Last Friday, the Turkish lira lost close to seven per cent of its value in a single day of trading, closing in at 6.43 against the dollar. This unprecedented fall was triggered primarily by President Trump’s tweet signalling a doubling of US tariffs on Turkish exported steel and aluminium, which came as the latest event […]

LONDON: The Bank of England pushed interest rates above their financial crisis lows on Thursday, but signalled it was in no hurry to raise them further as Britain heads for Brexit next year with no clear plan for leaving the European Union. The BoE’s nine rate-setters unexpectedly voted unanimously to raise rates to 0.75 from […]

WASHINGTON: The International Monetary Fund (IMF) announced on Wednesday it will launch a new tool to support governments in financial trouble — but one that involves no money — formalising a step it took last week for Greece. Instead of providing cheap loans to member countries, the new IMF tool will serve as a good […]

Economic growth in the Middle East and North Africa is forecast to slow considerably over oil prices as the Saudi economy slides, the International Monetary Fund said on Monday. After a better than expected performance with five percent growth in 2016, the economies of countries in the Middle East and North Africa as well as […]

DOHA: Qatar’s stock exchange dropped on Sunday as the tiny Gulf nation braced for a deadline to accept demands from four Arab countries in part over what they allege is its support for extremist groups. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut off ties with 2022 FIFA World Cup host Qatar in […]

SARAJEVO: The Islamic Development Bank (IDB), the largest development organisation in the Muslim world, plans to revamp its operations, including a shift away from small-scale capital interventions to more sustainable, grassroots-level support. The non-profit group has extended $86.1 billion in financing in the last ten years for energy, transportation, water and sanitation projects. Bangladesh, Pakistan […]

HONG KONG: The recent fall in Pakistan’s foreign-exchange reserves and widening of its current account are manageable, Fitch Ratings said in a statement issued on Thursday. The country is also unlikely to face significant external-financing difficulties in the short term. “The three-year IMF-supported programme that ended in September 2016 helped drive a general improvement in […]

SINGAPORE: Emmanuel Macron’s victory in the French presidential election is “good news” for trade-reliant Asia as it eases fears of rising protectionism in Europe, the International Monetary Fund (IMF) said Tuesday. Changyong Rhee, director of the fund’s Asia and Pacific Department, said Macron’s win over far-right candidate Marine Le Pen, an economic nationalist, had made […]

The euro rallied to a six-month high against the dollar Monday after pro-European centrist Emmanuel Macron’s victory in the French presidential election eased concerns about the country’s future in the eurozone. The single currency briefly reached $1.1023, its highest level since November and up from $1.0998 on Friday, in response to the 39-year-old former investment […]

NEW YORK: A global stocks index touched a fresh record high on Friday, wrapping up a week when many of the world’s major central banks either raised interest rates or signalled they might do so, underlining confidence about economic growth and inflation. The US dollar slipped, continuing its slide in the wake of the Federal Reserve’s […]