Tourists shop at the Grand Bazaar in Istanbul, Turkey. Reuters
Turkey’s central bank raised its year-end inflation forecast on Thursday to 12.2 per cent from 9.4 per cent, in part due to pressure from lira depreciation, and its new governor said tight policy would be maintained until price pressures decline.
The Turkish lira weakened for the third consecutive day on Wednesday, tumbling 5 per cent and eating further into the huge gains made the previous week, as worries persisted over soaring inflation and unorthodox monetary policy. The losses gathered pace after little initial
Turkey’s consumer inflation fell to its lowest level in a year in June thanks to a high so-called base effect and a drop in food prices, potentially paving the way for the country’s first interest rate cut since last year’s currency crisis.
Slowing Turkish inflation has helped make the country’s lira-denominated government bonds “cheap” for the first time this year, Deutsche Bank’s analysts said, adding that their models pointed to potentially stellar gains ahead. Data on Friday showed Turkey’s headline inflation rate
Global stock markets mainly dropped on Friday, with investors focused firmly on the outlook for interest rate hikes as central banks battle to bring down sky-high inflation.
A new trade exhibition will debut in Riyadh this September to unlock opportunities in Saudi Arabia’s US$300 billion infrastructure projects plan.
The real estate market in Dubai is robust thanks to the economic recovery in the UAE. The economic growth would continue considering the leadership’s