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The Central Bank aims to lower inflation

in ECONOMY/MIDLE EAST by

The Central Bank’s main goal this year is to increase the efficiency of monetary policies Governor Murat Çetinkaya told Reuters in an interview on Jan. 25. Çetinkaya, speaking by telephone from the World Economic Forum in the Swiss resort of Davos, said that the Bank will do any monetary policy steps to bring inflation down to single digits. Turkey’s annual inflation stood at 11.92 percent at the end of 2017, far above the Bank’s official target of 5 percent. “I want to emphasize again that we will maintain a tight monetary policy decisively until the inflation outlook displays a significant improvement, independent of base effects and temporary factors, and becomes consistent with the targets”, he added. But investors have been skeptical about the Bank’s ability to bring down inflation, because Turkey political authorities claim for for lower rates to fuel bank lending and boost the economy. Çetinkaya said the government’s fiscal policy was supportive of the Bank’s efforts to fight inflation. Deputy Prime Minister Mehmet Şimşek said he recognized that Turkey has an inflation problem and vowed that the government is taking the issue seriously.

Saudi’s financial aid to Yemen

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In order to “alleviate the suffering” of Yemeni people, Saudi King Salman has issued a directive to transfer $2 billions to Yemen’s Central Bank. This action would help Yemen’s economic and financial situation by bolstering the Yemeni riyal. The transfer, that brings the total amount of Saudi financial aid to the Yemen’s central Bank to $3 billion, is directed to ameliorate the living condition of the civil population. By official statement, this contribution will help the country to “cope with economic burdens resulting from the crimes and violations committed by Iranian-backed Houthi militias”. Indeed, Houthi rebels are accused of looting the state, taking control of government revenues, including those generated from oil and its derivatives. Their actions throughout the country are the vector of misery and destruction, thus damaging the lives of Yemenis for several years ahead.   Doing so, Saudi Arabia has also reaffirmed the support for the Yemeni Government and stated that the Kingdom will continue to assist Yemen in its efforts to restore security and stability. Meanwhile Yemen’s president Hadi extended his thanks to Saudi Arabia’s King for the generous gesture to alleviate the suffering of the Yemeni people.

Central Bank of Tunisia:the trade deficit widens to historical highest level

in AFRICA/PRESS RELEASE/REGIONS by

The trade deficit widened, at the end of the 11 months of 2017, to reach a historical highest level, 14,362MDT against 11,628MDT, a year before, said the Central Bank of Tunisia (BCT), Thursday, in a note of economic conjuncture. Total imports increased at a faster pace than exports, at 19.2% and 17.3%, respectively, resulting in a deterioration in the coverage rate (68.3 percentage points against 69.4 percentage points) by the end of November 2016).”The record trade deficit bears the mark, essentially, the maintenance of deficits in the energy balance and that of the food balance at high levels. The BCT reported, in this context, a good performance of exports of the sector of mechanical and electrical industries which seems to benefit from the recovery of demand of Euro zone, Tunisia’s main trading partner. On the other hand, the underperformance of the mining, phosphates and derivatives sector continued with sales falling by 3% at the end of November 2017 against a technical rebound (+ 42.3%) over the same period of 2016, and despite the resumption of production in the mining basin.

Yemen government has reopened the local branch of the Central Bank in Taiz

in MIDLE EAST/PRESS RELEASE/REGIONS by

Yemen’s internationally recognized government has reopened the local branch of the Central Bank in the southwestern city of Taiz for the first time since war broke out in early 2015. The website said that the bank’s reopening gave hope to “thousands” of government employees and residents in the city that they would receive salaries that had not been paid since late 2016. Deputy Prime Minister and Minister of Civil Service Abdul Aziz Jabari, who attended the ceremony as part of a government delegation, described the reopening as “the most important step” in returning government control over financial and other institutions in the city.

 

 

 

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