PLASFEDDERGİ S|23

PLASFED DERGİ FROM THE INDUSTRY Selçuk Mutlu Acting Secretary General PLASFED Rapid erosion of TRY retarded production and new purchase orders The third quarter of 2018 witnessed not only the rapid erosion of TRY, but also the strong growth of USD against other currencies. Starting from the new year, the loss of value in Turkish Lira ac- celerated well enough following June, and American Dollar and Euro traded at 4.6 and 5.3 at the beginning of Q3, respectively, rose to the level of 6.5 and 7.5. The decline of EUR/USD parity that ranged from 1.22 to 1.25 during Q1 and Q2 of the year to 1.16 led to the reduction in the compe- titiveness of our exporters, buying raw materials from countries such as Saudi Arabia and South Korea in USD and exporting more than 40% of total export products to the European region, due to the resulting rawmaterial prices. 96

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