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| Thursday, March 11, 2010 | |
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Economy in 2003Below is a summary of economic developments in Turkey in 2003 in chronological order. JANUARYJANUARY 1 - Minimum wage was announced as net 225 million 999 thousand Turkish liras (TL). JANUARY 2 - Exports from Turkey in 2002 increased to 36.2 billion U.S. dollars. JANUARY 3 - Inflation rate became 30.8 percent in wholesale prices and 29.7 percent in consumer prices. JANUARY 8 - President Ahmet Necdet Sezer approved the law envisaging annulment of financial-zero implementation. JANUARY 10 - Visit of State Minister Kursad Tuzmen with a delegation of 315 businessmen to Iraq prior to the war, caused criticisms in the press. JANUARY 13 - Deputy Prime Minister Abdullatif Sener announced target of privatization for the year 2003 as 4 billion U.S. dollars. JANUARY 16 - The draft law about tax peace was approved by the government. JANUARY 20 - Prime Minister Abdullah Gul said that the budget should be diminished by 149 quadrillion Turkish liras. JANUARY 29 - Prime Minister Ahmet Necdet Sezer returned the law known as tax peace in the public opinion, to the parliament for re-consideration. FEBRUARYFEBRUARY 4 - Finance Minister announced that spending were 115.5 quadrillion Turkish liras (TL), budget deficit was 39.1 quadrillion TL and non-interest surplus was 12.8 quadrillion TL. FEBRUARY 8 - As a result of talks with U.S. Treasury Undersecretary for International Affairs John Taylor, Turkish and the U.S. sides reached an compromise that Turkey's losses would be compensated in case of a likely military operation against Iraq. FEBRUARY 12 - Foreign Minister Yasar Yakis and State Minister Ali Babacan left for Washington D.C. on an official visit. FEBRUARY 14 - The United Nations formed a mission force for rebuilding of Iraq after the war. FEBRUARY 15 - The Washington Post newspaper wrote that Turkey and the United States could not reach an agreement on the dimension of economic support package. It was claimed that the United States proposed Turkey 6 billion U.S. dollars of donation and 20 billion U.S. dollars of loan as economic assistance. FEBRUARY 20 - International Monetary Fund (IMF) delegation met with Turkish officials to discuss the economic situation following crises. FEBRUARY 23 - Turkey and Greece signed an agreement of natural gas pipeline. FEBRUARY 27 - The law known as tax peace in the public opinion, came into force after being published in the Official Gazette. MARCHMARCH 1 - The Prime Ministry motion about dispatch of Turkish soldiers abroad and deployment of foreign armed forces units in Turkey for a period of six months was rejected since absolute majority could not be reached at the Parliamentary General Assembly. MARCH 3 - The Istanbul Stock Exchange (IMKB) decreased sharply and interest rates increased after rejection of the Prime Ministry motion about dispatch of Turkish soldiers abroad and deployment of foreign armed forces units in Turkey for a period of six months. Prime Minister Abdullah Gul announced the package of measures to increase savings and income. MARCH 4 - Beko Electronics submitted a letter of intent to purchase the Grundig. MARCH 8 - International Monetary Fund (IMF) stated that an agreement was reached with Turkish officials over all main elements in the letter of intend for the fourth review. MARCH 10 - World Bank Representative in Turkey Ajay Chhibber said that the World Bank would not extend support to the budget of the Justice and Development Party (AK Party) government. MARCH 14 - The 59th government was formed by Justice and Development Party (AK Party) leader Recep Tayyip Erdogan. MARCH 15 - The Labor Security Law came into force. MARCH 16 - The parliament postponed beginning of implementation of the Labor Security Law to June 30, 2003. The budget for the year 2003, which was earlier envisaged as 146.9 quadrillion TL, was increased to 147.2 quadrillion TL. MARCH 17 - Price of one U.S. dollars increased to 1 million 715 thousand TL due to a likely war in Iraq. MARCH 19 - State Minister Ali Babacan stated that the package of 6 billion U.S. dollars was not valid for the time being. MARCH 20 - The U.S.-led military operation against Iraq started. The Central Bank stated that all necessary measures were taken to decrease negative impacts of the military operation on markets to the minimum. MARCH 24 - The Istanbul Stock Exchange (IMKB) decreased to 8,892.65, the lowest level of the year. The Turkish Airlines stopped temporarily its flights to Agri, Erzincan, Batman and Mus due to commercial reasons. MARCH 25 - U.S. President George W. Bush said that he had proposed an economic support of 8.5 billion U.S. dollars as a direct loan in his war budget. Foreign Minister and Deputy Prime Minister Abdullah Gul said that the loan was not regarded with opening of northern front. MARCH 26 - The Privatization Board was included under the structure of the Ministry of Finance. MARCH 31 - The States Institute of Statistics (DIE) announced that the Turkish economy had grown by 7.8 percent in 2002. President