Bankruptcies in Turkey increased to 1269 Companies in June from 563 Companies in May of 2021, Union of Chambers and Commodity Exchanges of Turkey said.
Looking forward, Bankruptcies are estimated to stand at 1650.00 in 12 months time. In the long-term, the Turkey Bankruptcies is projected to trend around 1400.00 Companies in 2022 and 1150.00 Companies in 2023.
According to main opposition CHP MP Ağbaba, the number of shopkeepers who went bankrupt in Turkey saw a monthly increase of 94 percent in June while the number of companies that were closed increased by 116 percent.
The number of shopkeepers who went bankrupt in Turkey in May 2021 was 3,893. However, this number increased by 94 percent to 7,568 in June 2021.
According to the statement of the main opposition MP, 84 percent of the small and medium sixed enterprises (SME) are indebted to banks. The Banking Regulation and Supervision Agency (BDDK) data has shown that the total amount of SMEs' debts to banks is nearly 950 billion lira.
Arguing that the financial support offered to shopkeepers during the COVID-19 pandemic is inadequate, Ağbaba has said:
"High interest rate loans, increasing foreign exchange rates and uncertainties in the economy lead to mass bankruptcy of companies in Turkey.
"A potential increase in the rate of bankruptcy on the part of both shopkeepers and small and medium sized enterprises in the upcoming period will also lead to an increase in mass unemployment."
According to Turkey's Gazette of Tradespeople and Artisans, 80,166 tradespeople got their businesses removed from registries and 19,422 carried out the procedures for abandoning the profession.
The reality is that the Turkish economy is bankrupt and millions of Turkish citizens are on the verge of starvation, while the coronavirus is raging like wildfire, making Turkey the fifth largest country in the world in terms of infections.
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