendency is going towards increase.

Along with the factor of pastor, government’s program also plays an important role. Another positive factor is that international financial organizations allocated $276 million and €605 million in syndicated loan to Türkiye İş Bankası.

Report’s analytical group thinks that the increase will continue. Therefore, fluctuations may occur in the exchange rate. For example, the USD rate may rise to TRY 5.7 then fall to TRY 5.35-5.4, later on go up to TRY 5.5 then drop to TRY 5.15-5.2 by the end of this month.