Turkey’s Central Bank Signals Commitment to 50% Interest Rate Cut Amidst Inflation Reduction Plans
Turkey’s Central Bank maintains interest rate cut at 50%, focuses on reducing inflation and increasing competitiveness. Policy to continue until November, gradual reduction to follow, says Morgan Stanley.
Armenia’s Prime Minister’s Cabinet Holds Session with 32 Confidental Questions
Armenia’s PM Cabinet holds regular session, discussing undisclosed and confidential matters along with 4 specific agenda items, including Iranian-Armenian Commission and state budget implementation. Amendments to the “Gyumri Urban Roads” loan agreement also on the table.
“US Dollar Exchange Rate Drops by 1.40 Drams Compared to Previous Day, Euro and Pound Also Decrease”
Today’s exchange rates: US dollar decreased to 390.04 drams, Euro to 415.63 drams, British pound to 481.74 drams, Russian ruble to 4.18 drams. In banks, dollar is bought at 384-387 drams and sold at 391-393 drams. Euro bought at 407-413 drams, sold at 418-424 drams. Russian ruble bought at 3.90-4.13 drams, sold at 4.22-4.41 drams.
Turkey Speeds Up Financial Reforms, Gains Investor Confidence
Turkey accelerates financial system reforms since June to strengthen financial stability and implement government’s economic program, says head of government finance committee. International investors confident in Turkey’s program and time to prove it to local investors. Inflation rate aims to decrease to 36% from current 68.5%.
“Natural Gas Prices Experience Dip as Brent Crude Oil Shows Signs of Volatility”
Natural gas and crude oil prices took a hit, with Brent crude dropping to $86.52 per barrel and WTI crude closing at $82.44 per barrel.
“Armenia’s Financial Sector Shows Positive Growth: Deposits Increase by 2.1% and Loans by 0.5% in February, Report Reveals”
According to the International Bank’s report, Armenia’s financial sector indicators remained steady in February. Deposits increased by 2.1% and loans by 0.5%. The report predicts a growth rate of 4.1% by 2024. Capital adequacy improved by 19.2%, while non-performing loans ratio decreased to 2.2%. Undeclared loans increased, lowering non-performing loans by 1% and reducing loan dollarization. Trending news from Armenia.
“German Chancellor Olaf Scholz and Azerbaijan’s President Ilham Aliyev Set to Forge Strong Ties in Crucial Berlin Summit”
German Chancellor Olaf Scholz and President Ilham Aliyev of Azerbaijan set to meet in Berlin on April 26. Talks will cover bilateral relations, foreign and security policies, and economic and energy matters.
“Government Grants Import Duty Exemption to Becon Product for High-Tech Dairy Production Investment Program in Armenia”
The government announces exemption for Becon Product’s investment program in high-tech dairy production. The program includes equipment procurement, supplies, and factory construction worth $6.55 million. 426 employees currently work for the company, expected to increase to 526 by 2027. The products eligible for exemption total $2.55 million, with a customs duty exemption of $382.5 million.
Zambia’s President Urgently Calls for International Aid as Country’s Economic Crisis Worsens
Zambia’s President calls for international financial aid as the country’s economy struggles with a debt of $940 million. Severe drought worsens economic conditions, leaving 6 million in need of humanitarian assistance. Zimbabwe and Malawi also declare states of emergency.
Armenia’s Average Monthly Salary in 2024 Surpasses Expectations, Reaches New Heights
Armenia’s average monthly salary in January 2024 was 267,000 drams, with the public sector at 208,000 drams and the private sector at 291,000 drams. Compared to January 2023, wages increased by 7.1%, with the information and communication sector having the highest salary at 865,000 drams. Financial and insurance activities had an average wage of 579,000 drams.