The Turkish economy collapses … 10 thousand companies closed due to missteps and gullibility

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Experts expect to close more in the coming period, in light of the turmoil in the lira

Due to the confusion and naivety of Turkish President “Erdogan”, the number of companies that were liquidated during the first nine months of this year in Turkey broke the record by exceeding the number of 10,000 companies, and last September alone it closed 1582 companies.

Turkish companies face great challenges in light of the grinding economic crisis that the country is going through, and what made their situation worse is the crisis of the Coronavirus epidemic, so the last resort for them was to reschedule their debts in an attempt to escape the specter of bankruptcy.

According to the Turkish Federation of Chambers and Exchanges, 10 thousand 453 companies closed in the first nine months of 2020, while the number of companies that closed in the first nine months of last year was 9,385, indicating an 11 percent increase from last year.

According to the Turkish time, it is noteworthy that 1808 out of 10 thousand 453 companies closed in the period from January to September were joint-stock companies, and among the joint-stock companies, most of those companies were working in the electric power production sector, the construction of residential and non-residential buildings, and technical consultations for engineering activities. . The electric power companies were the largest among the companies that described their work, as 211 companies were closed in the first nine months of this year.

Finally, the weekly report of the Banking Sector Regulation and Supervision Committee revealed that the value of debts owed by companies in Turkey, starting from October 9, rose to 132 billion and 207 million Turkish liras, while the previous week was only 131 billion and 322 million.

Regarding the distribution of debts, the share of local private banks from these receivables was 40 billion and 77 million liras, while government banks ’receivables amounted to 38 billion and 461 million liras, while foreign banks’ receivables amounted to 44 billion and 669 million liras.

Economists predict that the coming period will witness more companies announcing their inability to pay their scheduled debts in light of the turmoil of the lira’s exchange rate against foreign currencies. Despite resorting to the option of rescheduling debts, through the “bankruptcy settlement” request, a number of companies declared their inability to pay debts even after they were scheduled.

The Turkish economy collapses … 10 thousand companies closed due to Erdogan’s blunders and gullibility

Previously

Due to the confusions and naivety of Turkish President “Erdogan”, the number of companies that were liquidated during the first nine months of this year in Turkey broke the record by exceeding the number of 10,000 companies, and last September alone it closed 1582 companies.

Turkish companies face great challenges in light of the grinding economic crisis that the country is going through, and what made their situation worse is the crisis of the Coronavirus epidemic, so the last resort for them was to reschedule their debts in an attempt to escape the specter of bankruptcy.

According to the Turkish Federation of Chambers and Exchanges, 10 thousand 453 companies closed in the first nine months of 2020, while the number of companies that closed in the first nine months of last year was 9,385, indicating an increase of 11 percent from last year.

According to the Turkish time, it is noteworthy that 1808 out of 10 thousand 453 companies closed in the period from January to September were joint-stock companies, and among the joint-stock companies, most of these companies were working in the electric power production sector, building residential and non-residential buildings, and technical consultations for engineering activities. . The electric power companies were the largest among the companies that described their work, as 211 companies were closed in the first nine months of this year.

Finally, the weekly report of the Banking Sector Regulation and Supervision Committee revealed that the value of debts owed by companies in Turkey, starting from October 9, rose to 132 billion and 207 million Turkish liras, while the previous week was only 131 billion and 322 million.

Regarding the distribution of debts, the share of local private banks from these receivables was 40 billion and 77 million liras, while government banks ’receivables amounted to 38 billion and 461 million liras, while foreign banks owed 44 billion and 669 million liras.

Economists predict that the coming period will witness more companies announcing their inability to pay their scheduled debts in light of the turmoil of the lira’s exchange rate against foreign currencies. Despite resorting to the option of rescheduling debts, through the “bankruptcy settlement” request, a number of companies declared their inability to pay debts even after they were scheduled.

October 26, 2020 – Rabi` Al-Awal 9, 1442

02:00 AM

Last update
October 26, 2020 – Rabi` Al-Awal 9, 1442

11:09 AM


Experts expect to close more in the coming period, in light of the turmoil in the lira

Due to the confusions and naivety of Turkish President “Erdogan”, the number of companies that were liquidated during the first nine months of this year in Turkey broke the record by exceeding the number of 10,000 companies, and last September alone it closed 1582 companies.

Turkish companies face great challenges in light of the grinding economic crisis that the country is going through, and what made their situation more severe is the crisis of the Corona virus epidemic, so the last resort for them was to reschedule their debts in an attempt to escape the specter of bankruptcy.

According to the Turkish Federation of Chambers and Exchanges, 10 thousand 453 companies closed in the first nine months of 2020, while the number of companies that closed in the first nine months of last year was 9,385, indicating an increase of 11 percent from last year.

According to the Turkish time, it is noteworthy that 1808 out of 10 thousand 453 companies closed in the period from January to September were joint-stock companies, and among the joint-stock companies, most of these companies were working in the electric power production sector, building residential and non-residential buildings, and technical consultations for engineering activities. . The electric power companies were the largest among the companies that described their work, as 211 companies were closed in the first nine months of this year.

Finally, the weekly report of the Banking Sector Regulation and Supervision Committee revealed that the value of debts owed by companies in Turkey, starting from October 9, rose to 132 billion and 207 million Turkish liras, while the previous week was only 131 billion and 322 million.

Regarding the distribution of debts, the share of local private banks from these receivables was 40 billion and 77 million liras, while government banks ’receivables amounted to 38 billion and 461 million liras, while foreign banks’ receivables amounted to 44 billion and 669 million liras.

Economists predict that the coming period will witness more companies announcing their inability to pay their scheduled debts in light of the turmoil of the lira’s exchange rate against foreign currencies. Despite resorting to the option of rescheduling debts, through the “bankruptcy settlement” request, a number of companies declared their inability to pay debts even after they were scheduled.

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