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Turkish energy minister reiterates government not to hike natural gas prices in Jan and Feb.

February 2, 2014

Turkish energy minister Taner Yildiz reiterated that Turkish government will not hike natural gas prices in January and February despite rising costs stemming from the depreciation in TRY. Yildiz expects TRY to appreciate after the Central Bank's recent interest rate hike action and underlined that the government will continue trying not to reflect costs to consumers and industrialists. TRY strengthened 2.29% d/d against USD to 2.2234 on Jan 29 (Wednesday) after the Central Bank's aggressive interest rate hike, however, weakened again by 0.99% d/d to 2.2795 on Jan 30 (Thursday) as a result of the depreciation in emerging countries' currencies due to the US FED's decision to cut monthly asset purchases by another USD 10bn . PM Recep Tayyip Erdogan paid an official visit to Iran this week where he was seeking a discount on the price of natural gas Turkey buys from Iran . The delegations from the two countries discussed the issue but no decision has been taken yet, according to media reports.

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Source: IntelliNews - Weekly Reports

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