Turkish cryptocurrency investors represent a significantly large global audience. TRY pairs are also notable. Especially in Binance listings, we see that TRY pairs are not neglected alongside USD pairs. This shows that Turkish investors remain active in the markets even during the toughest times.
TCMB Interest Rate Decision
Of course, what will trigger movement in TRY pairs are fluctuations in the Turkish lira. The decision of the Central Bank of the Republic of Turkey today is very important for this reason. The central bank, which kept interest rates steady at 50% in June and aimed to reduce inflation, has just announced its latest decision.
Although delayed, by rapidly increasing interest rates, the CBRT has slowed the depreciation of the TL. Today, under the chairmanship of Fatih Karahan, the Monetary Policy Committee (MPC) announced the seventh interest rate decision of the year, and as expected, the rates were kept steady.
In September, after the Fed makes its first rate cut, Turkey might also be encouraged to make cuts. Although central banks of countries like China, the EU, and Canada have started cuts this year, the Fed is not yet convinced of a decline in inflation. This indicates that unless there is a surprise after the recent positive data, the first cut will be made, albeit delayed, by September.