Ahmet Necdet Sezer returned the law about postponement of beginning of implementation of the Labor Security Law to the parliament for re-consideration. APRILAPRIL 18 - International Monetary Fund (IMF) Board completed the fourth review and released a new tranche of loan worth of 701 million U.S. dollars. APRIL 19 - Transit passages at Habur Border Gate, which were earlier stopped due to the war in Iraq, were re-started. APRIL 21 - Price of one U.S. dollars decreased to 1.6 million Turkish liras (TL). APRIL 22 - Turkey stopped its electricity imports from Bulgaria since conditions of the agreement were not fulfilled. APRIL 26 - Transportation Minister Binali Yildirim said that privatization of Turkish Telekom was opened to the signature of members of the Council of Ministers, adding that a decision would be taken later. MAYMAY 6 - International Monetary Fund (IMF) First Deputy Managing Director Anne Krueger came to Turkey. MAY 7 - The Bulgarian Privatization Agency invited Koc Holding-Turk Telekom consortium for talks on privatization of Bulgarian Telecommunications Institution which is one of the biggest state enterprises in the country's privatization program. MAY 11 - Prime Minister Recep Tayyip Erdogan said that they would exempt provinces having a national income per capita under 1.5 thousand U.S. dollars from taxes and Social Security Agency (SSK) premiums. MAY 12 - Price of one U.S. dollars decreased to 1.5 million TL. MAY 13 - A pre-agreement was signed about merger of Aria and Aycell. MAY 14 - The Turkish Airlines (THY) stopped its flights to Beijing and Shanghai, the People's Republic of China, till June 15. MAY 21 - International Monetary Fund (IMF) delegation started holding talks with Turkish officials under the fifth review. MAY 28 - The first contract about A400m project, about the biggest cargo plane of the future, which constituted the first important step in integration of Turkish industry in European Aviation Industry was signed in Bonn, Germany. MAY 29 - Price of natural gas decreased 7.5 percent to 288 thousand TL for industrial sector. MAY 30 - Price of one U.S. dollars decreased to 1 million 420 thousand TL. Non-governmental organizations called on the Central Bank to intervene in foreign exchange. JUNEJUNE 4 - Number of bureaucratic obstacles in front of establishment of companies was decreased from 19 to 3. JUNE 5 - Parliamentary General Assembly approved the draft law about direct foreign investments aiming at encouraging foreign investors to invest in Turkey. JUNE 8 - Prime Minister Recep Tayyip Erdogan laid foundation of the rapid train project which will decrease period of journey between Istanbul and Ankara to three hours by rehabilitating the existing railway system. JUNE 9 - Energy and Natural Resources Minister Hilmi Guler, Public Works Minister Valentin Cerovski of Bulgaria and Energy Minister Milko Kovachev of Bulgaria signed a protocol after completing their meeting over purchase of electricity. President Ahmet Necdet Sezer approved the Labor Law. JUNE 12 - The Ministry of Energy annulled exclusive contracts of Cukurova Electricity and Kepez Electricity. JUNE 25 - The Council of Ministers took a decision in principle about merger of Aycell and Aria. JUNE 27 - Negotiations between Russia and Turkey to remove existing problems about purchase of natural gas, were suspended. JUNE 30 - Turkish economy grew by 7.4 percent in the first three months of 2003 over the same period last year. JULYJULY 3 - The State Institute of Statistics (DIE) announced that wholesale prices fell by 1.9 percent and consumer prices decreased by 0.2 percent in June. Annual inflation decreased to 30 percent. JULY 4 - The Banking Regulation and Supervision Agency (BRSA) decided to transfer the Imar Bankasi to the Savings Deposit and Insurance Fund (SDIF). JULY 15 - Price of one U.S. dollar decreased to 1 million 379 thousand Turkish liras (TL). JULY 19 - An agreement was signed between the Bulgarian Privatization Agency and Koc Holding-Turk Telekom consortium on privatization of Bulgarian Telecommunications Institution. JULY 20 - A compromise was reached between the International Monetary Fund (IMF) and Turkey over the fifth review. JULY 23 - Andrew Vorkink was appointed as the new representative of the World Bank in Turkey. JULY 25 - The letter of intent about the fifth review was presented to the International Monetary Fund (IMF). JULY 26 - The Banking Regulation and Supervision Agency (BRSA) changed administration of the Adabank. JULY 29 - Energy and Natural Resources Minister Hilmi Guler said that the arbitration process between Turkey and Russia about the Blue Stream Project was suspended. JULY 31 - The court in New York decided to sentence the Uzan family to pay 4.26 billion U.S. dollars to Motorola firm. AUGUSTAUGUST 1 - Purchase of natural gas started in the Blue Stream Project. AUGUST 2 - International Monetary Fund (IMF) Board approved the fifth review and released another trance of loan worth of 476 million U.S. dollars. AUGUST 3 - The State Institute of Statistics (DIE) announced that wholesale prices fell by 0.5 percent and consumer prices