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    Foreign Currency Of Undefined Origin Boosts Rates of Exchange

    Hürriyet Haber
    27.04.2004 - 00:00 | Son Güncelleme:

    With the increase of foreign exchange of undefined origin and the budget deficit over the expectations, 1 U.S. dollar reached over 1.400.000 TL. The Central Bank interrupted into the foreign exchange purchase tenders.The markets started the day with a movement upwards in foreign exchange. When the budget deficit came up with a number over the expectations, it caused anxiety. Meanwhile, issuance of foreign exchange of 1.2 billion dollars from an undefined origin created a presuure on the rates of exchange. At the free market, U.S. Dollar started the day from 1.406.000 TL and Euro, from 1.665.000 TL.The Central Bank ceased the tenders for foreign exchange purchases until May 2, 2004 as from today. A statement  by the Central Bank stated that,  in the tender program of May to be published on April 30, 2004, the Central Bank would announce c whether the tenders for foreign exchange purchases would be continued in May.The developments in the macroeconomic datas affect negatively Istanbul Stock Exchange as well. While the resolutions from the EU concerning TRNC were not found sufficient, Fitch's statement that the banking sector is still in need of sources, accelerated the fall. This statement gave rise to sales in especially banking shares. The stock exchange, which started the day with a fall, fell below 18.000 points.
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