Turkish economy
İYİ Party leader Meral Akşener has slammed President Recep Tayyip Erdoğan for "giving the youth a massive prison," as she commented on the unemployment figures and the economy. "You gave them unemployment, hopelessness and depression," Akşener said. Your gift to the youth is a country that they don't feel belonging to and that they can't breathe in," she added.
Turkey’s currency has tumbled further, hitting another record low. The Turkish lira dropped to 7.50 against the dollar on Sept. 16 after credit rating agency Moody's downgraded the ratings of 13 Turkish banks.
Moody's Investors Service on Sept. 15 downgraded 13 Turkish banks, days after Turkey had its debt rating cut deeper into junk by the company. The outlooks on the long-term deposit and debt ratings of all the Turkish banks rated by Moody's remain negative, in line with the negative outlook on the sovereign rating.
Turkey's record low credit rating on Sept. 11 will not improve unless the government reforms economic policies drastically, Turkish economist Mahfi Eğilmez said. Finance giant Moody's included "Turkish officials' inadequate response to financial problems" as part of the items on a negative outlook for investment.
Turkey had its debt rating cut deeper into junk by Moody’s Investors Service, as President Recep Tayyip Erdoğan dismissed credit agency ratings. The sovereign credit rating was cut to B2, five levels below investment grade and on par with Egypt, Jamaica and Rwanda, Bloomberg reported. “Do what you want to do, your ratings are of no importance," Erdoğan said in response.
Turkey's unemployment rate rose to 13.4 percent. and participation edged up in the May-July period in which a coronavirus lockdown was lifted and a ban on layoffs remained in place, data showed on Sept. 10, painting a clearer picture of the pandemic's fallout.
So far, the mutual “controlled crisis escalation” policy of Athens and Ankara has somehow worked. It has “worked” in the sense that there has been no war, but tensions have risen higher and higher. But what if things get out of control within this “controlled crisis escalation” policy?
The Turkish Lira hovered near its historical low against the dollar on Aug. 31 as the Turkish statistical authority revealed a contraction of 9.9 percent in the economy. The currency has lost about 19% against the greenback this year.
Turkey's economy shrank by 9.9 percent between April and June compared to the same period last year, Turkish Statistical Institute (TÜİK) reported on Aug. 31. While less precipitous than expected, the drop in gross domestic product (GDP) was still historic compared to the first quarter at a seasonally and calendar-adjusted 11.0 percent, according to TÜİK.
IMF Managing Director Kristalina Georgieva said that Turkish economist Ceyla Pazarbaşıoğlu would be serving as the head of the IMF's Strategy, Policy and Review Department. Georgieva said that Pazarbaşıoğlu had "profound knowledge and significant experience on how to design policies to help people especially in emerging markets and low-income countries."
The World Bank has released a report on Turkey saying that the country's economy is projected to face a difficult 2020, including a projected increase in poverty. "Important sectors in the Turkish economy are highly vulnerable to COVID-linked economic strains, which could further lower employment, reduce labor force participation, and increase the poor population by 1.2 million in 2020," the report said.
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.
Those who are ruling the country are spending so much energy on blaming vague foreign powers for all the wrong and bad management. If they could have channeled this energy to understanding the problems of the country, then we would have gone a long way and truly would have made these “foreign powers” envious of ourselves.
Main opposition CHP MP Öztrak has said that some people had made substantial gains last week by buying dollar at a relatively low exchange rate level amid speculations about Erdoğan's announcement of "good news." “Who knew ahead what this 'goods news' was about and took a position accordingly? Who earned millions in a just a couple of days?" Öztrak asked on Aug. 24.
For hotels across Turkey, 2020 has become a fight for survival, with the outcome crucial for a tourism industry which earned $35 billion in 2019 and whose losses this year have hit the country's foreign exchange earnings and contributed to the lira falling to record lows against the dollar. Ankara has tried to salvage the sector with intensive diplomacy and a healthy certification program meant to lure tourists.
