Economy
Turkey has revoked a requirement that Central Bank deputy governors have 10 years prior experience and dropped a rule that banks set aside 20 percent of annual profit, the Official Gazette showed on July 12. The provision, which envisages 20 percent of the bank's annual profit to be reserved as a reserve fund, has been repealed, the same decree said.
The Turkish central bank’s gross foreign currency reserves decreased by $73 million over the period of June 26-July 3. State banks buying liras and selling dollars in an apparent attempt to prop up Turkey’s currency is seen by many investors as a reason for a gradual drain on the central bank’s foreign currency reserves in recent months.
Foreign investment in Istanbul's stock exchange fell below 50 percent for the first time since 2004, daily Sözcü reported. Almost four billion dollars have reportedly been sold out of the exchange in the first six months of 2020.
Finance Minister Berat Albayrak said that Turkey was an exception to the global financial crisis emerging in the aftermath of the COVID-19 pandemic. The minister said that Turkey has been outperforming other countries in "all measures of economic success."
Turkey's Central Bank has said that the removal of certain preventive measures imposed to combat the coronavirus (COVID-19) pandemic and the ensuing demand were the primary factors influencing inflation in June. According to the Central Bank's report, consumer prices went up 1.13 percent in June, rising 1.23 points and increasing 12.62 percent annually.
Turkey Tradesmen and Artisans Confederation (TESK) sent a letter to President Recep Tayyip Erdoğan containing eleven requests geared toward helping tradesmen and artisans who are struggling economically. TESK represents 2.5 million tradesman and artisans in Turkey.
Turkey's foreign trade deficit doubled between January and May as exports fell by 20 percent. The monthly trade deficit also doubled in May, surpassing $3 billion.
According to newly surfaced information, Turkey's central bank governor Murat Uysal on May 1 held a phone call with Federal Reserve chair Jerome Powell, Turkish media outlets have said. The phone call took place before Turkey secured a swap line with Qatar on May 20, providing some much-needed foreign funding to reinforce its depleted reserves and help steady the Turkish lira.
Turkey's June inflation rates exceeded experts' expectations at 1.13 percent, almost double the estimates. Meanwhile, annual inflation reached 12.62 percent.
Popular delivery service Getir is laying off motor couriers under the guise of safety measures, daily Birgün reported. Workers reportedly said that the layoffs were simultaneous with slower business compared to the boom they experienced during COVID-19 isolation.
Turkey's flagship carrier is planning to cut pilots' wages in half, lowering other paychecks and possibly restructure their payment scheme, a union representative told Bloomberg. Turkish Airlines paused commercial flights for about three months during the pandemic.
Positive developments in COVID-19 vaccine studies have stopped the steady increase in gold prices. Pharmaceutical giant Pfizer said on July 1 that their vaccines were effective in increasing recipients' antibodies.
The Turkish Competition Authority has launched a probe into German automotive giants Audi, Porsche, Volkswagen, Mercedes-Benz and BMW. The authority's announcement on July 1 came as Volkswagen AG canceled plans to build a car factory in Turkey after the coronavirus pandemic jolted auto markets.
Turkey's top banking authority received 33 percent more complaints in 2019, compared to the previous year. While majority of grievances were about personal loans, the second biggest topic of issues were debit and credit cards.
A lawyer for Turkey's state-owned Halkbank has said that the bank will ask the U.S. judge overseeing a criminal case accusing it of helping Iran evade American sanctions to recuse himself. Earlier in June, former US national security adviser John Bolton had said in his new memoir that Trump agreed to intervene in the Halkbank investigation at Erdoğan's request.
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Mois Gabay writes: In my childhood years, I remember wandering in the streets of Beyoğlu alongside my father. Pera was living its last days. At the end of the street near the French Consulate, lay “Tailor Ragıp.” Mr. Ragıp was famous for making trousers that would fit you perfectly. Tailor Blum had trained him.
İslam Özkan writes: Rather than dividing it, it appears that Turkey’s strategy and polarizing policies in Libya have contributed to unifying the enemy camp. Though the attack against the al-Wattiyah airbase did not inflict huge damage on Turkey’s air defense system, Turkey’s efforts in Libya will likely get harder in the future.
Ülkü Doğanay writes: Maybe in January 2016, if the former prime minister, who now resents his colleagues and who kept quiet before the events regarding Şehir University, had remembered that he was also an academic benefiting from free expression, then universities may not have been in the dark position they are in today.
Politics
Health Minister Fahrettin Koca has said that the number of new COVID-19 cases reported in Turkey has been declining steadily since June 25, but cautioned the public not to flout measures in place to stem the spread of the virus. "Let's not forget that these decreases [in case numbers] are happening slowly, whereas increases are happening suddenly," he said.
Turkey's Human Rights Association (İHD) has called for the release of Eylem Oyunlu, who is currently behind bars in the southeastern province of Diyarbakır on charges of 'assisting a terror organization' with her two young children. Oyunlu's 3-week-old baby is suffering from a blocked tear duct and the two-year-old has chronic bronchitis.
A non-governmental women's platform urged the government to stop proceedings on a legal amendment that would grant amnesty to sexual predators. The platform also urged the government to not consider recusing from the Istanbul Convention, an international treaty against domestic violence and violence against children.
Turkey's media watchdog issued 73 percent of broadcast interruption fines to the same four news broadcasters that are critical of the government, a report by non-governmental organization Transparency International revealed.
