Latest news with #Turki
Shafaq News
5 days ago
- Business
- Shafaq News
Crippling local economy: Strategic Iraq-Syria border crossing remains shut
Shafaq News/ The strategic al-Qaim border crossing between Iraq and Syria remains closed, dealing a heavy blow to the economy of Iraq's western border province of al-Anbar, according to local officials who are pressing Baghdad to intervene. Al-Qaim's district administrator, Turki Muhammad Khalaf, told Shafaq News that the crossing is 'completely shut down at the moment, except for trucks carrying wheat as humanitarian aid to Syria.' He warned that 'this ongoing closure has deeply hurt the district's economy, which depends almost entirely on trade through this vital lifeline.' Khalaf said that the final decision to reopen the crossing rests with the Prime Minister's Office, urging the federal government to act quickly and restore trade flows. 'Reopening al-Qaim is crucial to bringing life back to the local economy, which is facing a clear downturn because of the stalled trade with Syria,' he added. The crossing's prolonged closure follows the collapse of Syrian President Bashar al-Assad's government last December and the subsequent withdrawal of Syrian forces from al-Bukamal, the town opposite al-Qaim on the Syrian side. Only Iraqis returning from Syria have been allowed to cross since. For Iraq, the stakes are high. Al-Qaim crossing has long been a key trade hub, with bilateral commerce exceeding $1B in 2024, according to the Iraqi-Syrian Business Council. Last month, Syria's port and land border authority confirmed that talks to reopen both al-Bukamal and al-Qaim crossings are in advanced stages.
Sharjah 24
5 days ago
- Politics
- Sharjah 24
Iman Turki: Sharjah Children promote Shura values
Promoting the vision of an informed generation Turki emphassed that the workshop is part of the foundation's broader mission to raise a knowledgeable and influential generation. It forms a key part of the preparation for the upcoming 18th session of the Sharjah Children's Shura and is included in a wider series of awareness programs and educational workshops. Fostering parliamentary and personal skills She told 'Sharjah 24' that the workshop aimed to instill parliamentary culture among children by introducing them to the basics of legislative work. In addition, it focused on developing essential personal skills, including effective dialogue, teamwork, and cooperation, which are necessary for participating in official sessions of the Sharjah Children's Parliament for the 2025/2026 term. Inclusive participation from across Sharjah Turki noted that the event drew participants from various regions of the Emirate of Sharjah, reflecting broad community engagement and interest in youth parliamentary education.
Qatar Tribune
13-05-2025
- Politics
- Qatar Tribune
Qatar participates in Arab European Cities Dialogue Forum in Riyadh
RIYADH: Represented by the Ministry of Municipality, the State of Qatar participated in the Arab European Cities Dialogue Forum, held in Riyadh, Saudi Arabia, from May 11-13, under the theme 'City Partnerships for a Better Future'. The Ministry of Municipality delegation was headed by Assistant Undersecretary for Urban Planning Affairs Eng Turki Fahd Al Turki. The Assistant Undersecretary participated in a roundtable meeting on 'City Partnerships', where he discussed key achievements of municipalities in the State of Qatar, highlighted efforts to develop municipal work, and exchanged expertise with participating delegations. The forum is a strategic platform for promoting city diplomacy and expanding cooperation between Arab and European cities toward more sustainable and inclusive urban development. More than 100 mayors and municipal leaders from various Arab and European cities are participating, along with a number of international entities, including urban organizations, municipal unions, funds, and donor institutions specializing in supporting development projects. Through its sessions and panels, the forum addressed the key challenges facing cities, such as infrastructure, the quality of municipal services, digital transformation, sustainable financing, climate change, and multi-level cooperation between cities and stakeholders in the urban landscape. The forum is organized by the Riyadh Municipality, in partnership with the Arab Urban Development Institute, the PLATFORMA - a platform of the Association of European Municipalities and Regions, and the International Cooperation Agency of the Association of Netherlands Municipalities.