Editor's Picks
Ahmet Murat Aytaç writes: The recent inhumane attack against migrant workers that took place in the Mazıdağı district of Sakarya should be analyzed within the framework of economic oppression. No matter what triggered the assaults, the general tendency in Turkey right now is to deny the ethnic dimension of the conflict.
duvar englis podcasts
In this week's episode, Duvar English Editor-in-chief Cansu Çamlıbel hosts American political scientist Wendy Pearlman to talk about her latest book "We Crossed a Bridge and It Trembled: Voices from Syria," which was recently published in Turkish. Pearlman spoke to hundreds of Syrian refugees, collecting human stories from one of recent history's biggest humanitarian crises.
Politics
Gli the Hagia Sophia cat has fallen ill two months after the site was converted into a mosque and will live away from people in a private room. Caretakers of the 16-year-old cat, who was born at Hagia Sophia, previously warned worshippers to not overwhelm Gli after footage of them taking pictures of Gli with flashes and feeding him unhealthy food emerged on social media.
Islamist cult leader Ahmet Mahmut Ünlü has said that he is ready to name a total of 150 Salafi associations taking up arms as part of their preparations to fight in Turkey. "I've made a list of these associations and in which provinces they are located. If the prosecutors summon me and ask me what I know, I'm ready to name at least 150 of them," a journalist cited Ünlü as saying.
İYİ Party leader Meral Akşener has slammed President Recep Tayyip Erdoğan for "giving the youth a massive prison," as she commented on the unemployment figures and the economy. "You gave them unemployment, hopelessness and depression," Akşener said. Your gift to the youth is a country that they don't feel belonging to and that they can't breathe in," she added.
AKP Group Deputy Chair Bülent Turan has praised President Erdoğan for "making" French President Macron tweet in Turkish. "Macron tweeted in Turkish and said that he is ready for dialogue. The name of the man who made a French President tweet in Turkish is Recep Tayyip Erdoğan," Turan said. Erdoğan also responded to Macron's gesture, saying that Turkey intends to listen to all sincere calls and make room for diplomacy.
Turkey has strongly condemned a Greek daily for insulting President Recep Tayyip Erdoğan, with presidential spokesperson İbrahim Kalın deeming the move "a provocation." Another government official to condemn the headline was Defense Minister Hulusi Akar, who said that the headline "will remain as a document of shame" in the history of the Greek press.
The HDP has said that its MYK member Serhat Aktemur was abducted in the southeastern province of Diyarbakır by individuals claiming to be National Intelligence Organization (MİT) members. Aktemur said that the three individuals in question threatened to kill him by saying, "If we see you around, we'll shoot you."
Turkish paraglider Hasan Kaya took to the skies in southern Turkey with a bed pretending to sleep. Kaval has previously attached a metal-framed red leather sofa with wheels and a television to a parachute and took to the skies in Turkey’s southwestern Ölüdeniz neighborhood.
Some 40 medical chambers affiliated with the Turkish Medical Association (TTB) have released a joint statement reiterating their support for the organization. “We are fortunate to have our professional organization that prioritizes and defends the right of public health, and does not compromise when it comes to scientific and free thinking," the chambers said, following MHP leader Devlet Bahçeli's call for the TTB's closure.
Since early summer, forest fires have been raging in the Cudi Mountains in Turkey's southeastern province of Şırnak amid claims that the blazes erupted due to deliberate military operations in the area. Ecologist Asrın Keleş from the People's Democratic Congress (HDK) said that it was abundantly clear that the fires did not erupt due to natural causes. "We received information that the forests were being shot with gunfire at night,” Keleş said.
A Turkish court sentenced former co-chair of Democratic Regions Party (DBP) Sebahat Tuncel to 11 months in prison on charges of "insulting" the president, because she said Erdoğan was "an enemy of women and Kurds."
Turkey's Court of Cassation, the top appeals court, has found a male employee at fault for using the women's toilet at the store where he was working at. The court rejected the employee's demand for a compensation after he was fired from his job.
The Ministry of Agriculture and Forestry has determined that dozens of firms and restaurants in Turkey use fake ingredients in their products to cut down on costs. With the Turkish lira continuing to decline in value as the country experiences a serious economic downturn, some food producers and restaurants are cutting on costs and cutting corners, and deceiving their customers in the process.
