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.



Aramco Inaugurates Regional Center for Sustainable Fishery Development on Abu Ali Island

tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco
tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco
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Aramco Inaugurates Regional Center for Sustainable Fishery Development on Abu Ali Island

tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco
tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco

Saudi Aramco announced on Thursday the inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture.

Through this collaboration, Saudi Aramco aims to highlight its investments in citizenship initiatives and its efforts to drive economic growth, support local fishermen and their livelihoods, build expertise, and adopt the best practices to enhance production and cultivate fish of marketable sizes that can compete globally.

The center is part of the company's broader efforts to protect marine life in the Arabian Gulf. It involves the establishment of a fish hatchery on Abu Ali Island in Jubail, located on the Arabian Gulf coast, designed to produce local fish species that have experienced population declines due to fishing practices and to reintroduce them into Gulf waters.

The center's operations are designed to encompass the complete fish life cycle within designated tanks, from broodstock for egg production to larval rearing using plankton produced on-site and finally to the release of juvenile fish into the Arabian Gulf. The hatchery employs advanced aquaculture technologies to ensure fish health, and it utilizes top-tier water recycling techniques to enhance performance and meet the company's circular economy objectives.

The project aligns with Saudi Aramco's mangrove plantation initiative, under which more than 43 million trees have been planted to date. Mangrove forests provide vital nursery habitats for the juvenile fish released into the Gulf, further supporting the sustainability of marine ecosystems.