“According to Aegean Exporters Union data, export of textiles went down to 164 million USD from 187 million USD in the first two months of the year. .Jak Eskinazi, the Chairman of Turkey’s Ready-to-Wear Exporters Union asserted that exporters decided not to increase their exports anymore as they lose money (because of undervalued USD). Stressing that textile companies in the (Aegean) region were in a difficult situation, Eskinazi said that “decrease in exports will lead to sacking of employees in textile sector, since exporters should reduce their expenses.” .Eskinazi said that the government was aware of the problems of the sector, adding that they expected the cabinet to take some new measures next week. .”There is a great pressure of foreign capital circles on the government to continue implementing floating foreign exchange regime which led to over-appreciation of YTL. The government doesn’t have much to do against that pressure, yet keeping the interest rates at a high level threaten the exports,” Eskinazi added. . “Source: The New Anatolian .
Date:3/6/2006
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