Turkey's textile industry enters New Year with higher energy prices
04 Jan 22 2 min read
Citing the increase in global energy prices, the Energy Market Regulatory Authority of Turkey has raised power consumption charges by over 100 per cent for high-demand commercial users.
Separately, BOTAS Petroleum Pipeline Corporation (BOTAS), the state-owned crude oil and natural gas pipelines and trading company in Turkey, has raised natural gas prices by 50 per cent in January. However, for electricity-generating industrial use, the price increase is 15 per cent.
Meanwhile, the annual consumer inflation rate in Turkey has shot up to a 19-year high of 36.08 per cent in December, a sharp rise compared to 21.31 per cent in November. According to economists, the high rate of inflation is due to the decrease in value of lira, mainly owing to the policy of President Recep Tayyip Erdogan to keep interest rates low.
Addressing an event in Istanbul last week, Erdogan urged citizens to keep all their savings in lira. He also advised people to deposit their gold savings with the country’s banks.
Fibre2Fashion News Desk (RKS)
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