Politik yorumlar Türkiye'deki döviz kurlarini etkiler mi

Central banks of the developed countries such as the Federal Reserve or the European Central Bank do not intervene in the foreign exchange markets even though they conduct liquidity operations. Meanwhile, other central banks such as the Bank of Japan or the Central Bank of the Republic of Turkey (CBRT) intervene in the foreign exchange markets. What is common in most countries is that the central bankers and the politicians give political commentaries in the forms of speeches, interviews and public testimonies to express their views.In this thesis, the effects of political commentaries related to the foreign exchange rates on the foreign exchange markets are investigated. I consider the period after the CBRT adopted a floating exchange rate regime in my analysis. My findings suggest that there is not enough evidence that the US Dollar-Turkish Lira (USD/TRY) and the Euro-Turkish Lira (EUR/TRY) exchange rate levels respond to political commentaries. However, neutral comments released by the US and the Turkish authorities increase the volatility in the USD/TRY exchange rate. The Euro zone authorities? political commentaries have no significant effect on the volatility of the EUR/TRY exchange rate whereas the neutral comments of the Turkish authorities increase the volatility in EUR/TRY exchange rate. Keywords: foreign exchange, volatility, political commentaries