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23 March 2020

Turkish Airlines to buy back shares after approval, Chairman

Turkey slashed value-added tax on aviation to one per cent from 18 per cent until the end of June 2020 as part of its efforts to counter the economic impact of COVID-19

The carrier will halt most international flights from 27 March until 17 April 2020/Bloomberg

by Bloomberg

The Chairman of Turkish Airlines said that the carrier will start a buyback programme after it’s approved at its shareholders’ general assembly meeting scheduled on 31 March 2020.

Ilker Ayci, the Chairman of Turkish Airlines, said that around 85 per cent of the carrier’s passenger planes are not being used at the moment after Turkey suspended flights from more than 60 countries because of the coronavirus outbreak.

The carrier will halt most international flights from 27 March until 17 April 2020, service will continue to Hong Kong, Moscow, Addis Ababa, New York and Washington, said Bilal Eksi, the Chief Executive Officer of Turkish Airlines.

The airline will continue cargo flights while reducing the frequency of domestic flights.

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