Your next vacation in sun-drenched Turkey may now be a lot cheaper. On the flip side, corporate profits from selling goods locally are dwindling by the day when converted to home currencies.
The effects of the imploding Turkish currency are now rippling through the boardrooms of multinational companies, some of whom may end up paying a heavy price for having painstakingly built up extensive operations in the country over the past decades. There are a few bright spots, notably companies that produce goods in the country for export.
Spanish bank Banco Bilbao Vizcaya Argentaria SA, German fashion house Hugo Boss AG and French family-controlled cement maker Vicat SA are among European companies with deep roots in Turkey, while Asian giants including Toyota Motor Corp. and Japan Tobacco Inc. also have a heavy presence in the country. Some have numerous factories there and employ thousands of workers. Here's a sampling of major companies with exposure: