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Tag Archives: Lira

Macron wants Lebanon to stick to IMF requirements

French President Emmanuel Macron urged Beirut on Friday to implement urgent reform measures and push ahead with International Monetary Fund (IMF) talks, adding that France would continue to support Lebanon. Macron made his comments after meeting Lebanon’s Prime Minister Najib Mikati, who is on his first foreign trip after successfully …

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Korea, Turkey sign key currency swap deal

South Korea and Turkey have signed a currency swap agreement that will allow both countries to provide liquidity for the counterparty in a move aimed at strengthening financial stability, the Bank of Korea (BOK) said on Thursday. The $2 billion agreement will enable the Bank of Korea to provide the …

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Macron to host new Lebanon conference in August

French President Emmanuel Macron will host a new international conference on Lebanon next month on the first anniversary of the Beirut port explosion, after premier-designate Saad Hariri gave up trying to form a government, the foreign ministry announced Friday. Macron will organize the conference on August 4 with the help …

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Protests erupt, subsist in Lebanon over currency, economy

Calm prevailed in Lebanon after a night of violence that left scores injured as hundreds of protestors took to the streets across the small Mediterranean country to decry deteriorating living conditions.  Over the weekend, Lebanon’s currency hit record lows, with market dealers saying that the pound was trading at just …

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Scandal hits Erdogan house with son-in-law’s cabinet resignation

The abrupt resignation of Tayyip Erdogan’s son-in-law from one of Turkey’s most powerful cabinet positions shocked the government and angered some ruling party members who say the nature of his departure damages the president. Finance and Treasury Minister Berat Albayrak oversaw economic policy for two tumultuous years during which Turkey …

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Turkey officially states approval of Biden win

Turkey gave an impassive first reaction on Sunday to Joe Biden’s presidential win, with Vice President Fuat Oktay saying it would not change relations between the old allies although Ankara will keep pressing Washington on Syria and other policy differences. Turkey stands to lose more than most other countries if …

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Turkey’s financial crisis raises questions about China’s debt-driven development model

By James M. Dorsey   Financial injections by Qatar and possibly China may resolve Turkey’s immediate economic crisis, aggravated by a politics-driven trade war with the United States, but are unlikely to resolve the country’s structural problems, fuelled by President Recep Tayyip Erdogan’s counterintuitive interest rate theories. The latest crisis …

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Erdogan, Macron vow to foster trade ties

Turkish President Recep Tayyip Erdogan and his French counterpart Emmanuel Macron agreed in a phone call on Thursday to foster trade ties, a Turkish presidential source said, after the lira’s dramatic fall in the wake of escalating tensions with the US. “Both leaders emphasised the importance of fostering economic and …

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Stocks rise as Turkish lira rebounds

Stocks rose on Tuesday as a rebound in the Turkish lira from an all-time low lifted investor sentiment. The Dow Jones Industrial Average rose 63 points, while the S&P 500 gained 0.3 percent. Both indexes were also on track to snap four-day losing streaks. The Nasdaq Composite gained 0.4 percent. …

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Will Lebanon face a further downgrade?

The Levant News — By Osama Habib for The Daily Star — BEIRUT: Lack of reforms, political instability and slow economic growth is leaving the embattled government with very few options to finance its current expenditure needs, economists and bankers said Wednesday. One of these options, if not the only …

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