Turkey Ups Euro-Lira Conversion Rate for Medicines, Stirring Inflation Concerns
Turkey has increased the euro-lira conversion rate for medicine prices by 30.5%, setting it at 14.0387 lira per euro, as indicated in the country’s Official Gazette published Sunday. This modified conversion rate is significantly less than the market rate; the lira closed Friday at 29.9727 against the euro.
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This surge in medication prices may further fan the flames of inflation, already anticipated to escalate this year due to the lira’s depreciation and recent tax increases implemented by the Turkish government. In light of these factors, economists have revised their end-of-2023 inflation predictions upwards, from 38.21% in June to approximately 60%.
Turkey’s economy has been grappling with high inflation and a weakening currency, significantly impacting purchasing power. The latest move might add to the growing economic concerns, as it directly affects the health care sector, an area critically important for the general population.
