The USD/TL rate started the day below 4.75, and there was a general expectation of a 100 point rise in interest rates for the first Central Bank meeting under the new Presidential system.

According to a poll by the Bloomberg HT Research Department, estimates were that the one-week repo rate would rise from 17.15% to 18.75%.

But, against expectations, the Central Bank did not raise the interest rate in the Monetary Policy Committee meeting on Tuesday, leaving the one-week repo rate at 17.75%.

After the meeting, the USD/TL rate saw a steep hike up to 4.9155.