Increase in Interest Rate & more – 28th Nov 2023

Merhaba from Keswick Village! This is the Rorshok Turkey Update from the 28th of November twenty twenty-three A quick summary of what's going down in Turkey.

Let’s kick off this edition with some economic news…

In an unexpected move, Turkey's central bank raised its policy interest rate from 35% to 40%. It also announced a potential easing of monetary tightening measures in the near future. However, analysts expect the central bank to maintain high-interest rates for an extended period to restore investor confidence, as many investors withdrew from Turkey following the twenty twenty-one economic crash caused by unorthodox economic models.

On that note…

The Turkish government has proposed a 151% increase in the twenty twenty-four budget for the Religious Affairs Directorate, bringing it to three billion US Dollars from roughly one billion. This move was called into question, as the Directorate has lavish spending habits. Many said that these funds should be spent on essential services like education and healthcare.

Saturday the 25th was the International Day for the Elimination of Violence against Women. While we are striving for a world where violence against women is no longer an issue, the reality says otherwise. In fact, authorities in the cities of Istanbul and Diyarbakır tried to suppress planned peaceful protests. The Diyarbakır governor's office flat-out banned the march, citing that it was against the policies set up to maintain public order. Meanwhile, the Istanbul governor's office played it a bit slicker, closing down certain subway stations and a funicular line to make it harder for people to get to the rally.

Still on women’s rights…

On the same day, in a move to curb violence against women, the president issued a circular on Combating Violence against Women that sparked a social media frenzy. Some people thought that his statement implied that women needed evidence to report abuse, even though the Constitution said otherwise, causing public outrage on social media. However, later on, the Ministry of Social Services and Family cleared the air, saying that a woman’s statement was enough to file a lawsuit for abuse.

People took the president’s circular as a law change —disregarding what the ministry said. For instance, Yusuf Aktaş, a New Welfare Party member, celebrated it on his Twitter account, saying that men will no longer suffer from false accusations. In his celebratory tweet, he also added a screenshot of the anchorwoman of Sözcü TV's Weekend News program as she was presenting a story about the decree. He blurred the anchorwoman in the shot. His actions were called into question, as it might have been an attempt to insult womanhood. Many people targeted Aktaş for being against women.

In Some political news…

The pro-Kurdish Peoples' Equality and Democracy Party, or HEDEP, is facing pressure to change its acronym following an objection from the chief prosecutor’s office. The Court of Cassation said that HEDEP's acronym resembled the acronym of the banned pro-Kurdish party, the People's Democracy Party, or HADEP, and that it should change it. The Constitutional Court shut it down for its links to the Kurdistan Workers’ Party, which Turkey deems a terrorist organization. The Constitutional Court accused HADEP of being the “hub of illegal activities,” leading to the party’s closure in two thousand three.

On Friday the 24th, the party announced that it’ll change its acronym but keep the same party name.

Now, onto a topic that's on everyone's minds: The country’s earthquake vulnerability…

According to Turkey’s director at the World Bank, the nation needs over 500 billion US Dollars to quake-proof all the buildings in the country. He also estimated that it’ll take over 100 billion US Dollars to rebuild the cities devastated by the twin quakes back in February. Earthquakes are a topic of concern in İstanbul. With its high population and weak urban structure, experts believe that quakes can cause serious damage.

The director also talked about how climate change was affecting Turkey. The country’s infrastructure is struggling with extreme weather conditions. It would cost Turkey over 600 billion dollars to weather the storm and adapt to the new climate patterns.

Ensuring Turkey's safety from earthquakes and natural disasters demands an investment that surpasses the country's annual Gross National Product.

Speaking of extreme weather conditions…

This week’s weather forecast is no different from last week. On Saturday the 25th, the Turkish Disaster and Emergency Management Presidency issued a code orange weather warning in over sixty cities, meaning there’s a severe risk of thunderstorms, heavy rain and flood.

Some road updates for travelers…

The Black Sea Coastal Highway, a controversial and costly project, is closed for travel after it suffered damage from the region's powerful storms. Back in the early two thousands, the government approved the project despite experts’ warnings and environmental concerns. They had argued that the highway would disrupt the natural defenses against storms, and cause more damage in extreme weather, a common occurrence on the country’s northern shore. Now, the highway is infamous for collapsing or flooding every other year.

The latest storm also severely damaged the road, leaving vehicles stranded and forcing authorities to close it down. Waves reaching a height of four meters, or thirteen feet, caused lightning poles to fall and rocks to block the road, making it unsafe for travel.

The ongoing damage and disruptions once again raised questions about the project's viability and highlighted the disregard for environmental concerns.

Next up, on Tuesday the 21st, the Istanbul police detained over forty officers suspected of accepting bribes in an anti-corruption operation within the police force. A day later, on Wednesday the 22nd, an Istanbul court arrested thirty-nine of them. The investigation began in early November and uncovered a network of police officers who were taking bribes to overlook construction trucks with missing documentation.

Moving on…

On Wednesday the 22nd, Istanbul's city council approved a 15% hike in water prices, effective immediately. The decision stemmed from concerns over potential water shortages due to low dam reservoir levels.

Back to politics…

On Tuesday the 21st, Turkey's Interior Ministry launched an investigation into İzmir Mayor Tunç Soyer for allegedly insulting the Ottoman Empire and its last sultan, Vahdettin. The ministry accused Soyer of inciting hatred and enmity with a speech he gave in September commemorating İzmir's liberation from occupying forces. In his speech, Soyer criticized the Ottoman leadership for its negligence and betrayal of the nation.

This week's most sensational news involved a fraud ensnaring some of Turkey's most celebrated football players. The police apprehended Seçil Erzan, a former branch manager at a prominent Turkish bank, on charges of fraudulent activities. Erzan allegedly enticed investors with lucrative returns through a fund she established under the name "Fatih Terim Fund.", named after a football player. Her deceptive scheme reportedly defrauded millions of dollars from various business people and athletes, including renowned football stars Arda Turan, Emre Belözoğlu, Selçuk İnan, and Fernando Muslera.

Aaaand that’s it for this week. Remember you can buy one of our really cool and environmentally friendly T-shirts! They are made of 100% unbleached organic cotton, grown and ginned in Texas, spun and knit in the Carolinas, and sewn and printed in Missouri. To buy one, follow the link in our show notes.

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