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May 1- State Minister Kemal Dervis said that Turkey was about to get rid of the economic crisis.
May 3- Inflation rate in April was annouced as 14.4 percent in wholesale prices and as 10.3 percent in consumer prices. National index increased by 821 points after Dervis`s statement on Turkish Telekom.
May 7- Another hitch occurred in privatization of Turkish Telekom.
May 8- State Minister Dervis and Transportation Minister Enis Oksuz came together again to discuss Turkish Telekom. Zeki Cakan was appointed as the Energy and Natural Resources Minister. The Izmir Economics Congress which was scheduled to be held in June was postponed.
May 10- Niyazi Erdogan was appointed as the Ziraat Bankasi Director General.
May 11- The Competition Board launched an investigation against Turkish Telekom. Treasury conveyed its opinions on contracts for 29 build-operate-transfer and operation right transfer projects under its guaranty, to the Energy and Natural Resources Ministry. The parliament approved the Banking Law.
May 14- THY decided to vary its domestic flights prices. The Council of Ministers discussed the flood disaster in Hatay and decided to bring force majeure implementation to tax payers until end of June.
The Banking and Telekom laws which had been adopted by the parliament were sent to the Presidential Palace for approval. Motor vehicles producer Tofas`s companies were merged.
-19 BILLION U.S. DOLLARS OF SOURCE -
May 15- IMF Executive Directors Board approved Turkey`s economic programme and financial package. IMF said that it would give Turkey 19 billion U.S. dollars of loan and it would give 3.8 billion U.S. dollars part of this loan in May. Dervis held a meeting to explain prior targets of the economic programme. Central Bank Governor Serdengecti announced the monetary dimension of the programme. BRSA announced the banking sector restructuring programme. Under this programme, Ziraat Bankasi`s and Halkbankasi`s privatization in 3 years, and transfer of Emlakbank to Ziraat Bankasi after its closure were adopted.
VAT rate was increased by 1 percent.
May 16- After announcement of economic programme, foreign exchange rates decreased and national index increased. Banks started to decrease deposit interest rates. Under a Council of Ministers decision, VAT facility was offered to exporters. BRSA Chairman Akcakoca said that Sumerbank and other transitional banks to be formed would be again put up for sale by July 31.
May 17- Central Bank gave up daily auctions to sell foreign excange in return for TL. A rumor which said that Treasury would make a domestic debt swap started to spread. Turkish Telekom`s privatization auction was cancelled.
May 18- IMF sent 3.9 billion U.S. dollars of loan tranche.
May 19- Domestic debt swap topped the economic agenda.
May 21- The government and labor unions reached an agreement on the issue of increase in workers` wages. Telekom Law was approved.
May 26- Faruk Yucel was re-elected Chairman of the Union of Turkish Agriculture Associations (TZOB).
May 28- Wheat prices caused problem at the Council of Ministers meeting, but the problem was solved at the summit meeting of leaders of political parties forming the coalition government.
May 31- State Minister Yuksel Yalova for Privatization resigned due to his statement on the Tobacco Law. Carslberg purchased Turkish Tuborg`s 47.77 percent stake.
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