Economy
Treasury and Finance Minister Berat Albayrak said on March 19 that uncertainty about the global supply chain generated by the pandemic represented an opportunity for Turkey. He also said that he had "no concerns" about Turkey's ability to meet its economic growth, budget and inflation targets for 2020 despite expectations of a potentially severe global recession due to the coronavirus.
Four major Turkish clothing companies announced they were closing their stores indefinitely as of March 19 in an effort to prevent the spread of the coronavirus. The internationally-renowned Turkish denim manufacturer Mavi Jeans and the luxury boutique chain Beymen were among the four firms.
Turkey's lira weakened to 6.52 against the dollar on March 19, hitting its weakest level since September 2018. In August and September 2018, Turkish Lira hit record lows against the dollar when relations between Turkey and the United States significantly deteriorated over the imprisonment of a U.S. pastor in Turkey.
Ali Babacan, the chairman of DEVA, has shared a series of proposals on what the gov't should do to limit the negative financial effects of the novel coronavirus on businesses and citizens. “Every kind of employment incentive should be utilized as soon as possible. Unemployment funds are for these days,” he said.
Turkey’s Central Bank lowered its key interest rate by 100 basis points to 9.75 percent and announced a series of measures to boost liquidity to counter the impact of coronavirus.
The unemployment rate among Turkey's young population, ages 15 to 24, has surged to 25 percent in December of 2019, higher than the past six years' rates, the Turkish Statistical Institute (TÜİK) revealed March 10. The average unemployment rate has also risen from 2018 to reach 13.7 percent.
The former chairman of Yıldız Holding, the biggest food manufacturer in the Central/Eastern European, Middle Eastern and African region, is the richest man in Turkey, Forbes magazine reported March 7. Ülker's assets grew by over one billion from 2019, when they were worth $3.7 billion.
One of Turkey's largest supermarket chains has closed the 2019 fiscal year at a loss of 492,112 Turkish Lira (over $75,000), an independent audit revealed to the Public Disclosure Platform (KAP). A company balance sheet revealed half of the company's total liabilities to be in foreign currencies, indicating the 2019 losses for Migros could have been triggered by the fluctuations in foreign currency exchange rates.
A hearing scheduled for March 3 in the case against Turkey's state-owned Halkbank has been adjourned. In a letter to Judge Berman, the bank's lawyer Andrew Hruska asked for more time to obtain a written authorization from Halkbank indicating that he has been given permission by the bank's general manager to enter a plea on its behalf.
Turkey's most recent increase of its special consumption tax on gas and diesel fuel will bring an estimated five billion Turkish Liras of annual income. With a 0,18 TL/litre increase on the tax, it is now 2,52 TL/litre for gas and 2,05 TL/litre for diesel fuel.
Finance Minister Albayrak has deleted his tweets praising Turkish economy following backlash from social media users. Albayrak's tweets came just hours after authorities announced that 33 Turkish soldiers were killed in Syria's Idlib, in one of the deadliest attacks on Turkish troops in the Republic's history.
The European Union will be imposing sanctions on two top executives from Turkish Petroleum (TPAO) for the country's drilling activities in the east Mediterranean that it deemed illegal, the Official Journal of the EU said on Feb. 27. Vice President Mehmet Ferruh Akalın and Deputy Director of the Exploration Department Ali Coşkun Namoğlu will see their EU assets frozen and be forbidden to travel in EU countries.
The Turkish Central Bank has announced its foreign currency reserves declined by $2.45 billion to $73.19 billion in the week ending on Feb. 21. 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.
International credit rating giant Moody's warned Turkey that negative real interest rates could hurt the Turkish Central Bank's credibility and lower investors' trust. The practice of having interest rates on loans that are lower than the inflation rate, negative real interest rates make Turkey more hazardous rather than risk-averse for investors, Moody's added.
The 303 Turkish Lira raise in minimum wage from January has become irrelevant in February, Turkey's Confederation of Turkish Trade Unions (Türk-İş) said. The first two months of 2020 have seen a price surge of 4.28% and the hunger threshold is set at 2,257 TL.
Editor's Picks
Ahmet Murat Aytaç writes: The recent inhumane attack against migrant workers that took place in the Mazıdağı district of Sakarya should be analyzed within the framework of economic oppression. No matter what triggered the assaults, the general tendency in Turkey right now is to deny the ethnic dimension of the conflict.
duvar englis podcasts
In this week's episode, Duvar English Editor-in-chief Cansu Çamlıbel hosts American political scientist Wendy Pearlman to talk about her latest book "We Crossed a Bridge and It Trembled: Voices from Syria," which was recently published in Turkish. Pearlman spoke to hundreds of Syrian refugees, collecting human stories from one of recent history's biggest humanitarian crises.
Politics
Gli the Hagia Sophia cat has fallen ill two months after the site was converted into a mosque and will live away from people in a private room. Caretakers of the 16-year-old cat, who was born at Hagia Sophia, previously warned worshippers to not overwhelm Gli after footage of them taking pictures of Gli with flashes and feeding him unhealthy food emerged on social media.
Islamist cult leader Ahmet Mahmut Ünlü has said that he is ready to name a total of 150 Salafi associations taking up arms as part of their preparations to fight in Turkey. "I've made a list of these associations and in which provinces they are located. If the prosecutors summon me and ask me what I know, I'm ready to name at least 150 of them," a journalist cited Ünlü as saying.
İYİ Party leader Meral Akşener has slammed President Recep Tayyip Erdoğan for "giving the youth a massive prison," as she commented on the unemployment figures and the economy. "You gave them unemployment, hopelessness and depression," Akşener said. Your gift to the youth is a country that they don't feel belonging to and that they can't breathe in," she added.
AKP Group Deputy Chair Bülent Turan has praised President Erdoğan for "making" French President Macron tweet in Turkish. "Macron tweeted in Turkish and said that he is ready for dialogue. The name of the man who made a French President tweet in Turkish is Recep Tayyip Erdoğan," Turan said. Erdoğan also responded to Macron's gesture, saying that Turkey intends to listen to all sincere calls and make room for diplomacy.
Turkey has strongly condemned a Greek daily for insulting President Recep Tayyip Erdoğan, with presidential spokesperson İbrahim Kalın deeming the move "a provocation." Another government official to condemn the headline was Defense Minister Hulusi Akar, who said that the headline "will remain as a document of shame" in the history of the Greek press.
The HDP has said that its MYK member Serhat Aktemur was abducted in the southeastern province of Diyarbakır by individuals claiming to be National Intelligence Organization (MİT) members. Aktemur said that the three individuals in question threatened to kill him by saying, "If we see you around, we'll shoot you."
Turkish paraglider Hasan Kaya took to the skies in southern Turkey with a bed pretending to sleep. Kaval has previously attached a metal-framed red leather sofa with wheels and a television to a parachute and took to the skies in Turkey’s southwestern Ölüdeniz neighborhood.
Some 40 medical chambers affiliated with the Turkish Medical Association (TTB) have released a joint statement reiterating their support for the organization. “We are fortunate to have our professional organization that prioritizes and defends the right of public health, and does not compromise when it comes to scientific and free thinking," the chambers said, following MHP leader Devlet Bahçeli's call for the TTB's closure.
Since early summer, forest fires have been raging in the Cudi Mountains in Turkey's southeastern province of Şırnak amid claims that the blazes erupted due to deliberate military operations in the area. Ecologist Asrın Keleş from the People's Democratic Congress (HDK) said that it was abundantly clear that the fires did not erupt due to natural causes. "We received information that the forests were being shot with gunfire at night,” Keleş said.
A Turkish court sentenced former co-chair of Democratic Regions Party (DBP) Sebahat Tuncel to 11 months in prison on charges of "insulting" the president, because she said Erdoğan was "an enemy of women and Kurds."
Turkey's Court of Cassation, the top appeals court, has found a male employee at fault for using the women's toilet at the store where he was working at. The court rejected the employee's demand for a compensation after he was fired from his job.
