Author: Steven Sahiounie

The Central Bank of Egypt has started the process of printing the 20-pound plastic currency, and it is scheduled to be put on the market with the advent of Eid al-Adha, according to a source familiar with the Central Bank. The source added that the Egyptian Bank settled on designing the new 20 pounds, and then started the process of printing the currency in order to put it on the local market during the coming period. He explained that the details of choosing the design of the new 20 pounds will be announced and the date of its introduction at…

Oil prices continued to decline, in trading today, Wednesday, and this came despite the drop in crude stocks in the United States during the past week.  By 10:45 Moscow time, US crude futures fell 1.06% to $70.90 a barrel. While Brent crude futures fell by 0.86% to $74.67 a barrel, thus, global crude contracts fell below $75 a barrel for the first time since March 27. And yesterday, black gold prices fell by about 5%, recording their lowest level in nearly 5 weeks. The decline came despite US data showing a decline in the volume of crude inventories in the…

The Business Activity Index (PMI) for manufacturing industries in Russia reached 52.6 points in April, compared to 53.2 points in March, but Russian export orders rose last month for the first time in 15 months. According to Standard & Poor’s Global, an increase in export orders was observed for the first time in 15 months, despite the decline in industrial production. “April saw the sector’s weakest growth since January 2023, due in part to a small number of new orders. At the same time, employment increased at the fastest pace since June 2006 and productivity is closer to stabilizing amid…

The Turkish Statistical Institute (TurkStat) reported today, Wednesday, that annual inflation in Turkey decreased last April to 43.68% from 50.50% recorded by the index last March. “In April 2023, inflation reached 2.39% on a monthly basis and 43.68% on an annual basis,” the Turkish Statistical Institute said in a statement. The Central Bank of Turkey expects inflation in the country by the end of this year 2023 to reach 22.3%. The economic data for the month of April comes less than two weeks before the presidential and legislative elections scheduled in Turkey. This article was originally published by RT.

Bloomberg reported that there are no indications of a significant decrease in Russian oil exports, despite Moscow’s decision two months ago to reduce its production of black gold. According to the agency, offshore oil supplies from Russia are stable and even increasing gradually, and in the last week of last April they generally exceeded the level of 4 million barrels per day. And a report by the agency stated: “The seaborne flows still do not reflect the production cut, which the Russian Energy Ministry said reached 700,000 barrels per day last March. It does not seem that the refineries operating…

Israeli occupation forces and the Palestinian resistance factions reach a conditional ceasefire after Egyptian, Qatari, and UN mediation following “Israel’s” deliberate murder through medical negligence of the captive Palestinian Leader Sheikh Khader Adnan. The Palestinian Resistance in Gaza has reached a conditional ceasefire with “Israel after occupation forces promised to halt aggressions and not carry out attacks against any targets, sources told Al Mayadeen on Wednesday. “Israel” and the Palestinian organizations agreed on a mutual cease-fire, which went into effect at 3:30 AM local time after Egyptian, Qatari, and UN mediation, according Reuters sources. The agreement comes after Palestinian resistance groups fired a salvo…

On March 18, 2023, Russia announced that the deal would be extended for 60 more days, saying this would be enough time to assess the efficacy of the memorandum signed with the UN The possible meeting between the delegations of Russia, Ukraine and Turkey on the issue of the Black Sea grain initiative has not been agreed, the Russian Foreign Ministry told TASS on Wednesday. Earlier, Turkish Defense Minister Hulusi Akar told about plans to hold a meeting on the grain deal between Turkey, Russia and Ukraine in Istanbul on May 5. “The issue has not been coordinated,” the Foreign…

The Palestinian resistance factions respond to the Israeli occupation’s crime against prisoner Sheikh Khader Adnan, which led to his martyrdom behind bars. The Palestinian Resistance in the Gaza Strip has launched several salvoes of rockets toward the Israeli settlements and military sites, with the Israeli occupation’s Iron Dome attempting to intercept them, an Al Mayadeen correspondent reported on Tuesday. The correspondent added that early warning systems were heard in the settlements, with salvoes of rockets getting fired from the Gaza Strip as part of the resistance’s response to the assassination of Palestinian Islamic Jihad official Khader Adnan. Al Mayadeen’s correspondent also reported that…

The central banks of South Korea and Indonesia have signed a memorandum of understanding to promote bilateral trade in national currencies, moving away from the US dollar as an intermediary. The step is expected to help South Korean and Indonesian corporations to lower transaction costs and exposure to exchange rate risks, the central banks of the two nations said in a joint statement. The Bank of Indonesia and the Bank of Korea highlighted that they would continue to strengthen collaboration through information-sharing and regular discussions, as the two nations seek to boost financial ties. The agreement was signed on the…

Moscow will reportedly begin buying foreign currency as early as this month to bolster reserves Russia could restart purchases of foreign currency for its reserves in May as growing energy revenues “stabilize” public finances despite Western efforts to damage the country’s economy, Bloomberg reported on Tuesday.    The Finance Ministry is due to announce the resumption of foreign exchange purchases later this week, the outlet said. Initial volumes are expected to be equivalent to about $200 million in yuan per month. The Chinese currency is viewed as the main asset Russia can use for transactions to refill its $154 billion national wealth…