Turkey increased Bosphorus passage fee five times

In line with the rights granted to it by the Montreux Convention, Turkey increased the transit fee through the Straits five times, according to Sabah. The currency exchange payment system, which was fixed with a 75 percent discount in 1983, was abolished. The annual income will increase to 200 million dollars.

However, over time, this amount has eroded in the face of increasing inflation and gold value in the world. For this reason, the franc price was increased by 5 times and determined as 4 dollars per net tonnage. With the entry into force of the regulation on October 7, 2022, the current income from 40 million dollars will be increased to 200 million dollars by increasing the lighthouse, rescue and health charge fees obtained from the straits by 5 times. According to the Montreux Agreement signed in 1936, Turkey retains the right to demand lighthouse, rescue and medical fees from ships passing through the Bosphorus and entering and leaving the Dardanelles. However, at that time, the calculation was made over the common currency “Germinal Frank”, which was accepted by the United Nations as gold/franc, causing Turkey to lose rights for years. In 1936, 1 franc was equivalent to 0.29 grams of pure gold,

Turkey, which never compromised its international rights with its strong stance in foreign policy, this time put an end to the injustice applied to the strait tolls within the framework of the rights granted to it by the Montreux Straits Convention. Turkey, in line with the international rights granted to it by the Montreux Straits Convention, has increased the franc value, which is determined by the income it receives from the straits. In 1983, Turkey applied a 75 percent discount to the franc price and fixed one franc at 0.80 dollars.

During the periods when the Germinal Frank was no longer in circulation, payments were made in Turkish Lira in dollars, but the value of 1 Franc was still kept as 0.29 grams of pure gold, regardless of current exchange rates. In 1983, Turkey waived about 75 percent of the toll rights of that day and fixed 1 Gold Franc to 0.8063 dollars with a discounted value. To date, toll fees have been applied by multiplying the current exchange buying rate by the discounted value of gold/francs of 0.8063 dollars. Speaking to SABAH, the officials of the Ministry of Transport and Infrastructure said, “We have increased the wage we receive today by 5 times in the current process. This will be valid as of October 7, 2022. 39 years of grievance has been resolved.”

Tags: Turkey, Black Sea region