The Ministry of Agriculture and Forestry has determined that dozens of firms and restaurants in Turkey use fake ingredients in their products to cut down on costs. With the Turkish lira continuing to decline in value as the country experiences a serious economic downturn, some food producers and restaurants are cutting on costs and cutting corners, and deceiving their customers in the process.
Several Turkish citizens have sent petitions to the parliament, raising their concerns about the safety of 5G technology. The parliament's committee on petition has asked the issue to the Information Technologies and Communication Authority (BTK) and was told that Turkey was “working to produce the 5G infrastructure locally.”
Bursts of steam rising from Mount Nemrut have raised concern among locals, amid speculations that the dormant volcano can become active again if triggered by earthquakes. “There are many fault lines arund Mount Nemrut. If these fault lines are ruptured, theoretically a [volcanic] movement can occur in Mount Nemrut. This is always a possibility,” Prof. Dr. Aydın Büyük Saraç said.
Enis Berberoğlu's lawyer has called for the reinstatement of his client's deputy status after the Constitutional Court ruled that the former CHP lawmaker's rights were violated when he was dismissed from parliament earlier this year.
President Erdoğan has said that the government is preparing to introduce new measures to curb the spread of the coronavirus, since "people have not complied with the rules." The virus infections began increasing after Ankara loosened restrictions on public activity, starting in June. Critics have also accused the government of hypocrisy with regards to the measures, pointing out that social distancing measures were being overlooked in several occasions, such as the rallies of the AKP.
Islamic communities that are known to have close ties to the ruling Justice and Development Party (AKP) have recently speeded up efforts to establish their own foundations. On Sept. 17, two more such foundations have been established, one of which has close ties to the İsmailağa community, while the other has close ties to pro-government KİHMED.
President Recep Tayyip Erdoğan said on Sept. 18 Turkey was saddened by news that Libya's internationally recognized Prime Minister Fayez al-Sarraj wants to quit next month. "A development like this, hearing such news, has been upsetting for us," Erdoğan told reporters in Istanbul, adding that Turkish delegations may hold talks with Sarraj's government in the coming week.
Various rights groups have said that human rights violations recorded in prisons have spiked during the COVID-19 outbreak. As a recent example of the rights violation, the groups said that authorities had confiscated several personal belongings of a group of inmates during their transfer to two newly opened Diyarbakır prisons.
The mother of a murder suspect was found dead with a single bullet to the back of her head on Sept. 17. Her son, a suspect in his girlfriend's death, her husband and the family's attorney blamed her death on TV host Müge Anlı because she had said the mother had "failed to raise a son."
Economy
Turkey's state-owned Halkbank has urged a judge to dismiss a U.S. indictment accusing the bank of helping Iran evade American sanctions. At a hearing in Manhattan federal court on Sept. 18, a lawyer for Halkbank said its status as a Turkish “instrumentality” shielded it from prosecution because of sovereign immunity.
Turkey's unemployment rate rose to 13.4 percent. and participation edged up in the May-July period in which a coronavirus lockdown was lifted and a ban on layoffs remained in place, data showed on Sept. 10, painting a clearer picture of the pandemic's fallout.
Turkish Airlines (THY) observed a drop of almost 65 percent in the number of August travelers compared to the year before. Domestic flights saw a smaller drop of 47.1 percent, while international flights shrank by 75.4 percent, THY said.
Urban Beat
The 48th Istanbul Music Festival will be held online, streaming pre-recorded performances in historical venues. Starting on Sept. 18, the Istanbul Foundation for Culture and Arts (İKSV) will make available the performances that honor composer Ludwig van Beethoven.
Ali Demir writes: So the property of the local non-Muslims collapsed, and what happened? Nothing! The whole country is now composed of non-local foreigners. The greedy tailor apprentice that murdered his master could not sew a jacket, and will never be able to.
The tomb and gold jewels of a woman dubbed the "Carian Princess" can now be seen in the Aegean province of Muğla's Bodrum Castle. Recovered in 1989, the body is thought to belong to a woman in her 40s.
Turkey's news agenda has focused on "renovations" that resulted in dramatic results, often adding incoherent elements. Most recently, footage of "renovation" in Istanbul's Galata Tower had shown workers drilling into original walls.