Turkish Lira
President Erdoğan has asked whether people believe that "anyone can't bring home the bread." "Do you believe that anyone can't bring home the bread? Do you think such thing exists in Turkey? Turkey is ahead of many countries in terms of its minimum wage and salaries," Erdoğan told reporters, adding that Turkey is "at a great spot" when one looks at data from the IMF and OECD.
Turkey's Central Bank Governor Murat Uysal said that it has no target on exchange rates as the lira touched a new low for a third day on Oct. 28. Uysal said higher import costs, with the lira tumbling to record lows beyond 8.3 to the dollar, rising food prices and strong credit growth were the main causes of the upward revision.
The Turkish Lira further lost its value on Oct. 27, measuring more than 8.1 liras on the dollar as a result of more than 35 percent depreciation this year. The depreciation is a result of Ankara's increasingly strained relationship with the European Union, as well as the United States.
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.
The lira sank to a record low to near 8 versus the dollar after Turkey’s central bank ignored investors' calls to raise its main interest rate. The decision to leave the rate unchanged prompted economists to question the central bank’s commitment to lowering inflation and its independence from the government.
The International Monetary Fund (IMF) projected that income per capita in Turkey would drop to 2005 levels, an annual average of $7,720. The IMF also predicted a five percent contraction in the Turkish economy until the end of 2020, despite Ankara's 0.3 percent growth projection.
As the ruling Justice and Development Party (AKP) has levied tax hikes on alcohol biannually for the past several years, the price of alcoholic beverages in Turkey has soared, leading many drinkers to turn to bootleg alcohol. This has resulted in a number of deaths across the country in recent years, culminating in an alarming spike in the past two weeks.
A show owner in Denizli has told the governor of the province that he wants to die because of the worsening economy when asked why he was not wearing a mask. "I've had enough. I want to die. Look at the economy. I gained 15 liras on Tuesday and 100 liras on Wednesday. What use does it have even if that 100 liras is all profit?" the shop owner said.
President Erdoğan on Oct. 17 announced the discovery of an additional 85 billion cubic meters of natural gas in the Black Sea, following a similar find in August. As a result of testing, analysis and detailed engineering work, another 85 billion cubic meters were added to the reserves we had discovered. The total amount of natural gas reserves in the TUNA-1 well of the Sakarya Gas Field reached 405 billion cubic meters," Erdoğan said.
As the ruling Justice and Development Party (AKP) has levied tax hikes on alcohol twice a year for the past several years, the price of alcoholic beverages in Turkey has soared, leading many drinkers to turn to bootleg alcohol. This has resulted in a number of deaths across the country in recent years, culminating in an alarming spike this past week when some 45 people died.
The distribution of assets in Istanbul's stock exchange is dramatically skewed with 86.9 percent of wealth held by 1.3 percent of investors, daily Sözcü reported on Oct. 13. The portfolio assets of the exchange were worth a total 608.19 billion liras at the end of September, 528.15 billion liras were held by a mere 22,333 investors.
Trade Minister Ruhsar Pekcan has said that the Turkish Lira's devaluation against foreign currencies is to blame for the cause of the surge in baby food prices in Turkey.
Turkey's Central Bank's net international reserves shrunk to $16.8 billion by Oct. 2, the bank reported on Oct. 8. Turkey's net international reserves totaled $40.9 billion in January, but had more than halved by Sept. 25, measuring a mere $16.9 billion. The Turkish Lira also hit a new low of 7.9389 against the dollar.
Turkey's Central Bank announced that the real effective exchange rate (REER) of the lira hit the lowest level in 27 years, as souring relations between Ankara and Brussels added to the country's geopolitical woes, bringing lira to 7.88 against the dollar. The Central Bank's real effective exchange rate index sunk to 62.21, dropping by 1.59 points and falling below the former record low it observed during the 2018 Pastor Bronson crisis.
İYİ Party leader Meral Akşener criticized Treasury and Finance Minister Berat Albayrak over the country's deteriorating economy, saying, "Turkey's economy is not Erdoğan's son-in-law's play dough." The İYİ Party leader also slammed Albayrak's remarks on not looking at the exchange rates. "Mr. son-in-law, what are you looking at?" she asked.
Editor's Pick
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
Turkish police on Oct. 28 detained five people over their alleged involvement in the suicide bombing that shook Hatay's İskenderun district earlier this week. İskenderun was rocked by an explosion on Oct. 26 which the authorities blamed on the Kurdistan Workers’ Party (PKK).
President Erdoğan has asked whether people believe that "anyone can't bring home the bread." "Do you believe that anyone can't bring home the bread? Do you think such thing exists in Turkey? Turkey is ahead of many countries in terms of its minimum wage and salaries," Erdoğan told reporters, adding that Turkey is "at a great spot" when one looks at data from the IMF and OECD.
The second leg of Turkey's Rafting Championship took off in the southeastern province of Hakkari on Oct. 27. The four-day event brought together 400 athletes from across the country. Both male and female athletes will compete in categories for downstream rafting, slalom and RX, a unique sub-category of the sport.
A Turkish man named Ömer İ. shot and killed his ex-fiancé and her mother hours after the young woman petitioned for a restraining order against him on Oct. 27. The assailant committed suicide during a stand-off with police shortly after.
The cover-up of the ancient mosaics and frescoes was "unqualified to the point of destroying the structure's character and artistic value," Istanbul Municipality Deputy Secretary General Mahir Polat said. The 4th-century museum was transferred to the property of the state's religious authority, and will open for Muslim worship on Oct. 30.
Public housing residents of southern Hatay who lost their homes in a recent forest fire are still expecting the government to help them, weeks after they were rendered homeless by the flames. While many officials visit the area regularly, they merely take pictures and leave, housing complex residents said.
Leader of ruling People's Alliance member Nationalist Movement Party (MHP), Devlet Bahçeli, babbled during his weekly speech at the party's group meeting as he forgot the word "cake." The chairman accused opposition parties of preparing to eat cake in Paris once he managed to speak again, possibly a reference to President Recep Tayyip Erdoğan's row with French President Emmanuel Macron.
Former Turkish Deputy Prime Minister Ali Babacan, who heads the opposition Democracy and Progress Party (DEVA), has said that President Recep Tayyip Erdoğan's call for a boycott of call was “childish” and "a propaganda." "There are products carrying French brands that are produced in Turkey. They are produced here but their brand is French. What are we going to do, boycott those too?" he said.
Medical staff in both public and private institutions will not be allowed to quit their jobs during the coronavirus outbreak, according to a notice issued by Turkey's Health Ministry on Oct. 27. The Turkish Medical Association (TTB) released a statement with regards to the ministry's new regulation saying it is “unacceptable" at a time when the COVID-19 is still not being recognized as an occupational illness and healthcare staff are not being tested for the virus on a regular basis.
Firefighters have been battling the forest fires that erupted in the southern provinces of Adana, Mersin and Hatay on Oct. 27. Authorities have said that teams have been trying to bring the fires under control and some houses have been evacuated to keep locals safe.
The Turkish Lira further lost its value on Oct. 27, measuring more than 8.1 liras on the dollar as a result of more than 35 percent depreciation this year. The depreciation is a result of Ankara's increasingly strained relationship with the European Union, as well as the United States.
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.
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.
Economy
Turkey's Central Bank Governor Murat Uysal said that it has no target on exchange rates as the lira touched a new low for a third day on Oct. 28. Uysal said higher import costs, with the lira tumbling to record lows beyond 8.3 to the dollar, rising food prices and strong credit growth were the main causes of the upward revision.
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.