Turkey to increase fee for passage through Bosphorus, Dardanelles straits fivefold

This was reported by the Turkish publication Sabah.

They noted that the decision will take effect on October 7. According to the calculations of the Turkish authorities, the current income from fees will increase from USD 40 million to USD 200 million. 

According to the 1936 Montreux Convention, Turkey reserves the right to demand payment of lighthouse, rescue, and medical fees from vessels passing through the Bosphorus and entering and leaving the Dardanelles.

However, at that time, the calculation was based on the common currency 'germinal franc', which was equal to 0.29 gram of gold, regardless of current exchange rates and inflation. In 1983, Turkey set the franc rate at USD 0.8063. However, this amount later decreased due to rising inflation and the value of gold in the world. Therefore, the price of the franc was increased by 5 times and was defined as USD 4 per ton of cargo.