Author: Steven Sahiounie

Turkish economists talked about the need to pump banknotes of large denominations into the Turkish economy, at a time when the authorities are struggling to cope with inflation. Al-Jumhuriya newspaper wrote on Monday that Turkish economists had announced the need for banknotes in denominations of 500 and 000 lira (equivalent to 26 and 51 dollars) to put them into circulation because the current largest 200-lira banknote has lost much of its value since 2009, equivalent to about 10.5 dollar. Economists estimate that the 200 Turkish lira banknote, which is the largest banknote in Turkey today, has lost about 647% of…

Egypt Times revealed that the Kuwait Investment Fund had acquired The United Bank, one of the most famous banks in Egypt. The deal was concluded in favor of the Kuwait Investment Fund with approximately 660 million dollars, while the contracts will be officially signed after the end of the Eid al-Fitr holiday. The Egyptian government, according to informed sources told “Egypt Times”, had earlier reduced the offers submitted to buy the bank to only two offers, the first for the Qatari Sovereign Fund, and the other for the Kuwaiti Investment Fund, and the contracts were prepared for signing after the…

The countries of the world suffer from severe economic crises, which make it necessary for countries to resort to new and advanced ideas that help them overcome the global crisis. Can the Arabs establish a unified bank and one currency that saves the situation? Egyptian economist Hani Aboul Fotouh said, “A unified bank and currency for the Arab world could have great economic advantages, such as facilitating trade between Arab countries and providing financial and economic stability. It could also improve the financial situation of many developing Arab countries that suffer from inflation problems.” and external debt. And he continued…

The Sovereign Fund of Egypt received 4 offers from Gulf, American and Egyptian companies to compete to develop the land of the dissolved National Party, according to informed sources. The sources added that the bids include an American-Emirati alliance, a bid from the Saudi-Egyptian-Shaafar alliance, and two bids from Saudi and local companies. The project will be built on an area of ​​16,000 square meters, and the partner will handle the development and financing file, a mixed-use building, a 5-star hotel, and hotel units. The Sovereign Fund of Egypt launched a tender for the implementation of the project under the…

The newspaper “Vedomosti” reported that the Russian authorities are considering imposing a cap on the purchase of foreign currency in the domestic market for transactions to purchase assets of foreign companies withdrawing from Russia. The director of the Fiscal Policy Department at the Russian Ministry of Finance, Ivan Chipskov, said that the new mechanism provides for setting a monthly limit that is not restricted to a specific amount. “In general, within the framework of the responsible committee approach, we always take into account the market conditions in the foreign exchange market when making decisions about transactions, including transactions with shares,”…

Egypt is one of the countries that pay the highest interest rate in the world for borrowing, and despite this, the so-called hot foreign money escapes out of Egypt. According to a report issued by the Alternative Policy Solutions Project of the American University in Cairo, Egypt pays the highest interest rate in the world to borrow and keep hot money due to the growing reliance on short-term debt – whose percentage of total external debt increased from 7% in 2013 to more than 17% in 2013. 2021 – amidst a fragile economic reality. What enhances the fragility of the…

The Russian companies “Volo Darsky” and “Astaro Askoleski”, which specialize in flour production and packaging, are negotiating with local agents in Egypt to start offering their products in the Egyptian market. Amr El-Beltagy, director of the permanent exhibition of Russian foodstuffs in Egypt, said in statements to RT that the two companies are among the largest entities working in flour packaging, and they aim to offer their products to the Egyptian consumer at competitive prices, starting next May. El-Beltagy added that Volo Darsky and Ostaro Askoleski are in the final stages of signing contracts with some local agents, with the…

The Russian currency rose against the US and European currencies, in trading today, Monday, after a recent decline.  By 12:03 Moscow time, the dollar’s exchange rate had fallen by 39 kopecks (rule = 100 kopecks) to 81.40 rubles, while the euro’s exchange rate had fallen by 83 kopecks to 89.37 rubles. While the Chinese currency, the yuan, fell by 7 kopecks to 11.82 rubles, according to Moscow Stock Exchange data. “There are no significant reasons for the continued weakness of the Russian currency,” said expert Yevgeny Loktikov of Prom Svyazbank. The expert predicted that the dollar would decline within a week,…

Mauro Vieira pointed out that Brazil’s Foreign Ministry also worked on developing such documents together with officials from other government agencies and members of the public Brazil being mentioned separately in Russia’s updated Foreign Policy Concept is a testament to the mature nature of relations between the two countries, Brazilian Foreign Minister Mauro Vieira said in an interview with TASS ahead of his Russian counterpart Sergey Lavrov’s visit to Brasilia. “The fact that the 2023 document mentions Brazil separately and not as a member of MERCOSUR and BRICS, as it was in the 2016 concept, shows the gravitas of our…

On Monday, Russian Ambassador to London Andrey Kelin was summoned to the British Foreign Office over the sentencing of Kara-Murza, who holds both British and Russian citizenship A Moscow court on Monday sentenced columnist Vladimir Kara-Murza, who is on Russia’s list of foreign agents, to serve 25 years in a maximum security penal colony on charges of treason, spreading false information about the Russian Army and leading a non-grata organization, a TASS correspondent reported. Moscow City Court Judge Sergey Podoprigorov announced the verdict, under which Kara-Murza also faces a fine of 400,000 rubles ($4,900), along with a seven-year ban on…