Turkey will be lifting a 20-percent customs tax on melt blown fabrics used for mask production. An executive order also removed customs taxes on 125 other intermediate products that aren't produced domestically.
New regulation concerning online and digital banking services will ban bank representatives from asking about users' ID information to confirm their identities. Representatives will instead be asking about digital ID informations and PIN numbers.
The ruling AKP government is preparing to submit a bill to parliament which proposes to lift severance pay rights for workers younger than 25 and older than 50 years of age. The legislation, which comes as part of what the government calls an 'employment shield' package, would affect 3.5 million workers who belong to the age groups in question.
The IMF has released an update of its World Economic Outlook, in which it projected the global economy contracting by 4.9 percent in 2020, a downward revision from its April forecast of a 3 percent contraction. As for Turkey, the organization has not changed its projection of 5 percent contraction in GDP.
Turkey's central bank said on June 19 it had used a funding facility for Chinese yuan for the first time under a prior swap agreement with the People's Bank of China. It added that the move would strengthen cooperation between Turkey and China, and that commercial banks would be able to add products related to trade and financial activities with a strategy based on the swap agreement.
Turkey's Trade Ministry legalized 18 installments for touristic spending to incentivize consumers. The new legal installment limit will be applicable to travel agencies, airlines and hotels.
The Swedish telecommunications company Telia has announced that it is engaging in negotiations to sell its 47 percent stake in Turkey's major mobile operator Turkcell to the Turkey Wealth Fund (TVF). The stake is planned to be sold for $530 million. Turkcell Holding is owned by Telia and two other companies, and the holding controls 51 percent of Turkcell's shares.
Islamist Felicity Party leader shares video about Turkish economy featuring title song from ‘Titanic’
Islamist Felicity Party (Saadet) leader Temel Karamollaoğlu shared a video with key economic statistics about Turkey, featuring a badly played version of "My Heart Will Go On." The leader said that it wasn't "the music that's annoying, it was the numbers!" The leader's tweet is most likely a reference to Turkey's latest official labor data, which displayed huge inconsistencies.
Former deputy Finance Minister Ali Babacan's Democracy and Progress Party (DEVA) said that the Turkish Statistical Institute's (TÜİK) March unemployment data didn't reflect the reality of mass layoffs during the COVID-19 pandemic and was inconsistent. The TÜİK data showed a dip in unemployment from 2019, as well as a decrease in employment and workforce participation rates.
A recent poll has revealed that a whopping majority of 82 percent of Turkey's companies have revised their fiscal projections for 2020 because of the COVID-19 pandemic. Meanwhile, 81 percent of companies reported having developed a corporate communications strategy about the outbreak.
Broadly defined unemployment in Turkey has reached 39 percent according to the Confederation of Progressive Trade Unions of Turkey (DİSK). The union disputed recently revealed official unemployment rate of 13.2 percent. DİSK claimed that only those looking for a job for a period of four weeks as unemployed were reflected in the official numbers.
Former deputy Prime Minister Ali Babacan said that Turkey has returned to the poor years of the 1970s. “The only reason for this is the bad policies of the government. With the right policies, Turkey can become a self-sufficient country," he told.
A nationwide ban on layoffs will be extended for another three months after mid-July, news broadcaster NTV reported. A new "employment shield" financial aid package is predicted to include continued cash aid to workers on unpaid leave as well as incentives for employers to hire new employees.
A truck accident in Turkey's northern province of Rize revealed that more than 20 tons of tea was being imported to the nation's capital of tea production. While a lawyer said he would file an official complaint about the imports, an opposition lawmaker presented parliamentary questions to the trade minister, inquiring about the source of the imports.
Turkish Treasury and Finance Minister Berat Albayrak has announced that the Central Bank will provide a credit of up to 400 million Turkish liras ($59 million) with a maximum maturity of 10 years to companies which support exports and reduce imports.