Turkish currency lira fell sharply impacting corporations with foreign debt sending them scrambling for suitable investments. Here we look at the impact on such Turkish corporations.
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| Turkish Lira |
Key facts:
* Lira has lost 16 pct against dollar since scandal broke
* Firms face rising cost of foreign currency debt
* Some foreign firms rethinking investment in Turkey
* Doubts over political climate, monetary policy course
Major Turkish business group TUSAID estimates that its borrowing costs have risen 25-30% within a short span of 1 month causing major concerns.
"We based our 2014 budget on a dollar exchange rate of 2.14 lira. Now everything is ruined," Tuncay Ozilhan , chairman of Anadolu Group, told Reuters at a TUSIAD conference.
In contrasts this is good news for the exporters since the currency decline made their exports cheaper in global markets.
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