The recovery of the lira and the sale of the dollar Learn the details of Erdogan's new economic plan

After Umrah, 3 thousand Moroccans are stuck in Saudi Arabia due to the suspension of flights  About 3,000 Moroccans are still stranded in Saudi Arabia after completing the rites of Umrah, as they were surprised by the Moroccan authorities' decision to stop air traffic following the appearance of the Omicron mutant.  The Saudi authorities stated that about 3,000 Moroccans are stranded in the Kingdom, as a result of the Moroccan authorities' decision to stop air traffic, coinciding with the emergence of the new mutant Omicron.  These Moroccans used to perform Umrah in the hope of a quick return to their country, and now they are facing real suffering due to having to stay in the Kingdom and the high prices of hotels and daily expenses.  Moroccan pilgrims demonstrated in front of their country's embassy in Jeddah, calling on the authorities to organize exceptional trips and return them as soon as possible, according to the Moroccan newspaper, Al-Massa.  Moroccans are afraid that the Saudi authorities will impose financial fines on them, due to the approaching expiration date of the visas granted to them without leaving the country.   Because of Iran? Bennett's phone call, Biden and Washington did not answer for 3 weeks  Hebrew media reported that Israeli Prime Minister Naftali Bennett requested a phone conversation with US President Joe Biden three weeks ago, but Washington has not responded to his request so far.. What is the reason?  Israeli Channel 13 (private) said on Tuesday evening that Washington had not responded for three weeks to Israeli Prime Minister Naftali Bennett's request to have a phone conversation with US President Joe Biden.  She added, "The prime minister wants to hold the conversation and raise the issue of nuclear talks (between Iran and Western countries, including the United States) taking place during this period in Vienna."  And she added that the American disregard for Bennett's request came against the background of a "difficult phone conversation" that took place earlier this month between Bennett and US Secretary of State Anthony Blinken.  In this conversation, Bennett asked to talk about the Iranian nuclear file, but Blinken raised the issue of Israeli settlement construction in Qalandia (north of occupied East Jerusalem), according to the channel.  And she stated that "the Americans are protesting every time a (settlement) building plan is published outside the Green Line (the territories occupied in 1948)."  On the 6th of this month, the Israeli Walla news website said that American pressure had halted the approval of an Israeli governmental committee on a plan to build a settlement on the land of Qalandia International Airport.  The Biden administration considers that the settlements undermine the possibility of implementing the "two-state solution" (Palestinian and Israeli).  In a statement on the second of this month, Bennett said that he told Blinken during a phone conversation that "Iran is practicing nuclear protrusion as a negotiating tactic, and it must be met with an immediate cessation of negotiations and tough steps from the major countries."  Israel has a nuclear arsenal that is not subject to international control, while Iran is accused of seeking to produce nuclear weapons, and the latter says its program is designed for peaceful purposes.  After a five-month pause, on November 29, Western countries resumed negotiations with Iran, with the aim of returning to the agreement concluded in 2015 and Washington withdrew from it in 2018, before imposing severe sanctions on Tehran.  The 2015 agreement imposed restrictions on Iran's program to ensure that it does not produce nuclear weapons, in return for the lifting of international economic sanctions.    The value of $ 52.4 billion Iraq pays Kuwait in full compensation for the Gulf War  The Central Bank of Iraq announced the full payment of the Gulf War compensation approved by the United Nations to Kuwait, amounting to 52.4 billion dollars.  The Central Bank of Iraq announced on Tuesday that it had paid the full financial compensation approved by the United Nations in favor of Kuwait due to the Gulf War, amounting to 52.4 billion dollars.  The bank said in a statement that "the last remaining batch of compensation from the State of Kuwait, amounting to $44 million, has been paid."  The statement stated that "in this way, Iraq will have completed the payment of the full amount of compensation approved by the United Nations Compensation Committee of the UN Security Council, pursuant to Resolution 687 of 1991, with a total of 52.4 billion dollars to Kuwait."  He added, "It is hoped that ending the payment of compensation will contribute to the reintegration of the Iraqi banking system into the global banking system, and benefit from the financial abundance that will be achieved."  In 1991, a United Nations compensation committee was formed, obligating Baghdad to pay $52.4 billion to individuals, companies, government organizations and others, who incurred direct losses as a result of the invasion and occupation of Kuwait.  Iraq stopped making payments in 2014 during the war on ISIS, which controlled a third of the country, but resumed them in 2018.  