Cost of Exchange Rate is 3 Billion Dollars

Energy and Natural Resources Minister Taner Yıldız was compelled to comment on and respond to circulating allegations claiming price and tariff hikes are imminent in the natural gas supply. Yıldız made the following remark: “For the time being and at this early stage, I am not in a position to advance any statement on this subject. As it is known, this is determined on the basis of consultations and exchange of views we conduct with both the Treasury and the Ministry of Finance. Costs in this realm have escalated markedly. An increase of over 10% has been observed in the barrel price of the crude oil and also in the foreign exchange rates.” Explaining emphatically that the rise in the exchange rate imparts a considerable impact on the pricing parameters, Yıldız offered the following disclosure: “Every increase puts us in a further and aggravated short forex position. The annual cost burden for Turkey, assuming this adversity persists at this level, is in the vicinity of 3 billion dollars. This, perceivably, is a significant figure.”