Aug
16
Turkey’s Energy Bill Soars as Its Currency Tumbles
ByLira’s plunge makes it harder for nation to pay for needed fuel imports, putting broader economy at risk
Turkey faces another big problem after it deals with the immediate impact of its currency crisis: How is it going to pay for its dependence on imported oil and natural gas?
Turkey imports the vast majority of its fuel needs. Its devalued lira makes paying for such imports more expensive. Meanwhile, the economy is rapidly running out of hard currency to pay for that imported energy and support all its other foreign-currency needs, especially among Turkish companies who have borrowed heavily in U.S. dollars…
Turkey’s Energy Bill Soars as Its Currency Tumbles
