Trading & Financial News
No Result
View All Result
Saturday, September 16, 2023
  • Login
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
Subscribe
Trading & Financial News
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
No Result
View All Result
Trading & Financial News
No Result
View All Result
Home Forex News

Turkey to see cash flow from $51bn UAE deal by end of 2023

by Tradinghow
August 12, 2023
in Forex News
A A
0
Turkey to see cash flow from $51bn UAE deal by end of 2023
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Image credit: WAM

Turkey anticipates investments in its economy by the United Arab Emirates will begin by the end of this year as part of last month’s landmark agreement, the first time it’s indicated the timing of when it expects the Gulf oil producer to make good on pledges for financial support.

“We have very productive dialogue with Gulf countries, with the most concrete example being the $51bn financial investment package announced by the UAE,” Turkey’s Treasury and Finance Minister Mehmet Simsek said in an interview with Yeni Safak newspaper published on Thursday.

Many of those deals are provisional and not all may materialise. Still, the agreement marked the high point of Turkish President Recep Tayyip Erdogan’s recent visit to the Middle East, where he sought foreign cash to finance Turkey’s widening current-account gap.

UAE investment in Turkey

A wealth fund of Abu Dhabi, the capital and the wealthiest of seven emirates that make up the UAE, will buy as much as $8.5bn of bonds to be issued by Turkey to fund reconstruction efforts following massive earthquakes that took place in February.

The two countries also agreed on energy projects worth around $30bn, though Simsek said investments in those areas could “take time.”

Simsek, a veteran politician who served in Erdogan cabinets from 2007 to 2018, was brought back by the Turkish president following an election victory in May to steer the economy away from policies pursued over the last few years.

Turkey’s policy pivots

Simsek’s top priorities are to stem the widening of Turkey’s current-account deficit and to slow inflation, which is running at nearly 10 times the official target of 5 per cent.

Though last month’s tax hikes will further boost consumer inflation, they were a necessary “one-time” fix needed for the Middle East’s largest non-oil economy, Simsek said.

The comments mark one of the first interviews Simsek had with a major national news outlet since taking over in June. Yeni Safak, owned by Albayrak Group, is a pro-government newspaper that has long supported Erdogan’s growth-at-all-costs policies that relied on low-interest rates.

Last month, Yeni Safak called on Turkish policymakers to stop rate increases after the central bank hiked its key rate to 17.5 per cent. Similarly, in 2021, Yeni Safak published a front-page article criticising then-Governor Naci Agbal for a rate hike.

Agbal was soon removed by Erdogan and Sahap Kavcioglu, a former columnist for the newspaper, was named the monetary authority’s chief.



Source link

  • Trending
  • Comments
  • Latest

UK Faces Two Decades of No Earnings Growth and More Austerity

July 29, 2023
Emirates Steel drops interest in Thyssenkrupp steel unit

Emirates Steel drops interest in Thyssenkrupp steel unit

July 27, 2023

Learn how to trade. For beginners

July 29, 2023
India’s parliamentary panel says tax dept should conduct evasion searches with caution

India’s parliamentary panel says tax dept should conduct evasion searches with caution

July 27, 2023

High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

0

UK Faces Two Decades of No Earnings Growth and More Austerity

0

Learn how to trade. For beginners

0

Trading for beginners

0
Forexlive Americas FX news wrap 15 Sep: US dollar moves higher helped by higher rates.

Forexlive Americas FX news wrap 15 Sep: US dollar moves higher helped by higher rates.

September 16, 2023
Polkadot community PolkaWorld halts operations after failed funding bid

Polkadot community PolkaWorld halts operations after failed funding bid

September 16, 2023
Major equity index downgrades Nigeria

Major equity index downgrades Nigeria

September 16, 2023
Mortgage Write-Offs, Buying with an LLC, & Boozy Airbnb Gifts

Mortgage Write-Offs, Buying with an LLC, & Boozy Airbnb Gifts

September 16, 2023

Recent News

Forexlive Americas FX news wrap 15 Sep: US dollar moves higher helped by higher rates.

Forexlive Americas FX news wrap 15 Sep: US dollar moves higher helped by higher rates.

September 16, 2023
Polkadot community PolkaWorld halts operations after failed funding bid

Polkadot community PolkaWorld halts operations after failed funding bid

September 16, 2023

Categories

  • Business
  • Crypto
  • Economy
  • Forex News
  • Investing
  • Markets
  • More
  • Stock Trading
  • Trading for beginners

Site Navigation

  • Home
  • Contact Us
  • Stock Trading
  • Markets
  • Investing
  • Other Links
  • Privacy & Policy
Trading & Financial News

We bring you the fastest breaking news on Trading, forex, and finance submitted from credible and reliable news sources around the world.

© 2023 Tradinghow Useful forex analysis and financial news, submitted credible news sources around the world from tradinghow.

No Result
View All Result
  • Contact Us
  • Home
  • Economy
  • Crypto
  • Investing
  • Markets
  • Forex News
  • Stock Trading

© 2023 Tradinghow Useful forex analysis and financial news, submitted credible news sources around the world from tradinghow.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In