Iraq pays the amount of compensation to a UN fund established under the name of the United Nations Compensation Fund, and Iraq relies for 98 percent of its annual revenues on oil exports.     The recovery of the lira and the sale of the dollar Learn the details of Erdogan's new economic plan  The Turkish lira is rebounding strongly and rebounding against the dollar after Erdogan announced a new financial tool within the new measures taken by the government after the rise in prices and exchange rates, which confirms the opposition to high interest rates.  After the statements of Turkish President Recep Tayyip Erdogan on Monday, the Turkish lira rose strongly and quickly to reach 11.11 lira against the dollar at the opening of trading on Tuesday morning, following statements made by Erdogan on Monday about a new financial instrument.  The Turkish lira began to recover immediately after President Erdogan's speech, in which he announced his government's decision to launch a new financial instrument that would allow achieving the same level of potential profits for savings in foreign currencies by keeping assets in lira. "Deposits denominated in lira will be protected from fluctuations in exchange rates," Erdogan added.  As soon as Erdogan finished his speech, which reassured the hearts of citizens and investors alike, the Turks began selling their savings of dollars in order to buy the lira, which not only rose against the dollar, but also against all foreign currencies besides gold. In a related context, the head of the Turkish Banks Association, Alp Arslan Çakir, announced that about one billion dollars had been transferred to the Turkish lira after President Erdogan's speech.  Return "crazy" Within a few hours after Erdogan's speech in which he announced the new financial tool that his government will pursue in the coming days, the lira recorded a significant increase in its exchange rate against the US dollar and the rest of the major currencies, and it rose by 33 percent at the close, which is the largest and fastest rate of appreciation for a global currency in history.   Prior to the Turkish President's statements, the exchange rate of the Turkish lira against the dollar reached 18.36, and after the speech it fell to 12.27, at 23:00 local time (+3 GMT).  Timothy Ash, senior emerging markets analyst at London-based BlueBay Asset Management, described what happened as a "crazy comeback". “A totally crazy forex day today. I don't think I have ever seen such volatility in the forex market in my 30+ year career,” Ash said. He wondered if there was time for the Turkish lira to reach its fair value, which Robin Brooks valued at 9.5 to the dollar?  Analysts explained that following Erdogan's speech, banks emptied large amounts of foreign exchange reserves, which led to a sharp decline in exchange rates, adding that new financial products and incentives - details of which are expected to be announced today - will support the exchange rate balance in favor of the lira.  The new financial instrument The Turkish economy has always been distinguished by its possession of many dynamics that operate according to the rules of a free market economy, and which can deal with economic surprises effectively, the latest of which was the new financial instrument that was announced on Monday evening.  The new financial instrument aims to stop fluctuations in the exchange rate and ensure relative stability by encouraging investors to move towards assets based on the Turkish lira. foreign.  Through the new mechanism, a new financial alternative will be offered to citizens who want to allay their fears caused by high exchange rates when assessing their savings. In addition to the government's pledge to pay the exchange rate difference from treasury funds, deposits in Turkish lira will also be tax-exempt, which would allay investors' fears of higher exchange rates, thus curbing the operations of foreign currency poets.  New economic model For some time now, the Turkish government has been arguing that the rise in exchange rates ignored Turkey's strong economic fundamentals, while blaming the price hike on global economic factors left by the pandemic, as well as monopolists. According to Erdogan, the benefits of Turkey's new approach will appear in the next three to six months.  It is true that this rise came as a result of the announcement of the new tool related to bank deposits, but it undoubtedly also came due to the start of activating the new economic model adopted by the Turkish government some time ago, which is based mainly on reducing the interest rate in order to reduce inflation rates, encourage investment and increase exports, and thus Increasing job opportunities and raising growth rates.  Within the framework of the new economic plans that the Turkish government has set in mind to limit the rise in prices and exchange rates, President Erdogan announced a few days ago government support packages that will increase the country’s ability to overcome the difficulties that the Turkish economy has recently experienced, most notably the increase in the minimum wage. By more than 50%, the minimum wage in Turkey has reached 4,250 Turkish liras.

