Turkish Central Bank Raises Credit Card Cash Withdrawal Rates

 The central bank effectively revised upwards the Turkish lira share in the banking system,-  File photo
The central bank effectively revised upwards the Turkish lira share in the banking system,- File photo
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Turkish Central Bank Raises Credit Card Cash Withdrawal Rates

 The central bank effectively revised upwards the Turkish lira share in the banking system,-  File photo
The central bank effectively revised upwards the Turkish lira share in the banking system,- File photo

Türkiye's central bank on Saturday raised the maximum interest rate on credit card cash withdrawals to 5% from 4.42%, according to a decision published in the Official Gazette, in a move aimed at additional tightening.

The revisions, part of the bank's tightening steps, aims to curb access to cheaper credit card borrowing conditions than consumer credit.

According to Reuters, the increase will also be reflected in overdraft accounts.

"Credit card cash withdrawal costs are being increased to deterrent levels. A step in the right direction, albeit late," said Hakan Kara, a former central bank chief economist who is at Bilkent University.

With the move, the central bank effectively revised upwards the Turkish lira share in the banking system, bankers said.

They said the bank, for the first time, introduced a monthly increase target for the share of Turkish lira in the deposits of corporates in the banking system.

The revisions will come into effect on March 16, the bank said.



SDRPY Begins Delivering Oil Derivatives to Power Plants Across Yemen

The effects of this grant span comprehensive financial, economic, and service dimensions - SPA
The effects of this grant span comprehensive financial, economic, and service dimensions - SPA
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SDRPY Begins Delivering Oil Derivatives to Power Plants Across Yemen

The effects of this grant span comprehensive financial, economic, and service dimensions - SPA
The effects of this grant span comprehensive financial, economic, and service dimensions - SPA

In line with the Saudi leadership’s directives on January 14 to provide a grant of oil derivatives for operating all power stations in the Republic of Yemen, the Saudi Development and Reconstruction Program for Yemen (SDRPY) has begun supplying oil derivatives to more than 70 stations across the country, with shipments departing from the headquarters of the Yemeni petroleum company PetroMasila for delivery to power plants in various governorates.

This grant aims to support the electricity sector, improve living standards, promote social stability, and strengthen the capacity and efficiency of Yemeni institutions. This will enable them to continue providing essential services and operating production and service facilities, thereby fostering development and economic recovery in Yemen, SPA reported.

The oil derivatives grant totals 339 million liters of diesel and mazut, valued at $81.2 million. The initiative is implemented under a comprehensive governance framework to ensure the resources reach the intended beneficiaries. A committee comprising several Yemeni entities has been established to oversee and monitor the distribution of the oil derivatives to power stations, based on the needs reported by stations across Yemen.

This grant plays a key developmental role by enhancing the efficiency of government institutions, stimulating the Yemeni economy, and improving the quality of services provided to the Yemeni people through the increased reliability of electricity supply to hospitals, medical centers, roads, schools, airports, and seaports. This, in turn, boosts economic and commercial activity across the country.

The effects of this grant span comprehensive financial, economic, and service dimensions. It supports Yemeni institutions such as the Central Bank of Yemen by easing pressure on foreign exchange reserves and helps the Ministry of Finance reduce the financial burden on the state’s general budget for fuel costs and electricity sector operations.

It is also crucial for the Ministry of Electricity and Energy to ensure stable fuel supplies to power plants, maintain their continuous operation, and enhance their operational and productive capacity.


3rd Edition of Global Labor Market Conference to Kick off in Riyadh on Monday

The King Abdullah Financial District (KAFD) during the early hours of the night in Riyadh, Saudi Arabia, August 29, 2025. (Reuters)
The King Abdullah Financial District (KAFD) during the early hours of the night in Riyadh, Saudi Arabia, August 29, 2025. (Reuters)
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3rd Edition of Global Labor Market Conference to Kick off in Riyadh on Monday

The King Abdullah Financial District (KAFD) during the early hours of the night in Riyadh, Saudi Arabia, August 29, 2025. (Reuters)
The King Abdullah Financial District (KAFD) during the early hours of the night in Riyadh, Saudi Arabia, August 29, 2025. (Reuters)

Riyadh will host on Monday the third edition of the Global Labor Market Conference (GLMC) under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. Held under the theme “Future in Progress,” the event will feature high-level participation from decision-makers, thought leaders, and experts from around the world.

Minister of Human Resources and Social Development Ahmed Al-Rajhi stressed that convening the third edition of GLMC under King Salman’s patronage reflects the Kingdom’s commitment to its international role in advancing global dialogue on the future of work and addressing the shared challenges reshaping labor markets worldwide.

