(Bloomberg) -- Turkish Airlines will start a buyback program after it's approved at its shareholders' general assembly meeting scheduled on March 31, Chairman Ilker Ayci said on Sunday.
Around 85% of the carrier's passenger planes are not being used at the moment, Ayci said in an interview with CNNTurk television, after Turkey suspended flights from more than 60 countries because of the coronavirus outbreak.
The flagship carrier will halt most international flights from March 27 until April 17, Chief Executive Officer Bilal Eksi said on Twitter. Service will continue to Hong Kong, Moscow, Addis Ababa, New York and Washington. The airline will continue cargo flights while reducing the frequency of domestic flights, he added.
Turkey's death toll from the disease rose to 21, with 947 people infected, Health Minister Fahrettin Koca said late Saturday.
As part of its efforts to counter the economic impact of the outbreak, Turkey cut value-added tax on aviation to 1% from 18% until the end of June, according to a presidential decree published in the Official Gazette on Sunday.
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
