The ruling Justice and Development Party (AKP) has voiced support to Finance Minister Berat Albayrak amid the country's worsening economy. Several AKP officials, including Interior Minister Süleyman Soylu and Health Minister Fahrettin Koca, defended Albayrak on Twitter via using the hashtag "We stand with Berat Albayrak."
President Recep Tayyip Erdoğan has said that the country's economy is on the fast lane, downplaying Turkish Lira's sharp fall against dollar and euro. "No one should try to deceive the public. We're stronger than yesterday," he said. While experts voice concern on the situation, Erdoğan claimed that the "zigzags" in the economy can be seen around the world following the coronavirus (COVID-19) pandemic.
Turkey's lira hit a record low of 7.32 against the dollar after losing nearly 19 percent against the greenback so far this year, with growing concern that state efforts to stabilize the currency could fizzle and spark bigger problems for the country's economy.
Employees of Turkish Airlines (THY) have been facing an uncertain future due to the salary crisis that has been ongoing for five months in the company. According to Sözcü, talks between the THY and Hava-İş, the Turkish union representing a large number of workers in the civil aviation sector, have failed to reach a conclusion.
Turkish Lira on Aug. 6 continued to weaken against dollar and was trading at a value of 7.28 per dollar at 5 p.m. local time. The lira is currently at its lowest level in almost three months. After the dramatic lira loss on Aug. 6, the Central Bank said that it was ready to use "all available instruments to reduce the excessive volatility in the markets," whereas the banking watchdog BDDK said it was easing limits on lira transactions with foreign lenders.
As a result of global market dynamics gold prices in Turkey have also reached record highs, as a gram of gold currently costs 437 TL. Due to escalating prices, the sale of imitation gold known as 'Syrian gold', has become popular in the jewelry markets of Hatay.
The Turkish Lira has devalued drastically against the dollar, reaching almost seven liras on the dollar. Ankara has invested almost $60 billion in currency interventions in 2020 to no avail, Financial Times reported on July 28.
A stevia farm in the northern province of Rize remains non-operational even though 16 million Turkish Liras were spent for it. Processing the sugar-yielding plant stevia has been delayed because "producers can't find enough flat fields to grow," Agriculture and Forestry Minister Bekir Pakdemirli said.
Turkey's first drillship, Fatih, will begin drilling in the Tuna-1 location in the Black Sea, Turkey's Energy and Natural Resources Minister Fatih Dönmez said on July 20. The Fatih drilling vessel set sail for the Black Sea on May 29 from Istanbul to the Trabzon port where it reached its destination for reassembly on June 6.
Several electric companies have not paid their debt to the state since the country's electric system was privatized in 2009, Minister of Energy Fatih Dönmez said on July 14. He said that the Yeşilırmak, Fırat, Çamlıbel and Uludağ EDAŞ companies owe the state a total of more than 25 million lira in principal payments and interest.
A main opposition deputy recently slammed the finance minister's comments on Turkey's fiscal success, noting that public debt has nearly tripled in Minister Berat Albayrak's two-year assignment. The deputy added that the Treasury's public debt turnover rate is nearly 200 percent.
Turkey was revealed as the six largest taxer of alcohol among members of the Organization for Economic Co-operation and Development (OECD).
The Turkish Petroleum Refineries Corporation (TÜPRAŞ) ranked as Turkey's largest industrial business with 87.9 billion liras in annual production revenue. The oil company was followed mostly by automotive producers.
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.