Turkey raises euro rate for medicine prices by 30.5 per cent

Turkey has raised the euro-lira conversion rate for medicine prices by 30.5 per cent to 14.0387 lira per euro, the country’s Official Gazette showed on Sunday.

The updated conversion rate is nearly half the market rate, with the lira standing at 29.9727 against the euro at Friday’s close.

The increase in medicine prices could further stoke inflation, which is already expected to rise more this year due to the lira’s deprecation and recent tax hikes introduced by Ankara. Economists are revising their end-2023 inflation forecasts to around 60 per cent from 38.21 per cent in June.