After Umrah, 3 thousand Moroccans are stuck in Saudi Arabia due to the suspension of flights

About 3,000 Moroccans are still stranded in Saudi Arabia after completing the rites of Umrah, as they were surprised by the Moroccan authorities' decision to stop air traffic following the appearance of the Omicron mutant.

The Saudi authorities stated that about 3,000 Moroccans are stranded in the Kingdom, as a result of the Moroccan authorities' decision to stop air traffic, coinciding with the emergence of the new mutant Omicron.

These Moroccans used to perform Umrah in the hope of a quick return to their country, and now they are facing real suffering due to having to stay in the Kingdom and the high prices of hotels and daily expenses.

Moroccan pilgrims demonstrated in front of their country's embassy in Jeddah, calling on the authorities to organize exceptional trips and return them as soon as possible, according to the Moroccan newspaper, Al-Massa.

Moroccans are afraid that the Saudi authorities will impose financial fines on them, due to the approaching expiration date of the visas granted to them without leaving the country.

Because of Iran? Bennett's phone call, Biden and Washington did not answer for 3 weeks

Hebrew media reported that Israeli Prime Minister Naftali Bennett requested a phone conversation with US President Joe Biden three weeks ago, but Washington has not responded to his request so far.. What is the reason?

Israeli Channel 13 (private) said on Tuesday evening that Washington had not responded for three weeks to Israeli Prime Minister Naftali Bennett's request to have a phone conversation with US President Joe Biden.

She added, "The prime minister wants to hold the conversation and raise the issue of nuclear talks (between Iran and Western countries, including the United States) taking place during this period in Vienna."

And she added that the American disregard for Bennett's request came against the background of a "difficult phone conversation" that took place earlier this month between Bennett and US Secretary of State Anthony Blinken.

In this conversation, Bennett asked to talk about the Iranian nuclear file, but Blinken raised the issue of Israeli settlement construction in Qalandia (north of occupied East Jerusalem), according to the channel.

And she stated that "the Americans are protesting every time a (settlement) building plan is published outside the Green Line (the territories occupied in 1948)."

On the 6th of this month, the Israeli Walla news website said that American pressure had halted the approval of an Israeli governmental committee on a plan to build a settlement on the land of Qalandia International Airport.

The Biden administration considers that the settlements undermine the possibility of implementing the "two-state solution" (Palestinian and Israeli).

In a statement on the second of this month, Bennett said that he told Blinken during a phone conversation that "Iran is practicing nuclear protrusion as a negotiating tactic, and it must be met with an immediate cessation of negotiations and tough steps from the major countries."

Israel has a nuclear arsenal that is not subject to international control, while Iran is accused of seeking to produce nuclear weapons, and the latter says its program is designed for peaceful purposes.

After a five-month pause, on November 29, Western countries resumed negotiations with Iran, with the aim of returning to the agreement concluded in 2015 and Washington withdrew from it in 2018, before imposing severe sanctions on Tehran.

The 2015 agreement imposed restrictions on Iran's program to ensure that it does not produce nuclear weapons, in return for the lifting of international economic sanctions.

The value of $ 52.4 billion Iraq pays Kuwait in full compensation for the Gulf War

The Central Bank of Iraq announced the full payment of the Gulf War compensation approved by the United Nations to Kuwait, amounting to 52.4 billion dollars.

The Central Bank of Iraq announced on Tuesday that it had paid the full financial compensation approved by the United Nations in favor of Kuwait due to the Gulf War, amounting to 52.4 billion dollars.

The bank said in a statement that "the last remaining batch of compensation from the State of Kuwait, amounting to $44 million, has been paid."

The statement stated that "in this way, Iraq will have completed the payment of the full amount of compensation approved by the United Nations Compensation Committee of the UN Security Council, pursuant to Resolution 687 of 1991, with a total of 52.4 billion dollars to Kuwait."

He added, "It is hoped that ending the payment of compensation will contribute to the reintegration of the Iraqi banking system into the global banking system, and benefit from the financial abundance that will be achieved."

In 1991, a United Nations compensation committee was formed, obligating Baghdad to pay $52.4 billion to individuals, companies, government organizations and others, who incurred direct losses as a result of the invasion and occupation of Kuwait.

