Economy
Borsa Istanbul will remove two zeros from its indices on April 27, it said on Feb. 19. The stock exchange will test this move in several phases. "Planned go live date is April 27, 2020 and the index values will continue to be shown in two decimal places. Contract sizes will be decreased to 10 from 100. Price ticks for futures will be increased to 0.25 from 0.025," it noted.
Turkey's opposition parties CHP and HDP have castigated a banking bill the government has sought to push through. Both parties claimed the law will serve to fund the president's "Kanal Istanbul" project.
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.
Editor's Pick
duvar englis podcasts
Duvar English’s editor-in-chief Cansu Çamlıbel and pollster Can Selçuki are joined by Robert Bosch Academy's Galip Dalay to discuss the impact of Turkish government's recent domestic policy moves on Ankara's international relations. They look for answers to whether there is any possibility that Turkey's relations with the West might change for the better any time soon.
Taner Akçam writes: The regime’s bold stroke vis-a-vis Hagia Sophia should not be seen as stemming from desperation. Rather, it is simply meant to relay the not-so-subtle message of the path to be followed by the "New Republic", and that message is that the “annihilationist tradition” of the old regime, inherited by the Republic’s founders, will be retained in the era to come.
Politics
A pro-government women's rights organization has voiced support to the Istanbul Convention, which aims to combat violence against women and from which the Turkish government seeks to withdraw. In its statement, KADEM responded to widely-known false facts about the convention, especially on it including "LGBT propaganda," saying that it doesn't promote homosexuality.
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.
Lake Salda, dubbed Turkey's Maldives, will help NASA scientists guide the search for ancient life on Mars, as it shares many similarities with a dried-up lake bed on the red planet. Lake Salda is the only known lake on Earth that contains the carbonates and depositional features (deltas) similar to those found at Jezero Crater on Mars.
Algerian President Abdelmadjid Tebboune phoned Turkish President Recep Tayyip Erdoğan in July to secure the return of a fugitive military official, Reuters reported on Aug. 2, citing an unnamed top Algerian security source. Guermit Bounouira, a top aide to the late army chief Ahmed Gaed Salah, is accused of leaking a chart showing movements of army officers including their names and codes, the source said.
Nilüfer Bulut writes: Forced Islamization was one of the methods of survival during what Armenians call “Medz Yeghern,” the great catastrophe. Professor Zerrin Kurtoğlu Şahin says that by complying with the imposition of Islamization, these Armenians (mostly women and children) were assured their biological existence, but their cultural and social connections were ripped away.
Six Syrian students living in the southern province of Hatay were the victims of a racist attack, leaving two in critical condition. “I lost nearly all of the male children in my family in the Syrian civil war. We didn't come to Turkey for my brother to be the victim of a racist attack,” said Dua Muhammet, the older sister of one of the boys.
Thousands of Muslim worshipers gathered at Hagia Sophia on July 31 morning to attend Eid al-Adha prayers for the first time since the iconic building's conversion into a mosque. Blue Mosque, which sits just across the Hagia Sophia, however got no attention at all, despite being packed during the Eid al-Adha prayers in previous years.
Hale Gönültaş reports: A Yazidi woman who has been in captivity since 2014 was rescued from a home in Ankara. Abducted by an ISIS member in Iraq, the young woman was trafficked, eventually being tracked down by a family member.
Turkey's ruling AKP is preparing to file a lawsuit against Islamist columnist Abdurrahman Dilipak who called supporters of the Istanbul Convention as "prostitutes" in his column named "AKP's daisies."
Some 1,153 people spent the first day of Eid al-Adha at the emergency wards of Istanbul hospitals after cutting themselves or suffering other injuries while sacrificing agitated sheep and other animals. Seven of these “amateur butchers" were heavily injured and were operated on, Anadolu Agency said.
A group of Greek Orthodox Istanbulites who live abroad slammed a video by the Presidential Communications Directorate that depicted minorities in Turkey living in comfort. The minority noted that the government hadn't taken any steps to permit their return to their ancestral hometown of Istanbul, where they were forced to leave because of political turmoil.
