Turkish Lira at New Low on Ankara-West Tensions

Turkey's lira sank to new lows on Monday as tensions between Ankara and the West combined with unconventional monetary policy and rising inflation. (Getty Images)
Turkey's lira sank to new lows on Monday as tensions between Ankara and the West combined with unconventional monetary policy and rising inflation. (Getty Images)
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Turkish Lira at New Low on Ankara-West Tensions

Turkey's lira sank to new lows on Monday as tensions between Ankara and the West combined with unconventional monetary policy and rising inflation. (Getty Images)
Turkey's lira sank to new lows on Monday as tensions between Ankara and the West combined with unconventional monetary policy and rising inflation. (Getty Images)

Turkey's lira sank to new lows on Monday as tensions between Ankara and the West combined with unconventional monetary policy and rising inflation.

The lira fell more than 2%, closing in on 10 to the dollar - a level it has never hit - after President Recep Tayyip Erdogan said he had ordered the expulsion of the ambassadors of the United States and nine other Western countries for demanding the release of philanthropist Osman Kavala.

Kavala has been charged with financing nationwide protests in 2013 and for involvement in a failed coup in 2016.

Lira volatility gauges jumped, dollar bonds fell, local 10-year yields moved closed to three-year highs hit last week, flirting with the 20% level.

Turkey's tension with NATO allies over Kavala comes amid heightening worries about government interventions in monetary policy, taking 2021 losses for the lira to about 24%, the worst performance among emerging market peers by a significant margin.

"If politicians make foreigners the bogeyman, it is easier to sell the pressures created by the weak lira as the price to be paid for political autonomy. That also means: a monetary policy U-turn seems less likely now. And that is bad news for the lira," said Ulrich Leuchtmann, head of FX and commodity research at Commerzbank.

Turkey's state lenders Ziraat Bank, Vakifbank and Halkbank lowered their loan rates by up to 200 basis points according to the products and maturities, they said in a joint statement on Monday, following last week's central bank policy easing.



Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024
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Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024

The Saudi Ministry of Industry and Mineral Resources announced on Sunday that the number of valid mining licenses in the Kingdom has reached 2,401 by the end of 2024.

The licenses cover various categories, including mining, exploration, reconnaissance, building materials quarries, and small mine operations.

According to the 2024 Mining Sector Indicators Bulletin, issued by the National Industrial and Mining Information Center, the majority of these licenses were granted for building materials quarries (1,481), followed by exploration (642), mining and small mining exploitation (215), reconnaissance (41), and surplus mineral ore extraction (22).

The bulletin serves as a critical tool for monitoring developments in the mining sector, tracking both existing and newly issued licenses across various regions of the Kingdom. By boosting transparency and providing accurate data, the initiative supports investors and decision-makers in making informed choices that contribute to the sector’s growth and sustainability.