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Turkish Lira Weakens to Record Low against Dollar after Erdogan's Strong Election Showing

Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)
Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)
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Turkish Lira Weakens to Record Low against Dollar after Erdogan's Strong Election Showing

Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)
Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)

Türkiye’s lira weakened to a record low of 19.8050 against the dollar on Thursday, days after President Tayyip Erdogan surprised markets by leading in Türkiye’s presidential elections.

The lira has weakened more than 1% since the elections on May 14. It declined some 0.2% on Thursday to stand at 19.8050 at 1832 GMT. The currency shed 44% in 2021 and 30% in 2022 mostly due to Erdogan's unorthodox economic policies, Reuters said.

Erdogan's stronger-than-expected showing has rattled markets that were betting on an end to his more than two-decade rule. Erdogan will face challenger Kemal Kilicdaroglu in a May 28 runoff vote.

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Madinah Investment Forum to Kick Off on Sunday

Madinah Investment Forum to Kick Off on Sunday
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Madinah Investment Forum to Kick Off on Sunday

Madinah Investment Forum to Kick Off on Sunday

The Madinah Investment Forum, organized by Al-Madinah Al-Munawwarah Chamber under the theme "Invest in Madinah", will start on Sunday and run for two days.
The forum consists of a diverse range of programs, events, and four specialized dialogue sessions focusing on key aspects of the national investment strategy. It will host 18 speakers and more than 40 entities, and present 200 investment opportunities, valued at over SAR57 billion, in more than ten targeted sectors, SPA reported.
The event will highlight Madinah's significant achievements and showcase development and investment projects in the region. It will explore promising investment sectors, comparative and competitive advantages, and the region's potential to support investment growth. Key areas of focus include hospitality, logistics, agriculture, and real estate.
The forum's objectives include identifying investment opportunities in Madinah, fostering investment partnerships, attracting new investments, and introducing financing solutions and business sector services for major development projects.
The event is aimed at a broad audience, including local and international investors, government agencies, development organizations, private sector representatives, investment agencies, financial institutions, consulting firms, and professional service providers.