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.
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.
Business in Istanbul’s historic Sultanahmet suffers post-COVID-19 while seaside neighborhood thrives
Business owners in Istanbul's historic Sultanahmet district have been suffering from dramatically decreased business since re-opening on June 1 after months of COVID-19 closures. Meanwhile, a seaside neighborhood on the Anatolian side of Istanbul has returned to pre-isolation crowds.
In a two-minute video late Reşad Ekrem Koçu, who is an unrivaled master of popular history in Turkey, defines the Grand Bazaar as a Turkish handicrafts museum. It has been depicted as a kind of a museum in the narratives of old travelers too.
Turkey’s top statistical authority highlighted a historic downfall in the consumer confidence index which was almost halved amid the coronavirus pandemic. While Turkish consumers recorded 91.8 points out of 120 in March, this number dropped by over 40 percent in April, plummeting to 51.3 points.
Istanbul's famous Grand Bazaar ("Kapalı Çarşı" in Turkish), one of the world’s oldest covered markets, has been temporarily closed amid coronavirus precautions.
A shopkeeper in Istanbul's historic Grand Bazaar was reportedly the first person to be diagnosed with the novel coronavirus in Turkey. A video on social media showed two healthcare workers in medical gears talking to two shopkeepers. "You know, the first case is from here and it has been increasing. It was here, in your bazaar," one of the healthcare workers says in the video.
The outbreak of the coronavirus has resulted in a sharp drop in the number of tourists traveling to Turkey, affecting Grand Bazaar shopkeepers. Yet for some, the most pressing concern is the lack of precaution being taken to curb the pandemic.