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Saudi Central Bank Launches Gov’t Banking Services Platform ‘Naqd’

Saudi Central Bank (Asharq Al-Awsat)
Saudi Central Bank (Asharq Al-Awsat)
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Saudi Central Bank Launches Gov’t Banking Services Platform ‘Naqd’

Saudi Central Bank (Asharq Al-Awsat)
Saudi Central Bank (Asharq Al-Awsat)

The Saudi Central Bank (SAMA) introduced “Naqd,” a government banking services platform that enables government agencies to conveniently access their accounts at the central bank and carry out financial transactions securely on a digital platform.
This initiative is part of the central bank's strategy of providing banking services to government agencies and supporting digital development. It aims to digitize the financial operations services of government agencies on their accounts at SAMA through a unified and secure digital platform.
It also facilitates access to account information at all times, enables the management of these accounts, and provides instant monitoring of transactions to and from government agencies’ accounts.
The platform aims to offer electronic banking services that support government financial transactions, improve the user experience, enhance efficiency and productivity in financial transactions using the latest technologies, and reduce the time required to complete government banking procedures.

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Turkish Monthly Inflation Near 3%, Keeping Pressure on Central Bank

A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)
A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)
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Turkish Monthly Inflation Near 3%, Keeping Pressure on Central Bank

A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)
A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)

Turkish inflation cooled to 2.96% on a monthly basis in February while the annual figure rose to 31.53%, largely as expected, according to official data on Tuesday that tees up a tough rate decision for the central bank next week.

Beyond the price pressure, market turmoil due to war between US-Israel and neighboring Iran prompted emergency measures by the central bank, including some $8 billion in FX sales on Monday, resulting in a roughly 300 basis-point rise in ‌the overnight rate to ‌about 40%.

Analysts say the central bank could respond ‌by ⁠officially halting an easing ⁠cycle that began in late 2024. In January, the monetary policy committee trimmed the bank's main policy interest repo rate by 100 basis points to 37%.

In January, monthly consumer price inflation surged to a higher-than-expected 4.84% while the annual rate slipped to 30.65%.

In February, monthly inflation was driven by a 6.89% surge in food and drinks prices, according to the Turkish Statistical Institute, marking ⁠the second month of pressure that has raised worries ‌about a disinflation trend that began in ‌2024 but recently slowed.

Finance Minister Mehmet Simsek said he expected the recent high food ‌price increases to be offset in the coming period, depending on weather ‌conditions, while acknowledging the energy price rises triggered by the Iran conflict.

"We are working to limit the inflationary impact of rising oil prices due to geopolitical developments," he said, adding that all policy tools are being used in coordination to sustain the ‌disinflation process.

In a Reuters poll, monthly inflation was forecast to be 3% with the annual rate seen at ⁠31.55%.

The data ⁠also showed the domestic producer price index rose 2.43% month-on-month in February for an annual increase of 27.56%.

The central bank has in recent weeks kept rate-cut expectations on track even as it has repeated it was ready to tighten policy if needed.

JPMorgan - which like most analysts had previously predicted another cut at the central bank's March 12 policy meeting - said on Monday it now expects the bank to hold rates. It also revised its year-end inflation forecast to 25% from 24%.

Last month, the central bank nudged up its year-end inflation forecast range by two percentage points to 15–21% and maintained its interim 16% target, despite market doubts over whether the downward trend seen throughout 2025 is on track.

Business

Gold Retreats as Firmer Dollar Offsets Geopolitical Safe-haven Support

FILE PHOTO: Gold imitations are seen in this illustration picture taken February 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Gold imitations are seen in this illustration picture taken February 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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Gold Retreats as Firmer Dollar Offsets Geopolitical Safe-haven Support

FILE PHOTO: Gold imitations are seen in this illustration picture taken February 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Gold imitations are seen in this illustration picture taken February 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

Gold prices eased on Tuesday, pulled back by a stronger dollar, while investors assessed the impact of an escalating US and Israeli air war against Iran.

Spot gold was down 0.4% at $5,305.23 per ounce, as of 0646 GMT. In the previous session, bullion climbed to its highest point in more than four weeks after the US and Israel launched strikes on ‌Iran over ‌the weekend.

US gold futures for April delivery ‌were ⁠up 0.3% at $5,326.40.

The ⁠dollar hovered close to a more than five-week high reached on Monday, supported by firm demand and cautious market sentiment. A stronger greenback typically makes dollar-denominated assets such as bullion more expensive for foreign buyers.

"Inflationary concerns are proving to be of benefit to the dollar while being of some hindrance to the gold ⁠price," KCM Trade chief market analyst Tim Waterer ‌said.

"Gold would arguably be trading ‌higher than current levels were it not for dollar appreciation since the ‌conflict intensified."

A senior official from the Iranian Revolutionary Guard Corps (IRGC) ‌said the Strait of Hormuz has been closed and warned Iran would fire on any ship trying to pass through the strategic waterway, according to Iranian media.

This is Iran's most explicit warning since ‌telling ships it was closing the export route on Saturday, a move that threatens to choke a ⁠fifth of ⁠global oil flows and send crude prices sharply higher.

US President Donald Trump has warned of a "big wave" of further attacks coming soon, without providing specific details.

"Persistent safe-haven demand due to the ongoing conflict is keeping a floor under the gold price," Waterer added.

The attack on Iran has pitched the Gulf into war, killing scores of civilians in Iran, Israel and Lebanon, thrown global air transport into chaos and shut down shipping through the Strait of Hormuz.

Silver fell 5.8% to $84.25/oz, after climbing to a more than four-week high on Monday. Platinum lost 4.4% to $2,200.89/oz, palladium fell 1.2% to $1,745.26.

Business

Egypt’s Non-Oil Private Sector Contracted in February as Costs Rose

Egyptians walk past a poster depicting US dollars and other currencies outside an exchange office in Cairo, Egypt, Thursday, Jan. 12, 2023. (AP)
Egyptians walk past a poster depicting US dollars and other currencies outside an exchange office in Cairo, Egypt, Thursday, Jan. 12, 2023. (AP)
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Egypt’s Non-Oil Private Sector Contracted in February as Costs Rose

Egyptians walk past a poster depicting US dollars and other currencies outside an exchange office in Cairo, Egypt, Thursday, Jan. 12, 2023. (AP)
Egyptians walk past a poster depicting US dollars and other currencies outside an exchange office in Cairo, Egypt, Thursday, Jan. 12, 2023. (AP)

Egypt's non-oil ‌private sector output contracted in February for the first time in four months, as demand softened and cost pressures intensified, S&P Global reported on Wednesday.

The headline Purchasing Managers' Index (PMI) fell to 48.9 in February from 49.8 in January, remaining below the 50.0 threshold that separates growth from contraction. ‌Despite the decline, ‌the PMI was above ‌its ⁠long-run average of ⁠48.3.

Output declined for the first time since October, and all five sub-components of the PMI indicated a weakening in business conditions compared to January.

"The February PMI data pointed ⁠to a slowdown in ‌the Egyptian non-oil ‌private sector as activity curtailed and new ‌order volumes weakened," said David Owen, ‌Senior Economist at S&P Global Market Intelligence.

New orders saw a modest contraction, with downturns in manufacturing, wholesale & retail, and services, ‌while construction experienced an increase in new work. Employment fell for ⁠the ⁠third consecutive month, albeit at a slower pace, as firms implemented hiring freezes and job cuts.

Cost pressures accelerated, driven by rising global commodity prices, notably oil and metals, leading to the sharpest increase in business costs in nine months. Despite this, selling prices remained largely unchanged, with only a small fraction of firms passing on the higher costs to customers.