Several Turkish citizens have sent petitions to the parliament, raising their concerns about the safety of 5G technology. The parliament's committee on petition has asked the issue to the Information Technologies and Communication Authority (BTK) and was told that Turkey was “working to produce the 5G infrastructure locally.”
Bursts of steam rising from Mount Nemrut have raised concern among locals, amid speculations that the dormant volcano can become active again if triggered by earthquakes. “There are many fault lines arund Mount Nemrut. If these fault lines are ruptured, theoretically a [volcanic] movement can occur in Mount Nemrut. This is always a possibility,” Prof. Dr. Aydın Büyük Saraç said.
Enis Berberoğlu's lawyer has called for the reinstatement of his client's deputy status after the Constitutional Court ruled that the former CHP lawmaker's rights were violated when he was dismissed from parliament earlier this year.
President Erdoğan has said that the government is preparing to introduce new measures to curb the spread of the coronavirus, since "people have not complied with the rules." The virus infections began increasing after Ankara loosened restrictions on public activity, starting in June. Critics have also accused the government of hypocrisy with regards to the measures, pointing out that social distancing measures were being overlooked in several occasions, such as the rallies of the AKP.
Islamic communities that are known to have close ties to the ruling Justice and Development Party (AKP) have recently speeded up efforts to establish their own foundations. On Sept. 17, two more such foundations have been established, one of which has close ties to the İsmailağa community, while the other has close ties to pro-government KİHMED.
President Recep Tayyip Erdoğan said on Sept. 18 Turkey was saddened by news that Libya's internationally recognized Prime Minister Fayez al-Sarraj wants to quit next month. "A development like this, hearing such news, has been upsetting for us," Erdoğan told reporters in Istanbul, adding that Turkish delegations may hold talks with Sarraj's government in the coming week.
Various rights groups have said that human rights violations recorded in prisons have spiked during the COVID-19 outbreak. As a recent example of the rights violation, the groups said that authorities had confiscated several personal belongings of a group of inmates during their transfer to two newly opened Diyarbakır prisons.
The mother of a murder suspect was found dead with a single bullet to the back of her head on Sept. 17. Her son, a suspect in his girlfriend's death, her husband and the family's attorney blamed her death on TV host Müge Anlı because she had said the mother had "failed to raise a son."
Economy
Turkey's state-owned Halkbank has urged a judge to dismiss a U.S. indictment accusing the bank of helping Iran evade American sanctions. At a hearing in Manhattan federal court on Sept. 18, a lawyer for Halkbank said its status as a Turkish “instrumentality” shielded it from prosecution because of sovereign immunity.
Turkey's unemployment rate rose to 13.4 percent. and participation edged up in the May-July period in which a coronavirus lockdown was lifted and a ban on layoffs remained in place, data showed on Sept. 10, painting a clearer picture of the pandemic's fallout.
Turkish Airlines (THY) observed a drop of almost 65 percent in the number of August travelers compared to the year before. Domestic flights saw a smaller drop of 47.1 percent, while international flights shrank by 75.4 percent, THY said.
Urban Beat
The 48th Istanbul Music Festival will be held online, streaming pre-recorded performances in historical venues. Starting on Sept. 18, the Istanbul Foundation for Culture and Arts (İKSV) will make available the performances that honor composer Ludwig van Beethoven.
Ali Demir writes: So the property of the local non-Muslims collapsed, and what happened? Nothing! The whole country is now composed of non-local foreigners. The greedy tailor apprentice that murdered his master could not sew a jacket, and will never be able to.
The tomb and gold jewels of a woman dubbed the "Carian Princess" can now be seen in the Aegean province of Muğla's Bodrum Castle. Recovered in 1989, the body is thought to belong to a woman in her 40s.
Turkey's news agenda has focused on "renovations" that resulted in dramatic results, often adding incoherent elements. Most recently, footage of "renovation" in Istanbul's Galata Tower had shown workers drilling into original walls.