Economic Agenda of Turkey and Global Markets
While Treasury and Finance Minister Mehmet Şimşek announced that the conditions for foreign exchange conversion support have been relaxed, US-Iran tensions pushed Brent crude above $105.
While the simplification and relaxation of foreign exchange conversion support conditions in Turkey drew attention in the markets, internationally, the tension between the US and Iran directly affected Brent oil prices and caused fluctuations in financial markets.
New Regulations on Foreign Exchange Conversion Support
Treasury and Finance Minister Mehmet Şimşek announced that the conditions for the foreign exchange conversion support provided to companies have been simplified and relaxed.
It was officially stated that this regulation aims to enable more companies to benefit from the support in question.
Support for the Real Sector and Legal Processes
Emphasizing that protecting the investment, employment, production, and export capacity of the real sector is among the primary priorities, Minister Şimşek stated that the legal process against market-distorting transactions is being pursued resolutely.
It was stated that no action will be taken against individuals and companies unrelated to these transactions, and the legitimate rights of fund investors will be protected to the end.
US-Iran Tension in Global Markets
Geopolitical tensions between the US and Iran played a dominant role in the weekly course of global markets, significantly increasing investors' risk perception.
US President Donald Trump's rejection of the Strait of Hormuz proposal and the possibilities of post-election attacks escalated anxiety in the markets.
Diplomatic Initiatives and Oil Prices
Following the rising tensions, Qatari mediators are expected to contact the parties, while Iranian Foreign Minister Abbas Araghchi was in New York for talks.
As diplomatic search for solutions continued, Brent crude oil rose to $105.91 per barrel, and US crude oil rose to $93.32.
Latest Status in the Gold Market and Exchange Rates
Amid concerns that the Fed might keep interest rates high, spot gold traded near its lowest levels in more than seven weeks at $4,124.57.
In the foreign exchange market, the dollar stood at around 49 liras against the Turkish lira, while the euro found buyers at 55.70 TL and the pound at 64.92 TL.