Turkish Central Bank brings 5 billion TL in iron boxes to Grand Bazaar every day

Turkish Central Bank brings 5 billion TL in iron boxes to Grand Bazaar every day
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Turkey’s Central Bank has been transporting billions of lira in iron boxes on wheels to the Grand Bazaar in Istanbul every day to buy foreign currency from the market in exchange for the Turkish Lira, causing exchange prices to hike in the marketplace.

The Turkish Central Bank brings 5 billion TL in cash to the Grand Bazaar of Istanbul every day with iron boxes on wheels and takes 260 million dollars for it, sources told the Turkish newspaper Ekonomi, adding that this is the first time in the history of Turkey that the Central Bank takes foreign currency in this way and the price of foreign currency in the bazaar is above the market for the first time for this reason.

The chests are transported with public service vehicles belonging to the Ministry of Interior, Ekonomi said.

Demand in many areas, from private companies to citizens who owe foreign currency debt and the public, turned to the Grand Bazaar, as the recent problems in the foreign currency supply and the implementation of strict monitoring practices have not left many choices, according
to Ekonomi.

The Ekonomi reporter described his observation in the Grand Bazaar as follows:

“Iron boxes on 3-4 wheels, which were not present before, were going from one exchange office to another with the help of security guards. Meanwhile, exchange offices that were open for transactions lowered their shutters and opened them again after the transaction was completed. As it approached 5 pm, the activity increased to a higher level.”

Sources from the Grand Bazaar explained the situation with the following words: "The foreign currency price in the Grand Bazaar was lower than the market approximately 1-1.5 months ago. In recent times, both the real sector and the Central Bank have started buying from the market. Bank officials bring a large amount of TL every day and collect foreign currency from the market. For this reason, the foreign currency prices in the market are higher than the previous week, and the margin opens in favor of the market."

The Grand Bazaar, which has a history of more than 560 years, is one of the oldest and largest shopping centers in the world. Although the historic bazaar, which has a closed area of 45,000 square meters, seems to be more prominent with gold trade, the needle has turned to foreign exchange in recent times. So much so that for the last 1-1.5 months, the Central Bank, as well as private companies and individuals, have also joined the regulars of the market.