Syria’s President Appoints Former EY Partner as Central Bank Governor 

Shoppers walk browsing for items along the alley of Damascus' Hamidiya covered market on March 29, 2025 as Muslims prepare ahead of the holiday of Eid al-Fitr marking the end of the holy fasting month of Ramadan. (AFP)
Shoppers walk browsing for items along the alley of Damascus' Hamidiya covered market on March 29, 2025 as Muslims prepare ahead of the holiday of Eid al-Fitr marking the end of the holy fasting month of Ramadan. (AFP)
TT

Syria’s President Appoints Former EY Partner as Central Bank Governor 

Shoppers walk browsing for items along the alley of Damascus' Hamidiya covered market on March 29, 2025 as Muslims prepare ahead of the holiday of Eid al-Fitr marking the end of the holy fasting month of Ramadan. (AFP)
Shoppers walk browsing for items along the alley of Damascus' Hamidiya covered market on March 29, 2025 as Muslims prepare ahead of the holiday of Eid al-Fitr marking the end of the holy fasting month of Ramadan. (AFP)

Syrian President Ahmed al-Sharaa appointed Abdelkader Husrieh as the country's new central bank governor, according to a statement by the president's office, weeks after his predecessor tendered her resignation to allow for a new appointee.

Husrieh, who was previously a partner with international accounting firm EY in Syria, was sworn in by Sharaa.

Husrieh's appointment comes few weeks after Syrian central bank governor Maysaa Sabreen tendered her resignation less than three months after she was appointed to the post in a caretaker role.

Sabreen told Reuters at the time that she resigned because the country's new rulers would appoint a new governor after the formation of a new government, which was announced in late March.

She had pledged during her short-lived tenure to boost the bank's independence after years of corrupt state control.

Economists view central bank independence as critical to achieving long-term macroeconomic and financial sector stability.

While the Central Bank of Syria has always been, on paper, an independent institution, but under Bashar-al-Assad, whose regime was toppled in a lighting offensive in December, the bank's policy was de facto determined by the government.



Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
TT

Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.


Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
TT

Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.


Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
TT

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.