The conference is a global platform that brings together key stakeholders to exchange expertise and build shared visions that contribute to the development of more flexible and inclusive policies, boost workforce readiness, and achieve a balance between economic growth and quality of life, in line with the objectives of Saudi Vision 2030, he added.

This year’s conference will see broad international participation, with more than 10,000 participants from 100 countries, alongside more than 40 labor ministers, and representatives of international organizations, the private sector, and academic institutions. The conference will also feature more than 200 speakers across over 50 sessions.

The two-day conference is organized by the Ministry of Human Resources and Social Development in strategic partnership with a number of international organizations, including the International Labor Organization (ILO), the World Bank, the United Nations Development Program (UNDP), the Organization for Economic Co-operation and Development (OECD), the International Organization for Migration (IOM), UN Tourism, Labor Center of the Organization of Islamic Conference, and King’s Trust International (KTI), and the Mohammed bin Salman Foundation (Misk).

In its third edition, the conference will focus on six main pillars reflecting the major transformations taking place in global labor markets. These include trade transformations and their impact on employment, informal economies, the new global skills landscape, the real impact of artificial intelligence on jobs and productivity, building resilient labor markets in times of crisis, and boosting job quality, with particular attention given to youth as the foundation of the future economy.

The conference will include a number of milestones, most notably the Ministerial Meeting of labor ministers, bringing together ministers from more than 40 countries to discuss practical and immediate employment pathways in light of global transformations. Other activities include the signing of agreements and memoranda of understanding, the organization of bilateral meetings, and the launch of new initiatives.

The conference will also witness the graduation of the first cohort of the Labor Market Academy, as part of efforts to bolster capacity building for policymakers, develop specialized labor market competencies, and enhance international knowledge exchange in this field.

GLMC is one of the world’s leading platforms dedicated to labor market issues, aiming to translate international dialogue into practical policies and initiatives, strengthen cooperation among countries, and support the development of more resilient and sustainable labor markets, contributing to enhanced economic competitiveness at the local, regional, and global levels.


Venezuela Hopes to Boost Its Oil Production by 18 Percent in 2026

A view of the installations at the Puerto La Cruz oil refinery of Venezuelan state oil company PDVSA in Puerto La Cruz, Venezuela, January 23, 2026. (Reuters)
A view of the installations at the Puerto La Cruz oil refinery of Venezuelan state oil company PDVSA in Puerto La Cruz, Venezuela, January 23, 2026. (Reuters)
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Venezuela Hopes to Boost Its Oil Production by 18 Percent in 2026

A view of the installations at the Puerto La Cruz oil refinery of Venezuelan state oil company PDVSA in Puerto La Cruz, Venezuela, January 23, 2026. (Reuters)
A view of the installations at the Puerto La Cruz oil refinery of Venezuelan state oil company PDVSA in Puerto La Cruz, Venezuela, January 23, 2026. (Reuters)

Venezuela wants to boost its oil production by 18 percent this year through planned reforms that will fully open the sector to private investors, the head of the state oil giant PDVSA said Saturday.

"We had a law...that was not up to date with what we needed as an industry," company CEO Hector Obregon said, adding the target for 2026 "is to grow by at least 18 percent."

Proposed reforms to the Organic Hydrocarbons Law would update the legal framework in the oil industry "to ensure that private investors can have legal certainty," Obregon said from the Puerto La Cruz refinery in eastern Venezuela.

Analysts say the law proposed by interim president Delcy Rodriguez and adopted in a first parliamentary reading on Thursday was drafted under pressure from Washington after the seizure of Venezuelan leader Nicolas Maduro from Caracas by US forces during a raid and air strikes on January 3.

The law is expected to be passed next week.

The South American nation produces around 1.2 million barrels per day (bpd), according to authorities, and sits on about one-fifth of the world's oil reserves.

Years of mismanagement and corruption have driven production down from a peak of over 3 million bpd in the early 2000s to a historic low of 350,000 barrels daily in 2020.

If adopted, the bill would roll back decades of state control over Venezuela's oil sector, which were tightened by Maduro's late mentor, socialist firebrand Hugo Chavez, in the mid-2000s.

US President Donald Trump has made no secret of his interest in Venezuela's oil. His administration has stated bluntly that it is taking over sales of the country's crude petroleum.

Rodriguez this week announced that the country had received an initial transfer of $300 million after the sale of its oil by the United States.

Oil exploitation had until now been the preserve of the state or of joint ventures in which the state held a majority stake.

The bill stipulates that private companies domiciled in Venezuela would be able to exploit oil after signing contracts.

"The main idea behind the hydrocarbons law and its reform is for us to increase oil production," said National Assembly president Jorge Rodriguez, who is also the brother of the acting president.

"What is the primary objective? To adapt to a situation that allows us to extract the oil from the land that belongs to all Venezuelan women and men."