Türkiye Lira Flat after Overnight Tumble to Record Low of 19.8 vs Dollar

People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)
People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)
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Türkiye Lira Flat after Overnight Tumble to Record Low of 19.8 vs Dollar

People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)
People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)

Türkiye’s lira, which is prone to sharp swings before regular trading hours, was flat early on Friday, after dropping 4.25% to a record low of 19.80 against the dollar overnight.

The lira stood at 18.9575 at 0439 GMT, same as its closing level on Thursday. Overnight, it firmed up some 5.3% to 18.0030 before swinging in the other direction.

Economists are currently weighing the impact of the massive earthquake that hit Türkiye last month.

Presidential and parliamentary elections scheduled for May 14 are adding to uncertainty. They will determine whether Türkiye continues with unorthodox policies under President Recep Tayyip Erdogan or revert to orthodoxy as promised by the opposition.

The lira has been largely stable since August thanks to authorities' heavy hand in the forex market. The Turkish central banks' gross forex reserves declined by about $9.3 billion since the first quake hit in early February.

The currency lost some 30% of its value against the dollar last year due to concerns about monetary policy and the fallout from the war in Ukraine. It had shed some 44% in 2021.



Logistics Zones Spread in Saudi Arabia to Consolidate World Trade

Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA
Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA
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Logistics Zones Spread in Saudi Arabia to Consolidate World Trade

Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA
Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA

Data has shown a spread of logistics areas in Saudi Arabia, bringing the total number of existing centers to 22 in the past year, a 267% increase compared to the base year 2021, with a total area exceeding 34 million square meters.

This year, several international companies announced the opening of new logistics areas, the latest of which was the opening of Maersk, the Danish international container shipping company, which represents the largest logistics investment in Jeddah port in Western Saudi Arabia valued at 1.3 billion riyals (350 million dollars).

Saudi Arabia also continues its efforts to enhance its transport and logistics services system, planning to reach 59 logistics areas by 2030, to strengthen competitiveness, and support trade and industrial movement.

According to the Warehousing and Logistics Statistics Publication 2023 of the General Authority for Statistics, the Eastern Region had the highest number of logistics centers, with 6 centers covering an area of 6.3 million square meters, followed by Riyadh Region and Makkah Region, each with 5 logistics centers, with a total area of 20 million square meters in Makkah and 4.9 million square meters in Riyadh.

The publication said data indicated that the total quantity of cargo imported and exported via maritime transport reached 308.7 million tons, and the quantity of external cargo via land transport reached 24.9 million tons. The quantity of cargo transported by railway was 14.3 million tons, while the quantity of cargo via air transport, both imported and exported, accounted for 918 thousand tons.

Data also revealed that the total number of warehouses in the Kingdom was 12,451, covering an area of 22.8 million square meters. Riyadh Region had the highest number of warehouses and area, with 6,584 warehouses covering an area of 10.6 million square meters, followed by Makkah Region with 2,224 warehouses, covering an area of 6.5 million square meters.

The number of general warehouse licenses was the highest, totaling 6,923 licenses, which constituted 55.6% of the total licenses. This was followed by humidity-controlled warehouses with 2,115 licenses, accounting for 17% of the total licenses, and refrigerated warehouses with 2,006 licenses, making up 16% of the total licenses.

In 2023, the number of valid licenses for good transport (activities) reached 7,963 licenses, where Riyadh Region had the highest number of active licenses at 1,996.

According to the data for 2023, the total number of sales outlets of postal service exceeded 1,300. The number of cargos reached over 140 million, with an average delivery time of 2.45 days.

As for the total number of customs clearance activity licenses valid for 2023, they amounted to 170 licenses. Customs authority licenses were the highest in the number of licenses valid for 2023, with 57 licenses, followed by air ports licenses with 47 licenses.

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, who is also Chairman of the Supreme Committee for Transport and Logistics, launched in 2023 the Master Plan for Logistics Centers, which aims to develop the infrastructure of the Kingdom’s logistical sector, diversify the local economy, and enhance Saudi Arabia's status as a leading investment destination and a global logistical hub.