Turkiye raises Euro rate for medicine prices

In this photo illustration a two hundred Turkish lira banknote is displayed in front of an economic chart [Tunahan Turhan/SOPA Images/LightRocket via Getty Images]

Turkiye has raised the Euro-lira conversion rate for medicine prices by 30.5 per cent to 14.0387 lira per Euro, the country’s Official Gazette showed on Sunday, local media Haber Turk reports.

According to the report, the updated conversion rate is nearly half the market rate, with the lira standing at 29.9727 against the Euro at Friday’s close.

The increase in medicine prices could further stoke inflation, which is already expected to rise more this year due to the lira’s depreciation and recent tax hikes introduced by Ankara.

Economists are revising their end-2023 inflation forecasts to around 60 per cent from 38.21 per cent in June, the report added.

Turkiye’s annual inflation was just below 40 per cent last month after it hit a 24-year high above 85 per cent in October last year.

READ: Turkiye lira headed towards longest run of losses since 1999

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