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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)
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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.

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Saudi Arabia Advances to Become the ‘Silicon Valley’ of Mining

The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
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Saudi Arabia Advances to Become the ‘Silicon Valley’ of Mining

The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)

Saudi Arabia is pushing to become a global hub for critical minerals, aiming to be the “Silicon Valley” of mining. At the fourth Future Minerals Forum in Riyadh, the kingdom announced new deals, investment plans, and discoveries.
Industry Minister Bandar Al-Khorayef said Saudi Arabia will explore mineral opportunities across 50,000 square kilometers this year. The Kingdom also unveiled a $100 billion mining investment plan, with $20 billion already in advanced stages or under construction.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman announced that Aramco has identified “promising” lithium concentrations exceeding 400 parts per million in its operational areas, with lithium production in the kingdom expected to begin as early as 2027.
In line with this, Aramco revealed a joint venture with Saudi Arabian Mining Company (Ma’aden) to explore and produce minerals critical to the energy transition, including extracting lithium from high-concentration deposits.
The latest edition of the Future Minerals Forum brought together over 20,000 participants from 170 countries and featured 250 speakers across more than 70 sessions.
Saudi ministers and international officials highlighted key challenges facing the mining sector, including the need for increased private sector investment, advanced technology, regulatory frameworks, supply chain issues, carbon emissions from production, and a shortage of skilled talent.
In early 2024, Saudi Arabia’s Ministry of Industry and Mineral Resources raised its estimate of the kingdom’s untapped mineral resources from $1.3 trillion to $2.5 trillion, driven by new discoveries.
At last year’s forum, the ministry launched a $182 million mineral exploration incentive program to reduce investment risks, support new commodities, promote green projects, and empower small-scale mining operators.
Additionally, Al-Khorayef launched the Mining Innovation Studio at the Future Mineral Forum 2025.
In his opening remarks, Al-Khorayef stated that the new studio was designed to attract global talent and accelerate cutting-edge technology, in alignment with Riyadh’s vision to become the “Silicon Valley of mining”.
He clarified that the Kingdom is promoting upcoming exploration opportunities across 5,000 square kilometers of mineralized belts in 2025 as it continues its steadfast growth in the mining sector.
Al-Khorayef further noted that the Saudi mining sector is the fastest growing globally, and affirmed that its mineral potential stands at an estimated $2.5 trillion.
He elaborated that the allocation of new exploration sites to tap mineral wealth is part of Saudi Arabia’s efforts to establish mining as the third pillar of the Kingdom’s industrial economy.