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

The cost of importing raw materials like steel jumped as the lira tumbled 13 percent in the past six months, according to Cercioglu, chief executive officer of Aydin, Turkey-based Jantsa Jant Sanayi ve Ticaret AS. The company, whose third-quarter financial debt was 41 million liras ($19 million) and was almost fully denominated in foreign currencies, is hesitating to pass additional costs onto customers, he said.

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