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Oman, Tanzaina Set up Joint Investment Fund

Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)
Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)
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Oman, Tanzaina Set up Joint Investment Fund

Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)
Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)

Oman and Tanzania have set up a mutual investment fund that aims to invest in several sectors, including agriculture, fishing and mining, the Sultanate's Foreign Minister, Badr al-Busaidi, announced on Monday.

Busaidi expected the volume of bilateral trade exchange to increase in the future as both countries have signed several memoranda of understanding in the fields of economy, investment, tourism and energy.

Oman and Tanzania signed on Monday six MoUs, covering the fields of energy, tourism, natural resources, higher education and vocational training, as well as national museums.

The MoUs were signed on the sidelines of President Samia Suluhu Hassan’s current visit to Oman.

A trilateral MoU was also signed between the Oman Chamber of Commerce and Industry (OCCI), the Tanzanian Chamber of Commerce, Industry and Agriculture (TCCIA) and the Zanzibar National Chamber of Commerce (ZNCC).

Private sector MoUs were also signed between the Oman Airports Management Company and Kilimanjaro International Airport, the Oman Society for Petroleum Services (OPAL) and the Association of Tanzania Oil and Gas Service Providers (ATOGS), the Al Bashayer Meat Company and the National Company for Live Animals and between the Oman Food Investment Holding Company (OFIC) and the Tanzanian Horticultural Association.

A deal was also signed between the Oman Investment Authority (OIA) and the Zanzibar Investment Promotion Authority (ZIPA).

It aims to bolster bilateral investments and financial sustainability and develop a strategy to boost the historical and economic ties between the two countries.

Hassan held talks with male and female entrepreneurs from both countries to discuss ways to bolster economic and investment cooperation and increase trade exchange.

This came on the sidelines of the Omani-Tanzania Business Forum, which was organized by the OCCI on Monday.

She underscored the importance of exerting efforts from both sides to increase the volume of trade exchange and investment and urged Omani businessmen and women to invest in the fields of agriculture, minerals, tourism and fisheries.

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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa

Türkiye's central bank cut its key interest rate by 250 basis points to 45% as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is expected to continue.

The central bank indicated it would continue to ease policy in the months ahead, noting that it anticipated a rise in trend inflation in January, when economists expect a higher minimum wage to lift the monthly price readings, Reuters reported.
In a slight change to its guidance, the bank said it will maintain a tight stance "until price stability is achieved via a sustained decline in inflation."
Last month, it said it would be maintained until "a significant and sustained decline in the underlying trend of monthly inflation is observed and inflation expectations converge to the projected forecast range."
In a Reuters poll, all 13 respondents forecast a cut to 45% from 47.5% in the one-week repo rate. They expect it to hit 30% by year end, according to the poll median.
In December, the central bank cut rates for the first time after 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by President Recep Tayyip Erdogan, who has since supported the steps.
To tackle inflation that has soared for years, the bank had raised its policy rate by 4,150 basis points in total since mid-2023 and kept it at 50% for eight months before beginning easing.
Annual inflation dipped to 44.38% last month in what the central bank believes is a sustained fall toward a 5% target over a few more years. It topped 75% in May last year.
"While inflation expectations and pricing behavior tend to improve, they continue to pose risks to the disinflation process," the bank's policy committee said after its rate decision.
A 30% administered rise in the minimum wage for 2025 was lower than workers had requested, though it is expected to boost monthly inflation readings this month and next, economists say.
The expected January inflation rise "is mainly driven by services items with time-dependent pricing and backward indexation," the bank said.
The central bank has eight monetary policy meetings set for this year, down from 12 last year.