Turkey central bank ready to take ‘all necessary measures’ for stability

Agencies
August 13, 2018

Istanbul, Aug 13: Turkey’s central bank on Monday announced it was ready to take “all necessary measures” to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity.

“The central bank will closely monitor the market depth and price formations, and take all necessary measures to maintain financial stability, if deemed necessary,” the bank said in a statement, vowing to provide “all the liquidity the banks need.”

The statement came after the Turkish lira hit record lows against the dollar amid a widening diplomatic spat with the United States.

The detention of US pastor Andrew Brunson since October 2016 on terrorism charges has sparked the most severe crisis in ties between the two NATO allies in years.

The central bank announced the series of measures on Monday, a day after Erdogan’s son-in-law Berat Albayrak, who is treasury and finance minister, announced an action plan was in the pipeline.

“In the framework of intraday and overnight standing facilities, the Central Bank will provide all the liquidity the banks need,” the bank said.

The bank also revised reserve requirement ratios for banks, in a move also aimed at staving off any liquidity issues.

It said with the latest revision, approximately 10 billion lira, $6 billion, and $3 billion equivalent of gold liquidity will be provided to the financial system.

The nominally independent central bank has defied pressure to hike interest rates which economists said would curb the fall of the lira.

Erdogan on Saturday called interest rates as “tool of exploitation” that makes the poor poorer and the rich richer.

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News Network
May 19,2024

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A helicopter carrying Iranian President Ebrahim Raisi suffered a “hard landing” on May 19, Iranian state media reported, without immediately elaborating.

Mr. Raisi was traveling in Iran’s East Azerbaijan province. State TV said the incident happened near Jolfa, a city on the border with the nation of Azerbaijan, some 600 kilometers (375 miles) northwest of the Iranian capital, Tehran.

Traveling with Raisi were Iran’s Foreign Minister Hossein Amirabdollahian, the governor of Iran’s East Azerbaijan province and other officials, the state-run IRNA news agency reported. One local government official used the word “crash” to describe the incident, but he acknowledged to an Iranian newspaper that he had yet to reach the site himself.

Neither IRNA nor state TV offered any information on Mr. Raisi’s condition.

Rescuers were attempting to reach the site, state TV said, but had been hampered by poor weather conditions. There had been heavy rain and fog reported with some wind. IRNA called the area a “forest.”

Mr. Raisi had been in Azerbaijan early Sunday to inaugurate a dam with Azerbaijan’s President Ilham Aliyev. The dam is the third one that the two nations built on the Aras River. The visit came despite chilly relations between the two nations, including over a gun attack on Azerbaijan’s Embassy in Tehran in 2023, and Azerbaijan’s diplomatic relations with Israel, which Iran’s Shiite theocracy views as its main enemy in the region.

Iran flies a variety of helicopters in the country, but international sanctions make it difficult to obtain parts for them. Its military air fleet also largely dates back to before the 1979 Islamic Revolution.

Mr. Raisi, 63, is a revolutionary who formerly led the country’s judiciary. He is viewed as a protégé of Iran’s Supreme Leader Ayatollah Ali Khamenei and some analysts have suggested he could replace the 85-year-old leader after his death or resignation from the role.

Mr. Raisi won Iran’s 2021 presidential election, a vote that saw the lowest turnout in the Islamic Republic’s history. Raisi is sanctioned by the U.S. in part over his involvement in the mass execution of thousands of political prisoners in 1988 at the end of the bloody Iran-Iraq war.

Under Mr. Raisi, Iran now enriches uranium at nearly weapons-grade levels and hampers international inspections. Iran has armed Russia in its war on Ukraine, as well as launched a massive drone-and-missile attack on Israel amid its war against Hamas in the Gaza Strip. It also has continued arming proxy groups in the Mideast, like Yemen’s Houthi rebels and Lebanon’s Hezbollah.

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News Network
May 17,2024

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Hamas says the Israeli regime’s bombing of the Gaza Strip, which is enduring a genocidal Israeli war, has killed 70 percent of the Zionist captives, who have been held by the Palestinian resistance movement since an October operation.

Khalil al-Hayya, deputy chief of Hamas’ Political Bureau, announced the information in an interview with Lebanon’s al-Manar television network on Thursday.