84 percent of Turkish citizens expect a second wave of the novel coronavirus epidemic, based on the results of a survey conducted from June 29-July 2 among more than 2,000 people in all of the country’s 81 provinces. 90 percent of people surveyed indicated that the virus had negatively impacted Turkey's economy.
The European Parliament held a debate entitled “Stability and Security in the Mediterranean and the negative role of Turkey” on July 9. Several MEPs called for a complete end to accessions talks with Turkey, saying the country should no longer receive payments from the EU budget as part of pre-accession support.
Turkey has voiced discontent with the United States' decision to provide International Military Education and Training (IMET) to Greek Cypriot soldiers in accordance with the 2020 fiscal year appropriations act. "This and similar steps do not contribute to the efforts towards the settlement of the Cyprus issue, but on the contrary, lead to strengthening the intransigent attitude of the Greek Cypriot side," the Turkish Foreign Ministry said.
A recent simulation by Istanbul Municipality revealed the southern suburbs of the city to be the highest-risk areas in a potential earthquake. While the suburbs are located on both sides of the city, they're all placed alongside the southern Marmara Sea shoreline.
The Istanbul Convention, an international initiative that aims to combat domestic violence against women, has led to fractures within the ruling AKP as one of the party's lawmakers has said that she is puzzled why the convention has come under attack after so many years. AKP MP Canan Kalsın asked why the convention turned into a “scapegoat” nine years after it was signed in Istanbul.
Attending a demonstration can't be a proof of terrorist organization membership, the European Court of Human Rights (ECHR) ruled in the case of four applicants from Turkey. The applicants faced the said accusation for attending a demonstration in 2008, with the ECHR saying that their rights to freedom of assembly were violated.
President Recep Tayyip Erdoğan is expected to carry out a cabinet reshuffle and rearrange ministries. Erdoğan might part ways with three to four ministers, sources told Duvar, adding that two ministries, including the Family and Social Services Ministry, might be divided into two.
The police force of the breakaway Turkish Republic of Northern Cyprus (TRNC) early on July 9 shot two Syrian refugees for attempting to run away after arriving at a beach on a boat. The TRNC police said that refugees continued to run away despite warning shots, and eventually they opened fire on them, injuring two.
A tender for hunting mountain goats in eastern Dersim was scheduled despite public outcry against it. Endemic to the Munzur Valley National Park, mountain goats are considered sacred among locals.
A parliamentary commission revealed that some 462 children in Turkey died under suspicious conditions in 2019. Police data showed that 21 children's deaths were suicides and 29 were the result of poisoning.
Four U.S. senators have penned a letter to Defense Secretary Mark Esper saying that Turkey's expulsion from the F-35 supply chain needs to be expedited, regardless of what the cost is. They said that the Defense Department's delay regarding the matter “has undermined the effectiveness of our clear message to the Turks.”
Turkey tested Russian-made S-400 air defense systems on U.S.-made F-16 fighter jets in November 2019, a source close to the Turkish defense industry told TASS on July 7. "Yes, such trials have indeed taken place last November," the source told TASS when asked to comment on several media reports.
The main opposition CHP’s proposal calling for an investigation into last week's deadly explosion at a Sakarya fireworks factory has been rejected by the votes of the AKP and MHP lawmakers.
Turkey's Health Minister Fahrettin Koca has said that the country will soon start mass production of favipiravir, a drug used in COVID-19 treatment, as the licensing process is expected to be completed in a couple of days. Koca said that the country will sell it on the international market and also use it to treat its own coronaviurus patients.
Economy
Finance Minister Berat Albayrak said that Turkey was an exception to the global financial crisis emerging in the aftermath of the COVID-19 pandemic. The minister said that Turkey has been outperforming other countries in "all measures of economic success."
Foreign investment in Istanbul's stock exchange fell below 50 percent for the first time since 2004, daily Sözcü reported. Almost four billion dollars have reportedly been sold out of the exchange in the first six months of 2020.
Turkey's foreign trade deficit doubled between January and May as exports fell by 20 percent. The monthly trade deficit also doubled in May, surpassing $3 billion.
The Turkish Competition Authority has launched a probe into German automotive giants Audi, Porsche, Volkswagen, Mercedes-Benz and BMW. The authority's announcement on July 1 came as Volkswagen AG canceled plans to build a car factory in Turkey after the coronavirus pandemic jolted auto markets.
Urban Beat
Fossils discovered by a nature enthusiast in mountainous eastern province of Iğdır revealed that the area, now completely landlocked, used to be a shore and underwater. The fossils contained palm leaves, which grow in hot areas by the water.
Turkey's Culture and Tourism Ministry will be turning the iconic Galata Tower into a museum. The ministry will also launch a "culture route" that spans from the tower, along Istiklal Avenue and to Taksim Square. Minister Ersoy also said that the construction of the AKM would be completed within a month, ongoing since February 2019.
The United States' National Aeronautics and Space Administration (NASA) likened railroads and highways in Turkey's capital Ankara to arteries in an eagle-eye shot of the city at night, dubbed "photo of the day" on June 28.
Istanbul Mayor Ekrem İmamoğlu on June 25 announced that the municipality purchased a portrait of Ottoman Sultan Mehmet II at a London auction. According to the London-based world-famous Christie's auction house, the municipality's winning bid amounted to £770,000 ($955,000) for the oil painting, which is believed to be the work of Italian painter Gentile Bellini in 1480.