A women's organization rooting for the Istanbul Convention will be holding a rally August 5 to protest consideration by the ruling Justice and Development Party (AKP) to recuse from the international treaty against domestic violence and discrimination.
Irish energy giant Eaton Corporation said that they ended their working relationship with Turkish distributor Berg Elektrik upon news that the latter's general manager Alp Erkin had shot and killed their neighbor's dog. While Erkin claimed he killed Nero because the dog bit his wife, Nero's owner noted that the animal was trying to protect its keeper.
Transport and Infrastructure Minister Adil Karaismailoğlu said that more than 200,000 passengers arrived in Turkey during the month of June, when Turkish Airlines recommenced international flights. The minister failed to answer a question about layoffs within the country's flagship carrier.
U.S. Secretary of State Mike Pompeo said on July 30 the United States was continuing to evaluate how it would respond to Turkey's purchase of Russian S-400 missile defense systems. "We continue to evaluate how to apply sanctions in order to achieve our end objective," Pompeo said.
A group of seven-eight unidentified Turkish citizens on July 26 battered six Syrian children under the age of 18 in Hatay's Kırıkhan district. The local governor's office on July 30 announced that an investigation was launched into the incident and two of the children are receiving treatment at hospital.
An Ankara court has reversed a ban on a gay pride march that was imposed by ODTÜ rectorate in May 2019. The court said that the rectorate's decision had no legal basis as the all-embracing ban enacted by the Ankara Governor's Office in 2017 had been already lifted.
Students enrolled in the Kurdish language departments of universities in Turkey will no longer be allowed to submit their dissertations in Kurdish. Former academic Selim Temo has also announced that from now on, all lectures at these departments will be conducted only in Turkish.
The area in the Hagia Sophia where emperors used to be coronated was left exposed when carpeting was installed in the structure to prepare it for Muslim prayer, Istanbul Culture and Tourism Director Coşkun Yılmaz said. The former museum was opened to Muslim worship on July 24, holding the first mass prayer in decades.
Dozens of celebrities all over the world, including Ellie Goulding, Christina Aguilera, Milla Jovovich and many more, have posted black and white pictures of themselves to voice solidarity with victims of femicides in Turkey. The trend began after women in Turkey said that they don't want to see their pictures in black and white in newspapers after they are killed.
U.S. Ambassador to Turkey David Satterfield and his family visited Hagia Sophia to see the restoration works carried out at the site after its conversion into a mosque. "Ambassador Satterfield toured Hagia Sophia to admire its grandeur and technical genius, and better understand the renovation and restoration work to be completed to preserve the universal value of and continued access to this monumental building," the embassy said on July 30.
Economy
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.
U.S. Secretary of State Mike Pompeo said on July 15 that companies involved in construction of the TurkStream pipeline will be subject to the U.S. penalties unless they stop their works. “It’s a clear warning to companies. Aiding and abetting Russia’s malign influence projects will not be tolerated. Get out now or risk the consequences,” he said.
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.
On the second anniversary of Turkey's transformation into a presidential system, the main opposition Republican People's Party (CHP) has prepared a report detailing how the country stands in the ensuing years, finding that the Turkish lira has lost four times its value since 2007.
Urban Beat
Mois Gabay writes: Do you think the Camondo family will be included in the Beyoğlu Culture Road project conducted by the Ministry of Culture and Tourism? What about Arif Ergin’s “Tekvin” novel, in which he imagined that there would be a “Camondo Museum” one day?
Artifacts from Istanbul's ancient Hagia Sophia will be displayed in a nearby public building that will be transformed into a museum. Formerly used as a land office, the late-19th-century building in historical Sultanahmet will be converted on the president's orders.
Luke Frostick writes: Edanur Kuntman’s Tales from Behind the Window has been nominated for an Eisner Award. If she wins, she will be the first Turk to win an Eisner. The story is a piece of creative-nonfiction and its main narrative is drawn from the memories of Kuntman’s grandmother growing up in the Çarşamba district of Samsun.