Reuters reported exclusively that Turkey’s state energy company BOTAS is expected to turn to the central bank to help meet its growing need for hard currency and to support the lira as gas prices and demand climb during the peak consumption winter months. Reuters sources said that the government intends BOTAS to tap the central bank’s foreign reserves to help limit any further depreciation in Turkey’s currency, which has fallen to all-time lows beyond 10.5 to the dollar. And its need for hard currency is expected to remain high until March.
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