Turkish business daily Dunya on
At the head of the list was landline phone monopoly Turk Telekom, run by the
Turk Telekom is likely to post Turkish lira (TRY) 911mn (
The lira reached a record low of 7.8669 against the US dollar last week, taking its losses to around 25% in the year to date. In the past decade it has lost 80% of its value.
Foreign exchange debts of corporates coming due in the remainder of the year are becoming more expensive to repay as the lira declines. The private sector is facing repayments of almost
“Further lira depreciation would distort corporate balance sheets more and thus would have a negative impact on investment prospects,” Ugras Ulku, head of emerging
At the same time, more spending is key to improving Turkey’s industrial productivity, employment, exports and overall competitiveness, Ulku added.
The weakening lira has also meant that
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