Saudi Ports Handle 28m Tons of Cargo in May

Saudi Ports Handle 28m Tons of Cargo in May
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Saudi Ports Handle 28m Tons of Cargo in May

Saudi Ports Handle 28m Tons of Cargo in May

Saudi Arabia’s ports handled more than 28 million tons of cargo in May, the Authority (Mawani) revealed on Thursday. Tnumber of containers amounted to 613,000, an increase of 6.36 percent compared to the same period in 2019.

According to Mawani’s statistical index, the number of vessels received by Saudi ports during the same month amounted to 919, 10,000 passengers, 57,000 vehicles and 480,000 heads of livestock.

“This remarkable increase affirms the strength of the Saudi economy, its supply chains and commercial traffic,” Mawani said in a statement.

“It highlights the quality and effectiveness of the Kingdom’s performance and continued business in efficient and competent manners, in light of the economic challenges the world is facing due to the coronavirus pandemic.”

Mawani aims to contribute in stimulating the logistic services industry, facilitating and supporting import and export processes in the Kingdom and making them more smooth, flexible and competitive.

This comes within its strategic plans and ambitious initiatives that seek to enhance the competitiveness of its services and raise the level of its maritime, operational and logistical operations, for a promising future for the logistic services sector and for Saudi ports.

In other news, the Saudi Grains Organization (SAGO) announced on Thursday issuing its fourth tender in 2020 to import 960,000 tons of feed barley for supply during August and September.

Governor of SAGO Eng. Ahmad Abdulaziz al-Fares said the amount specified is distributed on 16 ships. Twelve of these ships will arrive in the Kingdom’s ports on the Red Sea and the four other ships will arrive in the Arabian Gulf ports.

The tender is an extension to the Kingdom’s plan to meet the local demand for feed barley and maintain its strategic reserve, Fares stressed.



Turkish Central Bank Governor: Decisive Tight Policy Contains Re-dollarization Risks

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas//File Photo
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas//File Photo
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Turkish Central Bank Governor: Decisive Tight Policy Contains Re-dollarization Risks

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas//File Photo
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas//File Photo

Turkish central bank governor Fatih Karahan said that monetary policy has been proactive and that re-dollarization risks are contained by a decisive tight policy stance, with retail FX demand more limited compared to March 2024.

In the text of a presentation which he made in Washington on Wednesday, Karahan said monetary policy transmission has improved considerably over the last year and that disinflation is continuing, "but risks are alive".

The bank hiked its main policy rate to 46% from 42.5% and lifted the overnight lending rate to 49% last Thursday. The move reversed an easing cycle in response to market turmoil triggered by the arrest of Istanbul's mayor last month, Reuters reported.

The tight monetary stance will be maintained until price stability is achieved via a sustained decline in inflation, Karahan said in the presentation on Wednesday.

The decisiveness regarding tight monetary stance is strengthening the disinflation process, he said.

Karahan said the pass-through effect on inflation of a weaker currency is modest, reflecting improvement in pricing behaviour, while falling oil prices support disinflation, but the global economic outlook is uncertain.

He also said demand has exceeded expectations, driven by goods consumption.

He said currency pass-through is expected to be around 35-40%, considerably lower than that during the summer of 2023, declining amid lower forex-protected KKM account balances, improved inflation expectations and moderating demand.