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SS Finans A.Ş. Chairman of the Board of Directors Sabahattin Seven stated that the decreases in the exchange rates will continue and that the Turkish Lira will gain more value by the end of the year. Seven said, “We observe that improved investors' views towards Turkey. Turkey's risk premium falls. When we put all these together, we are very hopeful as the financial sector for 2021.”
*** This release is originally published in Turkish.
Google Translate Application translates the content you see on this page.***
ISTANBUL (TR) - SS Finans Chairman Seven made evaluations about the decreases in the exchange rate in recent days. The exchange rate started to fall in February; Reminding that the dollar fell below 7 TL for the first time in the last 6 months, the financial expert emphasized that the Turkish Lira started to gain value against foreign exchange. Seven said, “Turkish Lira will be more valuable. Due to the rapid decline in the exchange rate, people will begin to forego investment instruments such as dollars and euros. In this process, the Turkish Lira will gain even more confidence.”
Emphasizing that financial investors will turn to crypto currencies in parallel with the decrease in the exchange rate, Businessperson Seven stated that the tendency towards cryptocurrencies, especially Bitcoin and Ethereum, will increase, and said, “Turkish people will start to have more confidence in the Turkish Lira. Currently, it can be easily evaluated in Turkish Lira deposit accounts. So you can earn much more than you earn in foreign currency.”
Seven, “Floating exchange rate policy implemented in Turkey. For this reason, exchange rate movements can be seen. In 2020, we experienced a serious stability problem in the exchange rate with the effect of the floating exchange rate. For this reason, it is very important for the economy management to formulate new policies in 2021 according to exchange rate movements.”
Seven pointed out that the market-friendly messages of the economy management and the interest rate hike of the Central Bank reversed the wind in the exchange rate. Pointing out that the Turkish Lira ranks first with a value increase of approximately 6 percent compared to the currencies of other countries, the financial expert businessperson made the following evaluations;
“There is a decrease in foreign currency accounts of domestic investors. Domestic investors started to sell foreign currency. On the other hand, citizens exchange their currencies under the pillow. Following the Central Bank's interest rate hike, banks also lowered their interest rates on deposits to the 17 to 18 percent band. In addition, withholding taxes on earnings from Turkish Lira assets were also reduced. All these factors accelerate the transition from foreign currency to deposits.”
Sabahattin Seven completed his words as follows; “The change in the Central Bank's policy has helped the domestic financial markets to recover. With the further development of these policies, the Turkish Lira will become even more valuable against foreign exchange until the end of the year. We anticipate that the USD/TL exchange rate will decline by 6 by the end of the year. The Central Bank takes inflation more seriously with financial discipline. Investors also evaluate these efforts and revise their investment decisions in the Turkish Lira axis. We observe that improved investors' views towards Turkey. Turkey's risk premium falls. When we put all these together, we are very hopeful for 2021 as the financial sector.”