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local lenders, with another TRY3.8bn owed to city subsidiaries. Istanbul owes 2 billion lira, including interest, to its unit Igdas, the operator of the city’s gas grid, according to the report. The European Investment Bank, or EIB, is a top creditor to Istanbul with a total of $1.1bn, according to data compiled by Bloomberg. Other institutions that lent to the city in the past include the European Bank for Reconstruction and Development (EBRD), the World Bank, ABN Amro Bank and Societe Generale. Turkey’s lack of a municipal bond market is one limit on the city’s options.
7.0 FX
Turkey FX
Currency (units per USD) (eop)
Jul 2018
4.91
Aug 2018
6.54
Sep 2018
6.00
Oct 2018
5.61
Nov 2018
5.18
Dec 2018
5.29
Jan 2019
5.18
Feb 2019
5.31
Mar 2019
5.65
Apr May Jun July, 2019 2019 2019 2019
5.97 5.84 5.74 5.59
38 TURKEY Country Report August 2019 www.intellinews.com
