Ercan Cercioglu is holding off on investing in new technologyfor the Turkish maker of car parts that he runs as the lira's slidemakes it harder for companies to service foreign-currency debt.

The cost of importing raw materials like steel jumped as thelira tumbled 13 percent in the past six months, according toCercioglu, chief executive officer of Aydin, Turkey-based JantsaJant Sanayi ve Ticaret AS. The company, whose third-quarterfinancial debt was 41 million liras ($19 million) and was almostfully denominated in foreign currencies, is hesitating to passadditional costs onto customers, he said.

“Foreign-currency debt used to be less costly for companies, butnow many will post FX losses,” Cercioglu said in a phone interviewon Feb. 5. Jantsa has shelved some investments as it “waits forstability, to see what's ahead,” he said.

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