Only one in two people in Turkey are worried about Coronavirus, while close to 20 percent stated that they were “neither worried nor unworried”. More strikingly, despite the warnings only 48 percent do not shake hands while only 49 percent do not kiss when seeing someone.
Some 149,382 businesses were closed down as a part of the Turkish Interior Ministry’s coronavirus provisions enacted on March 19. While some 187 businesses were fined and shut down for failing to comply with the ministry’s guidelines, the ministry also filed official complaints against the owners 37 of these businesses.
Ali Babacan, the chairman of DEVA, has shared a series of proposals on what the gov't should do to limit the negative financial effects of the novel coronavirus on businesses and citizens. “Every kind of employment incentive should be utilized as soon as possible. Unemployment funds are for these days,” he said.
Turkey’s Central Bank lowered its key interest rate by 100 basis points to 9.75 percent and announced a series of measures to boost liquidity to counter the impact of coronavirus.
Ali Babacan's unfulfilled desire, the “fiscal rule” theme features in the program of the newly established Democracy and Progress Party’s (DEVA) . Babacan had made preparations to start the practice of fiscal rule in 2010, until Prime Minister Erdoğan shelved this.
The unemployment rate among Turkey's young population, ages 15 to 24, has surged to 25 percent in December of 2019, higher than the past six years' rates, the Turkish Statistical Institute (TÜİK) revealed March 10. The average unemployment rate has also risen from 2018 to reach 13.7 percent.
Turkey's Trade Ministry has placed protective medical gear like masks, bodysuits and gloves, on the list of items that need ministry pre-approval for being sold abroad, the official gazette said on Mar. 4. The export regulation comes amid a worldwide coronavirus outbreak that increased the global demand for such goods.
Turkey's most recent increase of its special consumption tax on gas and diesel fuel will bring an estimated five billion Turkish Liras of annual income. With a 0,18 TL/litre increase on the tax, it is now 2,52 TL/litre for gas and 2,05 TL/litre for diesel fuel.
Finance Minister Albayrak has deleted his tweets praising Turkish economy following backlash from social media users. Albayrak's tweets came just hours after authorities announced that 33 Turkish soldiers were killed in Syria's Idlib, in one of the deadliest attacks on Turkish troops in the Republic's history.
The Turkish Central Bank has announced its foreign currency reserves declined by $2.45 billion to $73.19 billion in the week ending on Feb. 21. 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.
Felicity Party chair Karamollaoğlu has urged the Turkish government to study the suicide theory of French sociologist Durkheim amid growing economic hardship in the country. “Durkheim says, 'If suicides in a society show a sharp increase in a very short period of time, their reasons are not personal but social.' You [gov't] are not giving an ear to us, but listen to Emile Durkheim," Karamollaoğlu said.
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.
The United Kingdom will prioritize signing a free trade agreement with Turkey by the end of 2020, Ambassador to Turkey Dominick Chilcott said at the fourth UK Technology Conference held in Istanbul on Feb. 17. London will use its newfound "freedom to maneuver" in trade to create free trade policies and free ports around the country, and will impose new tariffs to promote free trade.
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.