Syria to rejoin Arab group at IMF, leaving Russian-led constituency Syria will rejoin the Arab constituency at the International Monetary Fund beginning Nov. 1 and has applied for membership in the EBRD. Syria
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
Analysis Turkey’s $20B fund crisis: Who profited, and who will pay? Opposition parties are demanding immediate government compensation for affected investors, who face up to a six-month wait as independent banks oversee the asset liquidations. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Iran’s rial hits record low as pressure on oil exports mounts The rial was trading at more than 2.5 million to the dollar in Tehran's open market on Tuesday. Iran
Kuwait prohibits all cryptocurrency use in new virtual assets ban Users of cryptocurrencies and other virtual assets in Kuwait would be subject to Kuwait’s 2013 money laundering and terrorist financing laws. Kuwait
Turkey’s Central Bank hikes interest rates to 17.5% The 250 basis point rise was lower than analysts' expectations, many of whom advocate for a steeper hike. Turkey
Lebanon’s Riad Salameh interrogated, assets frozen as citizens raid banks The judicial proceedings against central bank governor come against the background of a worsening economic and political crisis, and as his term is set to expire next month. Lebanon
Turkish lira hits record low, losing 2% amid concerns of smaller rate increase As of 4:15 p.m. Istanbul time, the lira was trading at 26.99 against the dollar, 2.4% less than Monday’s close of 26.3505. Turkey
Kuwait's new sovereign wealth fund Ciyada to boost foreign investment The Gulf country already has the Kuwait Investment Authority with assets of about $803 billion, making it the fifth-largest sovereign wealth fund globally. Legacy: Gulf
UAE suspends Emirates Gold over money laundering allegations The London Bullion Market Association, which regulates the United Kingdom capital’s metals market, suspended Emirates Gold DMCC’s affiliate membership after conducting a review. United Arab Emirates
UAE becomes observer in Asian money laundering group The move follows the UAE being added to a financial watchdog’s list of countries with deficiencies in countering money laundering. Legacy: Gulf
Saudi Public Investment Fund reports $11 billion loss for 2022 Saudi Arabia's sovereign wealth fund reports its assets have risen from $676 billion to about $778 billion in 2022 in a rare gesture of transparency for the Gulf. Saudi Arabia
Pakistan thanks 'brotherly' Saudis for $2 billion ahead of IMF bailout decision Pakistan received Saudi Arabia's $2 billion deposit a day before the International Monetary Fund is expected to approve a $3 billion bailout on Wednesday that the country desperately needs. Saudi Arabia
Turkey's finance, banking chiefs to visit Saudi Arabia in search of foreign funds The Saudi visit of Finance Minister Mehmet Simsek and Central Bank Governor Gaye Erkan is expected to be followed by the Turkish President's Gulf tour. Turkey
Dubai crypto authority suspends BitOasis The cryptocurrency platform BitOasis' license was suspended by Dubai's VARA due to noncompliance of licensing requirements. United Arab Emirates
Israel pauses interest rate hikes, first time in a year The Bank of Israel signaled it could raise rates in the future, as inflation remains above the target range. Israel
