Turkey's Competition Board has ultimately fined tech giant Google 98.3 million Turkish liras for violating the terms of fair competition due to unfair access to advertisement space. Last March, the board opened an investigation into claims that Google uses abusive tactics to quash its rivals.
Journalist Murat Yetkin, in his last piece, analyzed the state of Turkish economy and its effects over domestic political calculations of President Tayyip Erdoğan. Yetkin argued that under the ongoing economic circumstances, an early election for Erdoğan will be too risky and unnecessary.
Turkey's current account balance posted a deficit of $2.8 billion in December 2019, the Turkish Central Bank said on Feb. 14. Official data showed that the figure widened by $1.7 billion from same month the previous year.
The ruling AKP has reportedly resumed an effort to transfer the main opposition CHP's 28.1 percent stake in İşbank to the Treasury. AKP deputy chair Canikli presented a draft proposal regarding the issue to Erdoğan, who called for it to be revised and presented to him again "as soon as possible," daily Hürriyet reported on Feb. 13.
Turkey's Banking Regulation and Supervision Agency (BDDK) ruled that Turkish banks are allowed to swap only 10 percent of their legal capital. In August 2018, The BDDK had already lowered the limit of swaps, futures, forwards and options with a foreign currency and a Turkish Lira leg to 25 percent of the banks’ legal capital.
Russian oligarch Vladimir Potanin who grew up in Ankara was named the richest person in Russia by Forbes Magazine. Often dubbed "the Oligarch from Ankara" for the time he spent there while his father served as USSR Embassy's trade attaché, Potanin has an estimated worth of $25 billion.
The total amount of Turkish lira held in bank accounts in Turkey reached the 1.2 trillion TL mark, while accounts denominated for foreign currency held $224.7 billion, according to recent Central Bank figures pertaining to the week ending on January 31. The amount of consumer credit stood at 460.5 billion TL, while the amount of installment commercial loans totaled 379.5 billion TL. More than a third of the consumer credit, 188.8 billion TL, pertained to mortgage and housing loans.
The fugitive founder of a pyramid scheme called "Farm Bank" reportedly receives money transfers of about one million Turkish liras each month, Yeni Şafak daily reported. Rumored to be in Brazil, Aydın reportedly receives funds through four or five crypto-currency accounts, daily Yeni Şafak reported.
Turkish Lira deposits in banks have increased by 0.08 percent in the last week of January, reaching 1,259,898,662,000 liras, Turkey's Central Bank (TCMB) Weekly Money and Banking Statistics revealed. Meanwhile, foreign currency deposits have seen a increase of 0.18 percent, reaching $224,700,000,000.
Turkey was revealed to be Europe's second most affordable country to live in by CEOWORLD Magazine. According to a ranking that measures the cost of living, rent, groceries, eating out and purchasing power, Turkey is the 102nd cheapest of 132 countries worldwide.
A parliamentary question presented to the Agriculture Ministry about olive and olive oil imports from Syria was denied a response on the grounds that the information was based on "trade secrets." Olive imports from the northwestern Syrian town of Afrin have been a topic of debate during the 2020 budget meetings due to concerns about the impact the imports would have on domestic markets.
Farmers held a protest in the Black Sea province of Çorum on Jan. 26 against a new requirement that farmers have a permit for exporting onions and potatoes. A spokesperson for the farmers said that there was excess, unsold stock worth $120 million that could not be sold due to lack of permits. “We have customers lined up for this produce and we're getting ready to toss it," said spokesperson Yusuf Özküçükgöz.
McDonald's Turkey's managing company Anatolian Restaurants Management was sold to Birleşik Holding ("United Holding") for a little over 280 million Turkish Liras, approximately $46 million. Previously the property of one of Turkey's largest conglomerates Anadolu Group, the company stocks will change hand after the approval of the Turkish Competition Board.
Turkey's Central Bank Governor Murat Uysal announced the inflation rates for this year and 2021 as 8.2 percent and 5.4 respectively. Amid an embattled lira that sunk in value throughout the course of much of 2018, inflation hit 20.3 percent December of that year, while in 2019, inflation remained in the double digits, and was 11.8 percent by the end of the year.
Taking the Eurasia Tunnel will now take a bigger bite out of drivers' wallet as the tolls have increased by 56 percent as of Feb. 1 for both passenger cars and minibuses. There has been a 119 percent hike in the tolls for the tunnel since it was opened to traffic on Dec. 22, 2016.