gold
The Turkish Lira observed a new low against the dollar on Sept. 23, trading for 7.684 liras against the greenback by 10 a.m. The lira observed a record low yesterday as well, dipping to 7.682 liras. Meanwhile, Turkish economist Uğur Gürses noted that the decline in exchange rates was triggered by a distrust for the economy.
The Turkish Lira continued plummet to record lows against G10 currencies on Sept. 21, trading for 7.59 liras on the dollar at opening. Meanwhile, the currency trades for 8.98 liras per euro and 9.81 liras per pound sterlin.
Unlike what those in Ankara who are managing the economy believe, 51 percent of the economy is not psychological perception, it is trust. Empires of fear do not generate trust.
Turkey is poised to produce a record amount of gold this year and the Central Bank will probably buy all of it at prices near record highs, Bloomberg reported on Aug. 24. The value of its gold reserves surged to an all-time high in the week through Aug. 7, only to drop 5 percent a week later, the biggest decline in five months. That effectively mirrored the moves in market prices over the same period.
Turkish Treasury is “printing” forex bonds to create additional foreign currency for its own operations. Public banks, on the other hand, are spending their cash foreign currencies and replacing them with forex bonds the Treasury is printing.
For a long time, Ankara had eroded foreign currency reserves worth near 100 billion to hold the rate. Now, it has come to the end of the road. It has spent its last penny and left the rate to the markets. Thus, the “unheard of” invented exchange rate regime has collapsed.
Canadian mining company Alamos Gold has said that its license required to resume operations in the Kaz Mountains is pending, as environmentalists continue their watch in the area. The Kaz Mountains Resistance has been in action in over 350 days to evacuate the mining company from the western landscape.
A jeweler in the southeastern province of Kahramanmaraş embroidered masks with gold. A local professional chamber chair said that they thought a regular mask created a visual disaccord in a wedding.
Positive developments in COVID-19 vaccine studies have stopped the steady increase in gold prices. Pharmaceutical giant Pfizer said on July 1 that their vaccines were effective in increasing recipients' antibodies.
Turkey’s Environment and Urbanization Ministry approved the construction of a second cyanide pool in the northwestern province of Eskişehir despite protests from the local community. Locals are concerned that the construction of the pool will destroy the local ecosystem and pollute their water reserves.
Since the COVID-19 crisis erupted, Turkish Central Bank’s reserves fell nearly 20 billion dollars. Now, the thought of “Can there be a swap line opened from the U.S. Central Bank Fedreserve ?” is in question.
Gold prices spiked April 13 as one gram of gold was priced at 367 Turkish Lira at the start of the day, and one ounce of gold was priced at 1686 lira.
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).
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.
The gold and dollar exchange rates in Turkey surged to record highs Feb. 24, dropping again on Feb. 25 after markets opened and traders started to sell. Dollar prices rose as high as 6.16 TL during the day, marking a new high for the last 9 months. The price of 1 ounce of gold reached $1,688, and the price of one gram of gold reached a record price of 334 TL.
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Soner Çağaptay and Raffaella A. Del Sarto write: The EU often praises itself as a promoter of democracy and regional stability by highlighting the power of its enlargement process to include new members in the “neighbourhood.” Yet in the case of Turkey, its ill-conceived policies may well have contributed to the opposite. A clumsy EU has repeatedly gotten its policy toward Turkey wrong, often inadvertently helping Erdoğan at key points during his rise while creating preventable tensions with Ankara.
Politics
The German government has said that the Erdoğan regime has in recent years increased its support for Milli Görüş, an Islamist group monitored by German intelligence services due to alleged extremist leanings. In its response to a parliamentary question, the German government has also emphasized the links between Milli Görüş and Egypt's Muslim Brotherhood.
The ruling AKP has turned down the opposition's demand for budget discussions to be aired live on the official channel of parliament, called TBMM TV. The opposition deputies have said that these talks need to be conducted in a “transparent” manner as it concerns the people, with a CHP lawmaker saying that Turkey has not experienced such a “dark period” in its history before.
An employee of the United States’ Istanbul consulate was handed five years and two months in prison on charges of aiding the movement of the U.S.-based Islamic preacher Fethullah Gülen. The court did not arrest Nazmi Mete Cantürk, meaning he will be free pending appeal.
HDP co-chair Mithat Sancar has said that the party condemns extremists' abuse of Islam to justify their violent actions, but also slams France's treatment of Islam in a row about cartoons of the Prophet Mohammad published by satirical magazine Charlie Hebdo.
Many prisoners in Turkey, particularly political prisoners, are held in facilities hundreds or thousands of kilometers away from their families, making it very difficult for visitation. Requests by prisoners for transfer to a closer penal institution are now being rejected by the authorities on account of the coronavirus.
As coronavirus cases surge in Istanbul, Governor Ali Yerlikaya said that he can be a "scapegoat" if anyone's looking for someone to blame. The governor also said that he has been working closely with Istanbul Mayor Ekrem İmamoğlu. “My job is not politics, it is service. To that end, I am continually in contact with İmamoğlu. You should know that we are working very well [together]. There is no problem whatsoever,” he said.
President Erdoğan has filed a criminal complaint with Turkish authorities against prominent Dutch far-right leader Geert Wilders saying that he had insulted him on social media. "Even though the crime was committed directly against the person in the presidential seat, the value that is being violated is the state's political government structure," Erdoğan's lawyers said.
