Pınar Öğünç writes: Uğur Durak has experienced the insecurity of advanced capitalism alongside bullying while working as a corporate expert portfolio manager. "You come to a point where you would do anything the boss says without question. This is slavery in modern times. I was a slave, too,” he says. Now that he is liberated from all of that but faces an uncertain future.
A security officer in the capital Ankara was caught after stealing a bag full of 4.5 million Turkish Liras from the bank vehicle he was driving. The officer dropped off his colleague at a branch, parked the security vehicle nearby and drove away in a friend's vehicle.
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.
Turkey's banking authority lowered the mandated loan-to-assets ratio for deposit banks to 95 percent, formerly 100 percent. The relaxing of the stimulation policy follows record devaluation of the Turkish Lira against the dollar.
Two officials from Turkey's Liberal Democrat Party (LDP) wrestled outside of public Vakıfbank's regional headquarters to protest the assignment of a former wrestler to the board of the institution. Former wrestler Hamza Yerlikaya left his post as advisor to President Erdoğan to join the board.
Turkey's top banking authority received 33 percent more complaints in 2019, compared to the previous year. While majority of grievances were about personal loans, the second biggest topic of issues were debit and credit cards.
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 economy management in Ankara may have this thought of stopping the devaluation of the Turkish Lira by wounding the lira’s convertibility but actually it also damages the debt capacity of the Treasury.
Turkish prosecutors have sought a prison sentence of up to three years for journalist and news anchor Fatih Portakal, alleging that he broke the law in a Tweet which implied that the state was borrowing from banks amid economic difficulties exacerbated by the coronavirus epidemic. In their indictment, prosecutors accuse Portakal of violating banking legislation. Portakal hosts one of the most popular programs in the country is among the few dissenting voices that remain in mainstream media.
State-run Turkish bank’s decision to provide cash loans led to massive lines raising the risk of virus spread
Second largest state-run Turkish bank Halkbank's decision to provide shopkeepers with 25,000 TL in cash loans as a part of the struggle against the economic blowback of coronavirus has resulted in massive lines in front of the bank's branches. As long as the application process for these loans continue, both customers and bank personnel are at great risk of contracting coronavirus, economic consultant Meriç Dıraz warns.
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.
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.