Institutions that have come to the Grand Bazaar in large, gigantic safes in recent days have started to receive a high amount of foreign currency. After those images, it was claimed that the Central Bank collected dollars from the market, but the bank denied this. Bloomberg, on the other hand, announced who bought a large amount of foreign currency from the Grand Bazaar.
Bloomberg wrote that before the May 14 elections, companies and individuals bought foreign currency from the Grand Bazaar instead of banks to overcome the restrictions.
Estimating daily turnover is difficult as foreign exchange transactions in the bazaar are unregistered, but the 15th century place has become a haven for modern investors.
The fact that foreign exchange transactions in the bazaar are legal and largely unregistered make it difficult to estimate daily turnover. But exchange offices say things are booming, mostly because of corporate clients.
According to Bloomberg's report, gigantic four-wheeled safes moving in the Grand Bazaar accompanied by security guards carry dollars belonging to large companies, including state-owned energy importer BOTAŞ, the market's largest foreign exchange buyer.
Apart from the restrictions placed on banks, the opportunity to buy and sell dollars has a price. According to data compiled by Bloomberg, the dollar is sold in the Grand Bazaar at a premium of more than 5,2 percent according to the interbank rate. As of 11:45 pm on Thursday in Istanbul, the lira was trading at 19.4063 per dollar in the bazaar, compared to the official rate of 20.4550. Markets in the country closed at 12.40 on Thursday due to the public holiday.