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Tunisian President Calls on Banks to Reduce Interest Rates

People walk in the center of Tunis, Tunisia, July 28, 2021. (Reuters)
People walk in the center of Tunis, Tunisia, July 28, 2021. (Reuters)
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Tunisian President Calls on Banks to Reduce Interest Rates

People walk in the center of Tunis, Tunisia, July 28, 2021. (Reuters)
People walk in the center of Tunis, Tunisia, July 28, 2021. (Reuters)

Tunisian President Kais Saied called on banks on Saturday to reduce interest rates, saying the measure was needed to help improve social and economic conditions in the country.

Saied invoked emergency powers on Sunday to seize control of government, remove the prime minister and freeze parliament. His foes have called it a coup, an accusation he has denied.

On Saturday, he said corrupt people had left the country on the verge of bankruptcy, adding in a meeting with the Banks Association, “I urge you to stand with the Tunisian people by lowering interest rates as much as possible”.

“We are able to face all challenges, with our capabilities, with help of our friends, but let us rely above all on ourselves, and we can achieve results that many people do not imagine,” Saied added.

Tunisia, which has seen its debt burden rise and economy shrink by 8.8% last year in real terms, has started talks with the International Monetary Fund to seek a financial assistance package.

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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.