Turkey raises euro rate for medicine prices by 36.77 per cent

Turkey raised the euro-lira conversion rate for medicine prices by 36.77 per cent, the country’s Official Gazette said on Wednesday.

“First step for solution of medicine shortage in the market was taken… The price update which was supposed to happen in February was brought forward,” Health Minister Fahrettin Koca said on Twitter.

Manufacturers and importers have said they are experiencing losses as the conversion rate is set well below the market rate and requested an adjustment to the pricing.

According to a Reuters calculation, the new rate would be around 10.8 lira per euro, still well below the market rate for the euro, which was 19.8036 at 0524 GMT.