SAFAKNA TURKEY –
The Turkish lira held its value in real terms at producer prices in November as well.
According to the Central Bank of the Republic of Turkey (CBRT), the PPI-based real effective exchange rate was 89.9 in November.
October data was revised up to 92.52 from 90.44. This post-revision level was the highest since November 2016.
The CPI-based real effective exchange rate was 55.70. The CPI-based real effective exchange rate for October was 55.48.
The nominal effective exchange rate is calculated from the average value of the Turkish lira, weighted using bilateral trade flows, according to a basket consisting of the currencies of countries with a significant share in Turkey’s foreign trade. The real effective exchange rate (REK) is obtained by removing the effect of relative prices on the nominal effective exchange rate.
REK creates three different sub-indices adjusted for CPI, PPI and unit labor costs. The CBRT is based on the CPI-based REK within the inflation target.
Exporter complains about the exchange rate
While the PPI-based real exchange rate remains high, exporters’ complaints about the exchange rate continue.
Mustafa Gültepe, chairman of the Turkish Exporters’ Assembly, who earlier told Bloomberg HT screens that the exchange rate should rise in line with inflation, continued to focus on the impact of the exchange rate on exports.
Along with Gultepe, heads of exporters’ associations continue to complain about this.
Speaking at the 9th Leather and Fur Fair organized by the Turkish Leather Manufacturers Association (TDKD) in Antalya, Güven Karaca, President of the Istanbul Leather and Leather Goods Exporters Association (IDMIB), said exchange rates are at the level they should be. under emphasized that the industry has remained and the industries are going through difficult times due to the current situation.
Karaca said: “Competing with our competitors in the same currency, rising costs in our own currency are critical. With this exchange rate, it is difficult to cover the rising cost of TL and compete with our competitors. The exporter is stuck between the TL value and the exchange rate,” he said.
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