Urgent: The suffering continues.. the lira is falling and the Turks are waiting for an increase in electricity bills

Urgent: The suffering continues.. the lira is falling and the Turks are waiting for an increase in electricity bills

The Turkish Gas Lines and Petroleum Transport Joint Stock Company (Botas) published the tariffs for the month of August on its official website, which reported a 10% increase in natural gas used to generate electricity.

While there was no change in the tariff for residential and industrial subscribers, the natural gas tariff for electricity generation was increased by 10%. Thus, the price of natural gas used to generate electricity increased from 12.5 Turkish liras to 13.75 Turkish liras per cubic meter.

On the last day of June, an increase of 30% was made for natural gas for housing and 40% for industrial subscribers. While there was no price increase in July, the first increase was made in August for natural gas used to generate electricity.

Increases in power, which began with a post-pandemic supply shortage, have grown as supply problems have increased. The war between Russia and Ukraine also caused oil and natural gas prices to rise in March. In addition to these price increases, the record exchange rate hike, fuel prices have risen at an unprecedented rate in the country, and the increases are expected to continue into the winter.

The lira is falling

The dollar against the Turkish lira in the currency market today recorded an upward trend, as the dollar is trading in Turkey now – by 01:00 pm local time – at 17.9424 Turkish lira for purchase, compared to 17.9523 Turkish lira selling price, an increase of 0.0255 points, and a rate of change of 0.14% The dollar against the lira is expected to record its highest value today at 17.9612, while reaching its lowest level at 17.8565 Turkish lira.

This coincides with the dollar index’s decline to its lowest level since May, as it fell 0.12% to record 105.653 points, after the US Federal Reserve’s decision to raise interest rates last week.

The Turkish lira was negatively affected by the important data released at the end of last week. On Friday morning, the Statistics Institute data was released, which indicated that Turkey’s trade budget deficit rose by 185% during last June on an annual basis, reaching 8.167 billion US dollars.

Data indicated that Turkey’s imports amounted to $31.595 billion in June, an increase of 39.7 percent, while exports during the same period rose by only 18.7 percent, equivalent to $23.428 billion.

The performance of the Turkish dollar pair continues to climb towards its highest level since last December, which witnessed the collapse of the Turkish lira due to the repercussions of lowering interest rates, in addition to the consequences of military operations between Russia and Ukraine and their effects on food and energy prices.

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