Özet:

One of the problems economically experienced by developing countries is the uncertainty in exchange rates. This uncertainty in exchange rates puts pressure on the country's economy and is particularly hampered by the long-term plans of sectors that are importing ultimate products or importing raw materials. Looking at the central banks of developing countries, it is observed that in cases where the exchange rates are extremely volatile, they tend to increase or decrease the interest rates in general and thus prefer the way to keep the exchange rates in balance. In this paper, we focus on whether the change in the interest rates has any effect on the exchange rate. For this aim of motivation, we have investigated; the interest rates, exchange rates and inflation data of Turkey, South Africa, Brazil, China, Malaysia, Nigeria, Romania, Russia and Indonesia for the time period 1993-2015 are analysed by panel data analysis method.

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