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
Turkey’s middle class priced out of home ownership Buying a home has become an elusive dream even for middle-class professionals in Turkey as the country’s economic woes erupt into a perfect storm over the housing market. Turkey
Turkish lira continues to fall Turkey is in the midst of an economic crisis marked by high inflation. By Adam Lucente In New York City, reporting on regional news, militancy, climate change
UAE meets $400 million target in first bond auction The Emirati government decided to sell bonds in dirhams to boost the local banking sector and diversify financially. United Arab Emirates
World Bank praises Palestinian easing of COVID rules, criticizes Israeli control The international financial body recommended several governance reforms for the Palestinian Authority to increase economic growth. Palestine
Egypt wants shipping agencies to deal in pounds amid dollar flight After Egypt’s currency devaluation in March, the Egyptian government hopes to ease the strain on its banking system by mandating that international shipping agencies accept Egyptian pounds instead of US dollars as payment. Egypt
Fundraising by Israeli startups expected to decline during 2022 A survey of Israeli startup companies shows a significant drop in fundraising. Israel
UAE investments boost Egyptian economy The United Arab Emirates is seeking profits by investing $2 billion in Egyptian state-held stakes in some companies. Egypt
Saudi Arabia sends $50 million to Jordan for budget as economy falters The Jordanian government is working to close tax loopholes and increase its revenue collection amid its economic struggle. Jordan
Analysis The Takeaway: Ukraine war worsens Middle East oil gap Sudan’s Burhan accuses UN envoy; Egypt increases support for Sudan; Libya cracks down on human rights activists; Turkey’s farmers face economic pinch; Islamic State uses dust as cover in Iraq … all in less than 1,200 words! By Andrew Parasiliti , Elizabeth Hagedorn
Inflation storm worsens Turkey’s income distribution gap Banks and big companies have benefited from Ankara’s controversial policy to keep interest rates low, while soaring inflation eats into the real income of the wage-earning masses. Turkey
Online shopping in Turkey took off in 2021 The jump coincides with growth in Turkey’s fintech sector, but e-commerce faces some challenges. By Adam Lucente In New York City, reporting on regional news, militancy, climate change
OPEC loans $100 million to Morocco to promote financial inclusivity Financial technology (fintech) is expanding across the Middle East and enabling more people to use financial tools. But some cultural barriers remain. Morocco
