FX Projections for 2021 Year End

AIFD has worked on three exchange rate scenarios for 2021.

Light blue line, the most prudent scenario assuming no change in the FX until year end as remaining today’s rate of 1EUR=10.50TRY and yearly average at 10.0097, which corresponds to 31.2% adjustment in 2022
Purple line, in line with Central bank of Republic of Turkey 2021 year-end USD/TRY exchange rate expectation survey, converted to EUR by multiplying Istanbul Futures Exchange EUR/USD year-end updated rate of 1.2270 and calculated as 1EUR=10.69TRY by year end, which corresponds to 31.9% adjustment
Blue line, by projecting the current exchange trend towards year end, calculated as 1EUR=11.70TRY and corresponds to 35.7% adjustment

As of June 8, current pharma exchange rate is at the 44% of the actual rate (down by 56%)