Iraq devalues dinar 13% as Hormuz disruption hits oil revenue The central bank said in a statement that it had revised the official exchange rate to 1,520 Iraqi dinars per dollar from around 1,320. Iraq
Erdogan aide named suspect in Turkey financial scandal Former AKP deputy chairwoman Fatma Betul Sayan Kaya is facing allegations of being linked to a market manipulation scandal. Turkey
UAE-Syria move ahead on $20 billion real estate mega-developments Major housing and tourism projects in Damascus and Latakia are set to advance following a new agreement with UAE real estate tycoon Mohamed Alabbar. Syria
Iran’s economy deteriorates, oil minister resigns, workers protest: What to know Iran’s oil minister has resigned amid mounting economic pressure from US sanctions and restrictions on the country’s exports. Iran
Analysis Turkey’s $20B fund crisis: Who profited, and who will pay? By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Lebanon’s PM struggles to form Cabinet amid economic crisis Lebanon’s political elite have yet to form a government despite the urgency as the country slides further into economic collapse. Lebanon
Under new leadership, Turkish Central Bank delivers largest rate hike in two years Following a shakeup in Turkey’s economy team, Central Bank policy-makers raised a key interest rate to 15% Thursday, pledging to fight high inflation and bolster the nation’s troubled economy. Turkey
Iraq-Saudi border crossing reopens after 30 years The Arar crossing has remained closed since Iraq's invasion of Kuwait. Saudi Arabia
Iraq increases deficit to pay salaries The Iraqi parliament voted on the funding deficit law so that it can borrow to pay salaries that have been in arrears for more than two months. Iraq
Poverty spikes in Iran as prices for essential goods rise Inflation in Iran continues unabated, forcing further economic pressure and poverty on low-income households. Iran
Emirates reports massive drop in revenue in 2020 The Dubai-based airline's revenues fell billions and it is relying on reserves and support from the government to continue flying. United Arab Emirates
Qatar Airways resumes flights to Algiers The Doha-based airline is also increasing the number of its weekly flights to New York and Chicago. Qatar
Turkish lira makes gains on renewed optimism After hitting a series of record lows, Turkey’s currency rebounded more 7% this week as investors expect sharp policy reversals by the nation’s newly appointed economy team. Turkey
International financial alliance forms to help Iraq Several countries are forming an economic alliance to help Iraq in its financial crisis. Iraq
Amid market tumult, Erdogan appoints new finance minister Investors are watching for policy shifts as Turkey’s Former Deputy Prime Minister Lutfi Elvan takes the helm of the nation’s Finance Ministry following the surprise resignation of President Recep Tayyip Erdogan’s son-in-law Berat Albayrak. Turkey
Israeli fashion industry could collapse from pandemic losses Shopkeepers warn that if the government does not take serious steps to save them from the coronavirus-induced crisis, the whole national fashion industry could go down. Israel
Shakeup of economy team stuns Turkey, cheers investors Presidential son-in-law Berat Albayrak has quit as finance minister amid economic turmoil, but most news outlets pretended it didn’t happen. Turkey
