LAST UPDATE: 13:01
Turkey sharply increased electricity prices for households and businesses on Saturday, while raising monthly gas bills again, intensifying pressures on an economy facing a sharp rise in headline inflation.
According to Reuters, the Energy Market Regulatory Authority said that electricity prices increased by about 50% for households with lower demand by 2022, while they increased by 125% for commercial users with high demand.
Gas prices rose 25% for domestic use and 50% for industrial use in January, national distributor BOTAS said separately. The price increase was 15% for the industrial use that produces electricity.
Turkey’s annual inflation jumped above 21% in November and is estimated to exceed 30% in December, following the currency collapse in recent months caused by a series of unorthodox interest rate cuts.
At the same time, the Turkish pound weakened for the fifth consecutive day on Friday. Historical gains in December 21-24 were undermined as investors continued to worry about the country’s unorthodox monetary policy and rising inflation, according to Reuters.
According to Reuters, the pound fell to 13.63 against the dollar – with weak trades – before recovering to 13.1875, down 19% from the end of last week, while it fell 44% against the dollar during the year. year.
Turkish incomes have eroded in recent months since the pound slipped, although it recovered from $ 18.4 to $ 10.25 last week following the introduction of a government program to protect local pound deposits from devaluation losses. hard currencies.
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Source From: Capital
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