Turkish police have apprehended seven ISIS militants who were preparing for attacks in the capital Ankara in the latest round of operations against the jihadist group. According to authorities, the militants were seeking to attack Oct. 29 Republic Day celebrations and Nov. 10 ceremonies that are held each year to commemorate Turkey's founding father Mustafa Kemal Atatürk.
The European Court of Human Rights (ECHR) has found main opposition Republican People's Party (CHP) leader Kemal Kılıçdaroğlu right in his case against President Recep Tayyip Erdoğan. While Turkish courts ruled that Kılıçdaroğlu "attacked Erdoğan's personal rights" in two separate speeches in 2012, the ECHR ruled that the country violated the main opposition leader's freedom of expression.
A coal thermal power plant in the Central Anatolian province of Eskişehir is predicted to make more than 11 million people ill over the course of 35 years, a health impact report for the project revealed. The Right to Clean Air Plaform reported that the pollutants from the Alpu Coal Thermal Power Plant will spread to 24 provinces and destroy local farming land.
A group of miners from the Central Anatolian district of Ermenek set off once again on their march to demand unpaid wages, only to be met with a gendarmerie blockade on Oct. 26. In a video showing the miners' exchange with officers, one of them is heard saying "We are angry. We are hungry, that's why we're yelling. You can't yell!"
One of downtown Istanbul's last remaining green spaces was rezoned to allow construction despite the protest of locals. Also designated as an emergency meeting point, the green space was permitted for the construction of a 10-story building.
Turkey's southernmost province of Hatay was rocked by an explosion on Oct. 26 and authorities said that two militants of the Kurdistan Workers' Party (PKK) were nabbed following the blast. Hatay Governor Rahmi Doğan said that the two militants were a part of a group of four who had flown from the Syrian town of Manbij to the Amanos Mountains in Hatay using paramotors.
A report prepared by a number of civil society organizations regarding trials in Turkey prosecuting conscientious objectors to mandatory military service in the country has influenced the Council of Europe's Committee of Ministers to pressure Turkey on recognizing the right to conscientious objection.
President Erdoğan and the newly-elected Turkish Cypriot President Ersin Tatar on Oct. 26 voiced their support for a two-state solution on the divided island of Cyprus. "We believe a two-state solution must now be brought to the table with a realistic proposal," Erdoğan said. Erdoğan also said that he would visit Turkish Cyprus on Nov. 15 and expressed his desire to have a picnic at Varosha.
The Britain-based Syrian Observatory for Human Rights has said that at least 78 Turkey-backed Syrian rebels were killed and dozens more were injured in Russian airstrikes on a military training camp in Idlib. Those targeted were in a camp belonging to Faylaq al-Sham, the monitor said, adding that it was the deadliest attack since the ceasefire came into force in March.
The second indictment against human rights defender and businessman Osman Kavala presents no new grounds to justify his detention and is politically motivated, said Human Rights Watch (HRW) and the International Commission of Jurists (ICJ) in a statement.
Russian Foreign Minister Sergey Lavrov has urged the UNESCO to release its report on the restoration works in the iconic Hagia Sophia as soon as possible. Lavrov said that for Russia Hagia Sophia is particularly valuable from the spiritual point of view.
Economy
Treasury and Finance Minister Berat Albayrak has said that the economy is growing despite the tumbling Turkish Lira. The lira weakened to a record low on Oct. 26, hit by investor unease over the central bank's decision last week to keep its policy rate on hold and various sources of geopolitical concern. Strains in ties with the United States, a row with France, a dispute between Turkey and Greece over maritime rights and the conflict in Nagorno-Karabakh have all unsettled investors.
Turkish monthly inflation was almost four times greater than the official rate in September, according to a new model developed by a group of academics and researchers. According to the independent Inflation Research Group (ENAG)'s first published finding, consumer prices in September rose 3.61 percent from the previous month, compared to the official Turkish Statistical Institute (TÜİK)'s calculation of 0.97 percent increase.
Turkish Energy Minister Fatih Dönmez said on Oct. 22 Turkey will operate the gas field which it recently discovered in the Black Sea on its own, but it may cooperate with foreign firms in terms of detailed work and equipment. The minister's comments came after President Recep Tayyip Erdoğan said on Oct. 17 Turkey had raised the estimated reserves of the field to 405 billion cubic meters after finding an additional 85 bcm.
The Turkish government has said that it "laughs off" boycotts imposed on Turkish products in Saudi Arabia, Morocco and United Arab Emirates. "We laugh off some countries' boycotts against Turkey. They should first learn to stand as independent countries," AKP deputy leader Numan Kurtulmuş said on Oct. 18.
Urban Beat
Turkey's southeastern city of Diyarbakır is nestled in Mesopotamia and has a deep legacy spanning millenniums and civilizations. A recent discovery on the 8000-year-old Amida Höyük archaeological site has unearthed an 1800-year-old heating system that was quite sophisticated for the time.
Kurdish artist Zehra Doğan's work that she created during her two prison sentences between 2016 and 2019 are on display in Turkey for the first time. The artist was jailed on terrorism charges and gained international fame after finishing her second sentence and holding a show at London's Tate Modern.
Turkey's Presidential Symphony Orchestra will thrive thanks to the completion of its long-awaited music hall, Conductor Cemi'i Can Deliorman said. Having been in the works for 25 years, the music hall's large auditorium can seat more than two thousand viewers.
Alterations on Istanbul's iconic Hagia Sophia reportedly violated guidelines mandated under the site's "UNESCO World Heritage" status. Converted within two weeks of the legal ruling that allowed Muslim worship, the ancient structure's mosaics were unlawfully covered up, and any work on it was deemed practically impossible, architectural publication Mimarlık Magazine reported.