On the 6th (local time), a magnitude 7.8 earthquake struck southeastern T?rkiye bordering Syria, causing a building to collapse in Azmarin village, Idlib province, northwestern Syria. [Image source=Yonhap News]
[Asia Economy Reporter Lee Ji-eun] On the 6th (local time), consecutive strong earthquakes measuring 7.8 and 7.5 struck T?rkiye, resulting in over 3,500 deaths in T?rkiye and neighboring Syria. Concerns are rising that the death toll and damage will increase further as aftershocks continue to cause the collapse of aging buildings.
According to the UK's The Guardian and AFP news agency, Turkish authorities reported 2,316 deaths and 13,293 injuries from the earthquakes. AFP reported that in Syria, which borders the southern Turkish city of Gaziantep where the earthquake occurred, 1,297 deaths have been confirmed. The two major quakes and nearly 80 aftershocks have impacted the northwestern border regions of T?rkiye and Syria.
Many residents are trapped under the rubble of collapsed buildings, and the number of casualties is expected to rise significantly. Catherine Smallwood, the WHO's senior emergency officer for Europe, told AFP, "Rescue teams are conducting operations amid building debris, and the death toll could increase up to eightfold."
In response, Turkish President Recep Tayyip Erdo?an declared a one-week national mourning period the day before and ordered all government institutions and overseas missions to fly flags at half-mast until the 12th. To focus on recovery efforts, all schools nationwide were ordered to close until the 13th.
Syrian President Bashar al-Assad also held an emergency meeting on the same day, instructing all necessary measures to be taken for damage control. The Syrian Ministry of Defense deployed emergency rescue forces, and the rebel group 'White Helmets' appealed for international assistance via Twitter, stating, "Harsh cold and stormy weather conditions have worsened the tragic situation."
The Turkish stock market and the lira showed weakness following the earthquake news. According to the Wall Street Journal (WSJ) on the same day, the Istanbul Stock Exchange's BIST 100 index closed at 4,930.18, down 1.35% from the previous day. The BIST 100 index tracks the top 100 companies listed on the Istanbul Stock Exchange.
The Turkish lira's value fell to as low as 18.85 per US dollar in early trading but slightly rebounded, limiting the decline. The combined effects of the central bank's interest rate cuts and the massive earthquake appear to have increased downward pressure on the lira's value.
Earlier, according to the United States Geological Survey (USGS), at 4:17 a.m. the previous day, a magnitude 7.8 earthquake occurred inland at a depth of 17.9 km, about 33 km from the southern Turkish city of Gaziantep. Later, at around 1:24 p.m., a magnitude 7.5 quake struck the Kahramanmara? region in central T?rkiye, followed by nearly 80 aftershocks. Major foreign media analyzed that in Syria, buildings weakened by the prolonged civil war collapsed easily due to the earthquake, exacerbating the damage.
This earthquake matches the magnitude of the largest earthquake in T?rkiye's history, which struck the northeastern region in 1939 and caused over 30,000 deaths. Foreign media reported that tremors were felt as far as Cairo, Egypt, about 1,000 km from the epicenter.
Currently, Turkish authorities continue to search for survivors, but the rescue efforts are hampered by the early morning timing of the disaster and the snow and rain.
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