FX Projections for 2021 Year End

AIFD has worked on three exchange rate scenarios for 2021.

Light blue line, the most optimistic scenario assuming no change in the FX until year end as remaining today’s rate of 1EUR=10.03TRY and yearly average at 9.7746, which corresponds to 28.1% 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 1.1920 and calculated as 1EUR=10.72TRY by year end, which corresponds to 30.1% adjustment
Blue line, by projecting the current exchange trend towards year end, calculated as 1EUR=10.87TRY and corresponds to 30.5% adjustment

As of August 2, current pharma exchange rate is at the 46% of the actual rate (down by 54%)