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Palestinians Pay High Fees to Escape Gaza Carnage | TOME

With almost no options for escape, people in Gaza are increasingly paying thousands of dollars to fixers connected to the Egyptian government.

The post Desperate To Escape Gaza Carnage, Palestinians Are Forced to Pay Exorbitant Fees to Enter Egypt appeared first on The Intercept.

Turkey to increase central bank’s foreign reserves to counter lira depreciation

RIYADH: Turkiye is intensifying efforts to boost foreign reserves in its central bank, the country’s finance minister has revealed. Writing on Twitter, Mehmet Simsek said the bank’s net international reserves rose to a record $8.5 billion last week. “The return to rational policies will continue gradually,” the minister wrote, adding: “We are accelerating our efforts to obtain additional foreign resources to our country in order to further strengthen the reserves.”

Egypt’s Central Bank Maintains Stable Interest Rates

CAIRO: The Central Bank of Egypt (CBE) kept its key overnight interest rates unchanged on Thursday, saying commodity prices appear to be falling and economic growth is likely to recover in the fiscal year that begins next week. As expected, the bank’s Monetary Policy Committee (MPC) left the lending rate steady at 19.25 percent and the deposit rate at 18.25 percent. Not one of 17 analysts polled by Reuters on Monday had forecast a change.

Egypt seeks to join BRICS, confirms Russian ambassador

RIYADH: In a bid to enhance trade and economic cooperation, Egypt has officially applied to join the five-member BRICS bloc of emerging economies, according to Georgy Borizenko, the Russian ambassador to Cairo.  The BRICS group comprises Brazil, Russia, India, China and South Africa. “Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Borizenko. 

SAMA reports 5.59% increase in Saudi Arabia’s M3 money supply to $700bn

RIYADH: Saudi Arabia’s M3 money supply has surged 5.59 percent to SR2.63 billion ($700 billion) in the week ending June 8, up from SR2.5 billion on Dec. 31, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply — the broadest measure of liquidity in the monetary system — went up 0.83 percent to $2.61 billion in the week ending June 8 compared to the preceding week.  The SAMA data also revealed that the money supply in Saudi Arabia has been stable at SR2.6 billion in the past seven weeks.

Bank of China to launch in Riyadh in 2021, confirms official

RIYADH: In yet another sign of increasing cooperation between the world’s second-largest economy and the Arab world, the Bank of China is set to open its first branch in Riyadh later in 2023, reported Asharq. It quoted Jun Tian, head of the team for the launch, as saying that the bank’s branch in the Saudi capital is expected to begin operations by the end of October or at the beginning of November.

Saudi Arabia’s M3 Money Supply Increases by 4.7% Since December 31st

RIYADH: Saudi Arabia’s M3 money supply has surged 4.71 percent since December 2022, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply — the broadest measure of liquidity in the monetary system — reached SR2.61 billion ($697 billion) in the week ending June 1, up from SR2.5 billion on Dec. 31. However, the money supply for the week ending June 1 dropped 0.29 percent compared to $2.62 billion in the week ending June 25.

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