Iraq stopped making payments in 2014 during the war on ISIS, which controlled a third of the country, but resumed them in 2018.

Iraq pays the amount of compensation to a UN fund established under the name of the United Nations Compensation Fund, and Iraq relies for 98 percent of its annual revenues on oil exports.

The recovery of the lira and the sale of the dollar Learn the details of Erdogan's new economic plan

The Turkish lira is rebounding strongly and rebounding against the dollar after Erdogan announced a new financial tool within the new measures taken by the government after the rise in prices and exchange rates, which confirms the opposition to high interest rates.

After the statements of Turkish President Recep Tayyip Erdogan on Monday, the Turkish lira rose strongly and quickly to reach 11.11 lira against the dollar at the opening of trading on Tuesday morning, following statements made by Erdogan on Monday about a new financial instrument.

The Turkish lira began to recover immediately after President Erdogan's speech, in which he announced his government's decision to launch a new financial instrument that would allow achieving the same level of potential profits for savings in foreign currencies by keeping assets in lira. "Deposits denominated in lira will be protected from fluctuations in exchange rates," Erdogan added.

As soon as Erdogan finished his speech, which reassured the hearts of citizens and investors alike, the Turks began selling their savings of dollars in order to buy the lira, which not only rose against the dollar, but also against all foreign currencies besides gold. In a related context, the head of the Turkish Banks Association, Alp Arslan Çakir, announced that about one billion dollars had been transferred to the Turkish lira after President Erdogan's speech.

Return "crazy"

Within a few hours after Erdogan's speech in which he announced the new financial tool that his government will pursue in the coming days, the lira recorded a significant increase in its exchange rate against the US dollar and the rest of the major currencies, and it rose by 33 percent at the close, which is the largest and fastest rate of appreciation for a global currency in history.

Prior to the Turkish President's statements, the exchange rate of the Turkish lira against the dollar reached 18.36, and after the speech it fell to 12.27, at 23:00 local time (+3 GMT).

Timothy Ash, senior emerging markets analyst at London-based BlueBay Asset Management, described what happened as a "crazy comeback". “A totally crazy forex day today. I don't think I have ever seen such volatility in the forex market in my 30+ year career,” Ash said. He wondered if there was time for the Turkish lira to reach its fair value, which Robin Brooks valued at 9.5 to the dollar?

Analysts explained that following Erdogan's speech, banks emptied large amounts of foreign exchange reserves, which led to a sharp decline in exchange rates, adding that new financial products and incentives - details of which are expected to be announced today - will support the exchange rate balance in favor of the lira.

The new financial instrument

The Turkish economy has always been distinguished by its possession of many dynamics that operate according to the rules of a free market economy, and which can deal with economic surprises effectively, the latest of which was the new financial instrument that was announced on Monday evening.

The new financial instrument aims to stop fluctuations in the exchange rate and ensure relative stability by encouraging investors to move towards assets based on the Turkish lira. foreign.

Through the new mechanism, a new financial alternative will be offered to citizens who want to allay their fears caused by high exchange rates when assessing their savings. In addition to the government's pledge to pay the exchange rate difference from treasury funds, deposits in Turkish lira will also be tax-exempt, which would allay investors' fears of higher exchange rates, thus curbing the operations of foreign currency poets.

New economic model

For some time now, the Turkish government has been arguing that the rise in exchange rates ignored Turkey's strong economic fundamentals, while blaming the price hike on global economic factors left by the pandemic, as well as monopolists. According to Erdogan, the benefits of Turkey's new approach will appear in the next three to six months.

It is true that this rise came as a result of the announcement of the new tool related to bank deposits, but it undoubtedly also came due to the start of activating the new economic model adopted by the Turkish government some time ago, which is based mainly on reducing the interest rate in order to reduce inflation rates, encourage investment and increase exports, and thus Increasing job opportunities and raising growth rates.

Within the framework of the new economic plans that the Turkish government has set in mind to limit the rise in prices and exchange rates, President Erdogan announced a few days ago government support packages that will increase the country’s ability to overcome the difficulties that the Turkish economy has recently experienced, most notably the increase in the minimum wage. By more than 50%, the minimum wage in Turkey has reached 4,250 Turkish liras.

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