Presiden Erdoğan said on Aug. 21 Turkey discovered its biggest ever natural gas field holding 320 billion cubic metres in the Black Sea, and the country works to provide it by as soon as 2023. Experts on the other hand have pointed out that this new natural gas discovery is not such a considerable amount that it will help Turkey tackle its current account deficit.
The Turkish Grain Board (TMO) will import about 600,000 tons of grains on August 25 to prevent price hikes and hoarding amid a small harvest in 2020. A main opposition deputy noted that farmland has been shrinking in Turkey despite lower production levels.
Turkey has found 800 billion cubic meters of natural gas in the Black Sea, two Turkish officials told Reuters on Aug. 20. The officials said that the discovery meets approximately 20 years of Turkey's needs, but cautioned that it could take seven to 10 years to start production. The announcement came after Erdoğan said earlier this week that he would announce "good news" on Aug. 21 that will herald a "new period" for Turkey.
The Turkish Central Bank on Aug. 20 kept its one-week repo rate – also known as the policy rate – constant at 8.25 percent, holding it unchanged for the third straight month. "The gradual normalization of pandemic-specific financial measures and recent tightening steps taken in liquidity management are judged to support macrofinancial stability," said the bank statement.
An Istanbul-based investigation bureau located the founder of the Çiftlik Bank pyramid scheme who stole half a billion liras from contributors. The teenager was located in Brazil in collaboration with a South American investigation office. Aydın founded the pyramid scheme Çiftlik Bank in 2016 with 10,000 liras' capital and fled the country with half of the one billion liras he raised.
The Turkish Lira barely responded to news that President Recep Tayyip Erdoğan would announce "good news" on Aug. 21 that would propel the country into "a new era." The currency showed a mere 0.07 lira drop against the dollar as experts contemplate that the "good news" is a new energy source for Turkey in the Black Sea.
Bloomberg on Aug. 19 said that Turkey has made an energy discovery in the Black Sea, basing its report on two people with direct knowledge of the matter. The report came soon after President Erdoğan said that he would be delivering "good news" on Aug. 21 which will open "a new period" in Turkey. Meanwhile, Homeland Party leader Perinçek, a supporter of Erdoğan, said that hydrocarbon deposits and natural gas reserves were found off the Black Sea province of Zonguldak.
Turkey's Central Bank on Aug. 19 cut the overnight limit for interbank money loans in half in an attempt to improve liquidity. The Turkish Lira has tumbled to record lows against the dollar over the last month, proving Ankara's currency interventions futile.
A main opposition deputy said that Turkey's agricultural production had dropped significantly under the ruling Justice and Development Party (AKP). CHP deputy Orhan Sarıbal said that Turkey had become entirely dependent on agricultural imports. "We made other countries' farmers rich by paying more than $27 billion for imports [during the AKP's rule,]" he said.
Turkey's tomato farmers are facing bankruptcy as the COVID-19 pandemic lowered prices, and harsh weather conditions increased production costs in 2020. "Factories will buy at prices that are basically a breach of contract, forcing market prices down," Turkish Agricultural Chambers Union (TZOB) Chair Şemsi Bayraktar said.
Turkey's tobacco producers in the Aegean Region are afraid they will fail to harvest their crops in 2021 due to financial strains. Aegean tobacco is famed for its slow burn, sweet taste, low nicotine content and pleasant smell, 90 to 95 percent of Turkey's tobacco exports come from the Aegean region.
Turkish Airlines reportedly lost around 100 employees as time elapsed on a new payment plan for non-unionized workers. The new policy lowers wages and eliminates bonuses.
Turkish Airlines lost some 4.25 billion Turkish Liras in the first half of 2020 as operations got restricted to cargo planes due to COVID-19 outbreak. The company's shipping costs also rose by 90 percent from last year.
Rating agencies Moody's and S&P warned Ankara on Aug. 7 that they will likely need to hike interest rates as a last-resort currency intervention policy. The Central Bank had already eroded Turkey’s foreign exchange reserves this year, said from S&P Global's Maxim Rybnikov.
Luxembourg-based drink manufacturer Purple Beverages appealed to Turkey's Competition Authority to buy Doğanay Foods, the country's largest turnip juice producer. Turnip juice is a common cold beverage in Turkey, even drank with rakı.