2023-05-18 21:35:31
Yesterday, the Central Bank decided, in a meeting of the Monetary Policy Committee, to fix the rates of the overnight deposit and lending return and the price of the main operation of the Central Bank at the level of 18.25%, 19.25%, and 18.75%, respectively. The credit and discount rate was also kept at 18.75%, and this was expected in light of the positive data on inflation and market stability.. What does stabilization mean and what is its impact on the black market for the dollar?
Fixing the interest rate means, in short, that things are stable on all sectors of the economy, not only inflation rates, and its most important meaning is stability in the exchange markets, which means there is no flotation, and here is the final blow to the black market, because it usually lives on the disturbances of the dollar exchange rates and the high interest that leads to a flotation. They stockpiled the dollar in the past months, and there is no solution in front of them except that they get rid of the dollar that they found too expensive from the markets, even if they sell it at a loss.
Fixing the interest rate also means that there are no strong crises that will happen in the exchange markets following the central statement yesterday, and what I am talking regarding is the rise in foreign exchange resources from the dollar from tourism resources, retail trade and the rest of the resources. For the currency traders to return to the market once more.
Confirmation means a certificate of success for the Central Bank and the financial policies that ruled the market and besieged the black market for currency and its success in providing the dollar to all sectors of the state that need it. It is also a message of reassurance to people that things are really starting to improve and the difficult days will not return.
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