Turkish clothing retailer Koton promoted a parking garage employee to chairman of the board. The financially struggling company had closed down five Istanbul stores in February.
A legislation prepared by the ruling AKP bans layoffs but also gives employers the right to put their employees on unpaid leave during the coronavirus pandemic. Employees on unpaid leave are paid 39.24 liras ($5.79) per day by the Unemployment Insurance Fund.
While some 63 percent of Turkey's internet users also shop online, that may have become a risky choice during the COVID-19 outbreak, experts warn. Users should prefer the 3D payment method that requests a second form of confirmation in addition to payment methods, experts recommend.
Coronavirus concerns have pushed Turkish customers to make the switch to using contactless payment. The data show that the number of contactless payments made through credit and debit cards tripled in March, compared to the same month of last year. Contactless payments do not require purchasers to insert their cards into payment machines; instead they hold their cards over the terminal.
Lemon exports will require government approval until August 31, 2020, Turkey’s Official Gazette said April 7. The citrus fruit has become highly in-demand during the COVID-19 outbreak as consumers have hoarded the traditional Turkish alcohol-based lemon-scented cologne.
Turkey's Treasury on April 6 borrowed 12.6 billion Turkish liras (approximately $1.86 billion) from domestic markets, by selling 14-month government bonds and eight-year CPI indexed government bonds at two separate auctions.
Douglas Winslow from Fitch said that Turkey's economy will catch up with its sustainable trend of growth next year. "In the first quarter of this year economic growth had accelerated to above 6%. We now anticipate a very sharp contraction in the second quarter, flatter growth in the third quarter and then recovery in the fourth quarter, as activities begin to normalize after the partial lockdown," he said.
According to a report prepared by the CHP, over 5 million people were left either temporarily or permanently unemployed amid the coronavirus (COVID-19) pandemic .Some 144,690 workplaces were temporarily closed as part of the measures to curb the spread of the pandemic, resulting in a significant increase in the number of people unemployed, the main opposition said.
Turkey's Central Bank has become the largest gold purchaser in the world in January and February of this year, with 41 tons of gold. Turkey was followed by Russia (19 tons), the United Arab Emirates (5.9 tons), Kazakhstan (2.8 tons) and Mongolia (1 ton).
CHP Ankara deputy Tekin Bingöl has accused the AKP of wasting 495 billion Turkish Liras collected from several resources. “This money belongs to the public,” Bingöl told daily Sözcü on April 2. According to the deputy, some 28 billion liras collected in the Unemployment Fund was not given to those unemployed, but was transferred elsewhere instead.
Turkey's exports are expected to drop around 17% in March, as the coronavirus (COVID-19) pandemic leads to a decline in trade with some of its biggest partners, Trade Minister Ruhsar Pekcan said on April 1. Pekcan also said that exports to Iran declined by 82%, those to Iraq by 48%, to France by 32.5% and to Germany by 14%.
Turkish Trade Ministry has made a number of changes in the customs processes, making bringing gold from abroad easier. The move aimed to prevent the loss of time and money that stemmed from the gold being analyzed in a laboratory.
Turkey's economy will face a “sharp” contraction in the second quarter of 2020 amid coronavirus outbreak, according to Douglas Winslow, primary analyst on Turkey and director of the Sovereign Group at Fitch Ratings, in London.
Turkey's Central Bank provided more stimulus for the financial sector and economy on March 31, saying it would ramp up government debt buying and offer new pools of cheap funding to stem the fallout from a growing coronavirus outbreak. The Central Bank also extended 60 billion lira ($9 billion) worth of rediscount credits and added more lending options well below its 9.75% policy rate. It said the moves would provide much needed credit to companies and liquidity to government debt markets.
Turkey’s presidential palace spent 4.5 million lira in 2018, a report by the Court of Accounts revealed. Annual spending at the palace totaled 1,648,678,000 lira, 705 million of which was not itemized in the report.