finances in the East

page 2

Saudi Arabia to establish $8bn export bank

Saudi Arabia to establish $8bn export bank

Saudi Arabia will establish an export bank with capital of $8 billion to support overseas sales by its industrial and mining projects, the country's energy, industry and mineral resources minister Khalid Al Falih said. …

Islamic Development Bank plans to acquire Turkish Adabank

Islamic Development Bank plans to acquire Turkish Adabank

The Islamic Development Bank (IDB) intends to acquire the Turkish Adabank, the head of the Banking Supervision Authority of Turkey (BDDK), Ali Akben said. He also noted, if the deal is signed, Adabank will be issued a license to operate on an …

Uzbekistan to fully lift currency controls on September 5

Uzbekistan to fully lift currency controls on September 5

Uzbekistan will allow Uzbek citizens and companies to buy and sell foreign currency at the market rate starting from September 5, the central bank announced on September 4, citing a decree signed by the president, bne IntelliNews …

Uzbekistan raises refinancing rate to 14%

Uzbekistan raises refinancing rate to 14%

The Board of the Central Bank of Uzbekistan has decided to raise the refinancing rate to 14% from 9%, the press service of the bank said in a statement. "This decision was made due to the acceleration of inflation for the past …

EU stops financing of Turkey

EU stops financing of Turkey

According to the European Commissioner for Neighborhood Policy and Enlargement, Johannes Khan, the European Union has started to cut financing the programs of the European-Turkish cooperation, for which there is no noticeable progress. …

IMF draws attention to developing Islamic Banking

IMF draws attention to developing Islamic Banking

Islamic Banking has a presence in 60 countries. The industry mushroomed to more than $1.5 trillion in assets last year from about $100 billion in the late 1990s. While it represents less than 2% of global banking assets, its share is …

Iranian monetary liquidity hits $335 billion

Iranian monetary liquidity hits $335 billion

The Central Bank of Iran (CBI) has announced that the country’s liquidity reached a total of 335 billion dollars in the second month of current Iranian year (began March 20). According to a report released by CBI, the total …

Turkish lira drops record amount

Turkish lira drops record amount

The national currency of Turkey fell a record amount against the backdrop of a failed coup attempt, mass dismissals in the army, courts and prosecutor's office. The lira dropped to 3.08 per the US dollar after the S&P rating …

Kazakh Central Bank cuts key interest rate to 13%

Kazakh Central Bank cuts key interest rate to 13%

Kazakhstan’s central bank cut its key interest rate from 15% to 13%. “There’s a high probability that inflation can be expected to reach the upper bound of the 6 percent-8 percent target corridor by end-2016. A …

 IMF approves $5.34 billion stand-by arrangement for Iraq

IMF approves $5.34 billion stand-by arrangement for Iraq

The Executive Board of the International Monetary Fund (IMF) today approved a three-year Stand-By Arrangement (SBA) for Iraq for $5.34 billion to support the government’s economic reform program, the IMF said. The Board’s …

IBRD allocates Kazakhstan $1 billion

IBRD allocates Kazakhstan $1 billion

The International Bank for Reconstruction and Development (IBRD) has approved a $1 billion loan with an interest rate of 1.5% to finance Kazakhstan's development policy in macroeconomic management and growth of the economic competitiveness of …

Iran dissatisfied with European banks and companies

Iran dissatisfied with European banks and companies

Despite the lifting of sanctions against Iran, the European banks and companies are in no hurry to renew business contacts with Iran, the deputy head of the Central Bank of Iran Hamid Tehranfar complained …

Russia ratifies law on CIS integrated currency market

Russia ratifies law on CIS integrated currency market

Russian President Vladimir Putin has signed a law on ratification of the Agreement on the CIS integrated currency market, which will create an integrated currency market within the borders of post-Soviet Commonwealth. …