Mint
29-04-2025
- Business
- Mint
Turkey Lira Woes Ease as Central Bank Pushes Funding Cost Higher
(Bloomberg) -- The pressure on Turkey's lira is showing early signs of easing, with the central bank pushing ahead with more aggressive tightening to provide a buffer from domestic political and global trade risks. The weighted average cost of funding from the central bank rose to its highest level this year — 48.8% as of Monday — according to the latest data compiled by Bloomberg. That's even higher than the benchmark interest rate of 46% and indicates that policymakers want to keep a tighter stance to counter demand for dollars. The central bank pushes the average funding cost above the benchmark rate by witholding funding at the one-week repo rate, forcing banks to access more costly funding from the higher overnight rate. The adjustment in funding channels shows that the central bank remains cautious against dollar demand after a volatile period for markets in March, when the detention of Istanbul Mayor Ekrem Imamoglu spurred a rapid exit from lira-denominated assets. The higher cost of central bank funding encourages local banks to raise the deposit rates they offer customers and keep savers invested in the local currency. 'Conditions of today require our central bank to largely manage the exchange rate,' Finance Minister Mehmet Simsek said in an interview with Bloomberg Haberturk TV on Tuesday. 'The central bank took the right measures' by vacuuming up lira liquidity and tightening financial conditions to ensure disinflation, he said. The Turkish lira was little changed at 38.42 per US dollar as of 11:00 a.m. Istanbul after weakening 1.1% last week. The central bank's foreign-currency sales totaled about $3.4 billion last week, down from $4.3 billion the prior week, according to estimates from Erkin Isik, QNB Turkey's chief economist in Ankara. 'While there's some slowdown, especially compared to the heights of the market rout,' some demand for the greenback remains, he said. The stability of the lira, a pillar of the central bank's disinflation program, faced severe pressure in the wake of Imamoglu's jailing last month, prompting an emergency interest-rate hike from the central bank as well as the expenditure of billions of dollars from reserves to defend the exchange rate. The interventions cost an estimated $53 billion as of April 25, according to Bloomberg Economics, with US President Donald Trump's tariff plans aggravating the fallout. Imamoglu is seen as President Recep Tayyip Erdogan's most formidable political rival. Gross FX reserves dropped by $3.7 billion in the week through April 18. The central bank collects hard currency from exporters as well as through exporter loan payments that help balance its reserves. The amount it generates from exporters' FX sales isn't publicly disclosed. Another surprise interest-rate increase this month, combined with a pledge from officials to maintain tight monetary policy, are helping assuage some investor concerns. Morgan Stanley earlier this month said it was 'cautiously' re-entering the Turkish lira carry trade. 'Demand for foreign currency has started to show signs of easing along with the central bank's further tightening,' said Onur Ilgen, head of treasury at MUFG Bank in Istanbul. Meanwhile, rising costs for hedging and forward contracts are also denting demand from corporates. 'That may help keep the currency under control,' Ilgen said. The lira's forward implied one-month and three-month yields — indicators of the currency's offshore funding costs — both rose to nearly 48% on Tuesday, slightly higher than levels seen last week. 'While there's a nascent slowdown in FX demand, there's still lack of lira demand from foreigners that could ensure relief in the Turkish lira,' Ilgen said. More stories like this are available on First Published: 29 Apr 2025, 03:23 PM IST
Shafaq News
22-04-2025
- Politics
- Shafaq News
Iraq's Al-Qaim Qaimaqam: PMF forces remain stationed at border
Shafaq News/ Claims of Popular Mobilization Forces (PMF) redeployment or withdrawal near the Al-Qaim border crossing in al-Anbar province are unfounded, an Iraqi official revealed on Tuesday. 'There has been no shift in the deployment or responsibilities of PMF units in the area,' Qaimaqam of Al-Qaim, Turki Mohammed Khalaf, told Shafaq News, noting that the situation remains stable with no signs of unusual activity. Notably, Iraqi forces reinforced their presence to counter potential threats, particularly from ISIS, following the Syrian regime's collapse on December 8. Earlier this month, the PMF stationed anti-armor near the Syrian border to monitor cross-border movement and deter militant threats.