decreased by 0.4 percent in July. AUGUST 8 - Turkey and Turkish Republic of Northern Cyprus (TRNC) signed the Customs Union Frame Agreement. AUGUST 13 - Oil pumping was resumed in the Kirkuk-Yumurtalik crude oil pipeline. AUGUST 14 - Motorola lost the case about freezing properties of the Uzan family in Switzerland. AUGUST 16 - Oil pumping was halted in the Kirkuk-Yumurtalik crude oil pipeline due to a fire. SEPTEMBERSEPTEMBER 3 - The State Institute of Statistics (DIE) announced that wholesale prices fell by 0.2 percent while consumer prices increased by 0.2 percent in July. SEPTEMBER 6 - The U.S. Department of Treasury said that Turkey's dispatch of its soldiers to Iraq was not a pre-condition for its loan worth of 8.5 billion U.S. dollars. SEPTEMBER 9 - U.S. President George W. Bush's administration stated that it was ready to provide Turkey with a loan of 8.5 billion U.S. dollars. SEPTEMBER 16 - The Turkish Airlines announced that it suffered a loss of 12 trillion 353.8 billion TL for the first half of the year. SEPTEMBER 17 - Turkish Telekom General Assembly authorized Turkish Telekom about merger of Aycell and Aria. SEPTEMBER 18 - The Central Bank made a three-point decrease in short-term interest rates. SEPTEMBER 22 - A finance agreement was signed about the United States' loan to Turkey worth of 8.5 billion U.S. dollars. SEPTEMBER 23 - Koc Holding and Sabanci Holding decided to act together in privatization of Turkish Telekom and National Lottery. SEPTEMBER 29 - Price of one U.S. dollars increased to 1 million 400 thousand TL and price of one Euro rose to 1 million 600 thousand TL. OCTOBEROCTOBER 14 - State Minister and Deputy Prime Minister Abdullatif Sener announced budget figures as 160.9 quadrillion Turkish liras (TL), incomes as 114.5 quadrillion TL and budget deficit as 46.3 quadrillion TL. The sixth review works between Turkey and the International Monetary Fund (IMF) were completed. OCTOBER 18 - Oil pumping through Kirkuk-Yumurtalik crude oil pipeline re-started. OCTOBER 21 - State Minister Ali Babacan said that their intention to use the U.S. loan continued. OCTOBER 23 - The Banking Regulation and Supervision Agency (BRSA) stated that crises cost Turkey 47.2 billion U.S. dollars. OCTOBER 27 - Price of one U.S. dollars increased to 1 million 500 thousand TL after 5.5 months. OCTOBER 28 - The program for the year 2004 targeted a five percent increase in gross national product (GNP), and an annual inflation rate of 12 percent. A compromise was reached between Turkey and the World Bank about the County Assistance Strategy (CAS) loan of 4.5 billion U.S. dollars. NOVEMBERNOVEMBER 3 - The State Institute of Statistics (DIE) announced that annual inflation became 16.1 percent in wholesale prices and 20.8 percent in consumer prices. NOVEMBER 5 - The Japanese Tobacco International (JTI) offered the highest bid in the tender for the tobacco enterprises of the General Directorate of Tobacco, Tobacco Products, Salt and Alcohol Enterprises (TEKEL). NOVEMBER 11 - Parliamentary General Assembly approved the Oil Market Draft Law by making some changes. NOVEMBER 12 - A protocol was signed between Turkey and Iraq envisaging co-operation in electricity. NOVEMBER 13 - The Telecommunication Board approved the merger of Aycell and Aria. NOVEMBER 19 - Negotiations between Petroleum Pipeline Corporation (BOTAS) and Gasprom of Russia to resolve the problems in purchase of natural gas, resulted in agreement. The draft law about supplementary budget was approved by the parliament. NOVEMBER 20 - A number of people lost their lives in the twin suicide attacks targeting the HSBC Bank Headquarters and the British Consulate General in Istanbul. The Istanbul Stock Exchange (IMKB) stopped its activities. The Central Bank took some measures to decrease impacts of the attacks on markets to the minimum. NOVEMBER 24 - Turkish Telekom sequestrated both name and license of GSM operator Telsim. DECEMBERDECEMBER 3 - The State Institute of Statistics (DIE) announced that annual inflation became 16.2 percent in wholesale prices and 19.3 percent in consumer prices. DECEMBER 4 - It was stated that Turkish companies could directly compete in giant tenders worth of 18.7 billion U.S. dollars for rebuilding process of Iraq. DECEMBER 10 - The State Institute of Statistics (DIE) announced that the growth rate in the third three-month period of the year became 4.9 percent. DECEMBER 12 - The Council of Ministers took a series of decisions about privatization of Turkish Telekom. DECEMBER 15 - Seizure of former Iraqi leader Saddam Hussein caused a decrease in oil prices in the international markets. Industrial production increased by 9.4 percent in the third quarter of the year. DECEMBER 19 - International Monetary Fund (IMF) Board approved the sixth review and released a trance of loan worth of 502 million U.S. dollars. DECEMBER 20 - The Oil Market Law providing discipline in the fuel oil sector came into force after being published in the Official Gazette. DECEMBER 22 - The agreement preventing double taxation between Turkey and Latvia was approved.
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