What matters on Friday, February 10

Turkey’s disaster management agency, AFAD, said 18,342 people were killed and 74,242 others were injured in 10 cities after Monday’s two strong earthquakes. More than 6,000 buildings collapsed due to the 7.7 and 7.6 magnitude quakes that occurred in the space of fewer than 10 hours.

President Recep Tayyip Erdogan stated that the Environment, Urbanization, and Climate Change Ministry will construct buildings with three-four floors in the disaster-hit regions within a year. Erdogan also noted that they will intervene in plunder activities within the scope of the state of emergency.

Many nations have dispatched search and rescue teams to southern Turkey. The help from countries worldwide includes medical kits, medical personnel, financial aid, rescue teams, rescue dogs, high-tech equipment, heaters, and generators. More than 120,344 search and rescue personnel are currently working in the field, according to the Disaster and Emergency Management Presidency (AFAD). “A total of 30,360 people were evacuated from quake-hit regions,” AFAD said in a statement. “A total of 97,973 family tents have been set up to shelter survivors,” the statement read. It added that 10,363 vehicles, including excavators, tractors, and bulldozers, were sent to the disaster area.

Foreign Minister Mevlut Cavusoglu said 95 countries and 16 international organizations offered to send Turkey assistance, with many nations sending search and rescue teams, doctors, field hospitals, and aid materials to the quake-hit region. Speaking in the capital Ankara, Cavusoglu said 6,479 personnel from 56 countries were currently in the field. “Teams from 19 more countries will be in our country within 24 hours,” he added at the news conference alongside Tahsin Ertugruloglu, his counterpart from the Turkish Republic of Northern Cyprus (TRNC).

Many sectors have revised their production programs in line with the needs of the quake-hit regions. Manufacturers who have prioritized product delivery to these regions, use their production lines to meet the need of earthquake victims. They even send their export products to these cities. For instance, the carpet, knitwear, and ready-to-wear sectors have started blanket and winter clothes manufacturing while the automotive supply industry has started the mass production of iron-cutting machines, and packaging manufacturers have headed towards the production of packages in which aid will be delivered.

The World Bank announced it will initially provide USD 1.78bn aid for Turkey’s recovery and reconstruction efforts in the wake of powerful earthquakes. It also stated that it has also commenced a rapid damage assessment to estimate the magnitude of the disaster and identify priority areas for recovery and reconstruction support. ICBC Turkey has provided TRY 1m cash support to the Disaster and Emergency Management Presidency (AFAD) for earthquake victims. The US Agency for International Development (USAID) stated that it is providing USD 85m in urgent humanitarian assistance to Turkey and Syria after deadly earthquakes.

Pause for schools has been extended for another week to February 20, according to Education Minister Mahmut Ozer. Separately, the opening of universities across the country has been suspended until further notice, the Council of Higher Education (YOK) said in a statement.


The unemployment rate increased by 0.1 points to 10.3% in December, compared to the previous month, according to the Turkish Statistical Institute (TurkStat).

The industrial production index dropped by 0.2% in December, compared to the same month last year, according to TurkStat. The index rose by 1.6% on a monthly basis.

The Construction Cost Index climbed by 78.40% in December, year-over-year, according to TurkStat. The index surged by 1.44% on a monthly basis.


>> Foreigners’ net equity, government debt securities, and corporate bond acquisitions amounted to USD 92.1m, USD 40.3m, and USD 1.5m respectively, in the week ending on February 3, according to the Central Bank.

>> Residents’ FX deposit accounts declined by USD 1.04bn in the week ending on February 3, compared to the previous week, according to parity-adjusted data from the Central Bank.

>> The Central Bank’s international net reserves surged by USD 1.2bn to USD 27.9bn in the week ending on February 3, compared to the previous week. The bank’s total reserves jumped USD 2.48bn to USD 129.6bn in the same period, hitting an 8-year high.

>> The banking sector’s total loan volume surged by TRY 75.38bn from TRY 7.8tr to TRY 7.87tr and its total deposits rose by TRY 5.98bn to TRY 9.19tr in the week ending on February 3, compared to the previous week, according to the Banking Regulation and Supervision Agency (BDDK).

>> The total amount in FX-protected TRY deposit accounts (KKM) increased by TRY 48.9bn to TRY 1.45tr in the week ending on February 3, compared to the previous week, according to BDDK.

>> Koc Holding’s oil refinery subsidiary Tupras’ (Turkiye Petrol Rafinerileri AS) net profit rose from TRY 3.49bn to TRY 41.04bn in 2020, compared to the previous year. The company’s revenues increased from TRY 152.5bn to TRY 481.76bn in this period.

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