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Saudi FM Heads Kingdom’s Delegation at Davos

The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
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Saudi FM Heads Kingdom’s Delegation at Davos

The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah arrived in Davos on Sunday heading the Kingdom’s delegation at the 2024 World Economic Forum.

At the global event, the delegation will discuss the greatest regional and international challenges and means to tackle them through dialogue and international cooperation.

It will discuss economic integration, the sustainability of resources, and benefiting from innovation and technical solutions.

It will stress the need to explore opportunities created by emerging technologies and their impact on forging international policies and decision-making.

The delegation will highlight the progress the Kingdom has made in its Vision 2030 and the transformation and development underway in the country in various fields. It will underscore the available investment opportunities in several sectors aimed at achieving a prosperous and diversified economy.

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Türkiye's Central Bank Holds Rate at 50%, Warns on Inflation

People rest in a public park outdoors away from buildings following an earthquake in Malatya, southern Turkey, Wednesday, Oct. 16, 2024. (Burhan Karaduman/Dia Photo via AP)
People rest in a public park outdoors away from buildings following an earthquake in Malatya, southern Turkey, Wednesday, Oct. 16, 2024. (Burhan Karaduman/Dia Photo via AP)
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Türkiye's Central Bank Holds Rate at 50%, Warns on Inflation

People rest in a public park outdoors away from buildings following an earthquake in Malatya, southern Turkey, Wednesday, Oct. 16, 2024. (Burhan Karaduman/Dia Photo via AP)
People rest in a public park outdoors away from buildings following an earthquake in Malatya, southern Turkey, Wednesday, Oct. 16, 2024. (Burhan Karaduman/Dia Photo via AP)

Türkiye's central bank held interest rates at 50% on Thursday as expected but cautioned that recent data had lifted inflation uncertainty, in a hawkish signal ahead of an expected easing cycle in coming months.
"In September, the underlying trend of inflation posted a slight increase," the bank's policy committee said, adding: "the uncertainty regarding the pace of improvement in inflation has increased in light of incoming data."
According to Reuters, analysts said the message could reinforce the view that the bank will wait until around January to ease monetary policy, after a more than year-long effort to slay years of soaring inflation.
The last time the bank raised its main policy rate was in March, when it hiked by 500 basis points to round off an aggressive tightening cycle that started in June last year.
Since then, it has kept the one-week repo rate on hold. In a change of messaging last month, it began setting the stage for a rate cut by dropping a reference to potential further tightening.
Yet after monthly inflation was higher than expected at nearly 3% in September, a Reuters poll showed analysts expected the bank to wait until December or January to begin its anticipated easing cycle.
Nicholas Farr, economist at Capital Economics, said the bank signaled that the "slow pace of disinflation will prevent monetary easing this year.”
"It seems clear that the (central bank) – like us – doesn't think the conditions are in place for a monetary easing cycle to start very soon."
Annual inflation has dropped to 49.4% - below the policy rate for the first time in this cycle - from a peak of 75% in May.
The central bank is closely watching the monthly rate for signals of when to begin easing, though it has only dipped below 2% once this year, in June. It is also watching for high household inflation expectations to ease toward its targets.