Turkey’s ruling Justice and Development Party (AK Party) has submitted a bill that foresees to prevent construction contractors that have undertaken public projects from being adversely affected by price hikes stemming from the increase in foreign exchange rates.
An important driver of the Turkish economy over recent decades, the construction industry has been dealing with soaring costs over the recent year, which triggered the delay of some projects and slowed the pace of others.
Submitted to the Turkish Parliament, the proposal foresees a payment to builders that have faced difficulties due to the high volatility in exchange rates and a slide in the Turkish lira.