“The Zionist enemy wants to recover the remaining captives by force, killing them by bombing,” he said.

Around 250 people were taken captive on October 7 last year during Al-Aqsa Storm, a retaliatory operation by Gaza’s resistance groups.

At least 35,272 Palestinians have died in an Israeli war of genocide that began following the operation.

Hamas released 105 of the captives during a week-long truce in late November.

Hamas recently agreed to another truce proposal enabling cessation of the Israeli aggression and release of the rest of the captives. The Israeli regime, however, rejected the proposal.

The Hamas’ official said, “The latest proposal presented to us comes very close to our demands, but the enemy has not respected the proposal or the mediators.”

Al-Hayya reiterated the movement’s demands, saying any potential truce agreement had to mandate a complete and comprehensive cessation of the Israeli aggression, withdrawal of all Israeli forces from Gaza, and then a captive exchange deal.

‘Victory is our ally’

The Hamas’ official pointed to the Israeli regime’s failure to realize its war goals, including defeating the resistance.

“After eight months of aggression, the enemy has failed to eradicate the resistance in Gaza despite all the actions of the occupation,” he said.

“The resistance has rebuilt itself and can adapt its capabilities to face the occupation,” the official said, asserting, “The resistance is capable of enduring for many months and will continue to defend its people as long as the battle is ongoing.”

“The resistance has the ability to continue because it is right, and victory is our ally, while the enemy will face defeat.”

Thanking regional resistance

Elsewhere in his remarks, al-Hayya expressed gratitude towards the regional resistance groups for the pro-Palestinian operations that they have been carrying out against Israeli targets and those associated with the occupying regime.

“The fronts in Yemen, Lebanon, and Iraq support Gaza and link the cessation of [their] operations to the end of aggression on Gaza,” he said.

“When we meet with the resistance forces in the region, we affirm that the battle is one.”

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News Network
May 17,2024

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The United Arab Emirates has announced a 10-year Blue residency visa for individuals who have made exceptional efforts and contributions to protecting the environment.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who chaired the Cabinet meeting at Qasr Al Watan in Abu Dhabi formally approved this. 

He said the move comes in line with implementing the directives of President Sheikh Mohamed bin Zayed Al Nahyan, who had announced 2024 as the Year of Sustainability.

The Blue visa will be granted to individuals championing sustainability and the use of modern technologies in promoting the circular economy, and other relevant fields.

Sheikh Mohammed said the sustainability of our economy has become linked to the sustainability of our environment, and our national directions in this area are clear and consistent.

He also approved the National Youth Agenda, among several initiatives, instructing the Minister of Youth to prioritise five key areas: empowering youth economically, developing their scientific skills, reinforcing their national identity, enhancing their community contributions, and activating their role in representing their country on the international stage.

CEO of Artificial Intelligence

The Cabinet has approved the introduction of the post of CEO of Artificial Intelligence (AI) in all major federal entities, in line with the UAE's strategy to strengthen its position in AI.

“Today, we approved the introduction of the CEO of Artificial Intelligence role in all major federal entities, as part of the UAE’s strategy to solidify its position in the field of artificial intelligence,” the Vice President said.

The initiative aims to facilitate the integration of AI tools within these institutions, further advancing the transition toward a new era driven by cutting-edge technologies across federal entities.

University rankings

The Cabinet also endorsed a new framework for categorising higher education institutions across the nation. The forthcoming national rankings will assess over 70 higher education establishments based on the quality of their education, the employability of their graduates, the strength of their scientific research, and their collaborations with international scientific institutions.

The unveiling of these university rankings marks a significant stride in elevating the calibre of our higher education system and fostering transparency. It empowers families to make informed decisions, selecting the most suitable and exemplary educational pathways for their children,” Sheikh Mohammed said.

“During the meeting, we were updated on recent advancements in our national space sector, with our national cadres now comprising 38 per cent of personnel engaged in global space projects. Additionally, expenditure on space research has seen a 14 per cent increase."

"Our commitment remains steadfast in guiding our youth towards promising and pioneering sectors while safeguarding our environment and adopting leading international technologies within our government. Concurrently, we are dedicated to enhancing our higher education systems, ensuring a brighter future for our youth,” Sheikh Mohammed added.

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