Author: MD Editors

The Turkish lira sank to a fresh record low Monday as incumbent Recep Tayyip Erdogan secured his victory in the 2023 presidential election, extending his rule into a third decade in power. The currency briefly touched 20.0608 against the greenback at around 11 a.m. Monday morning local time, surpassing a low seen last week. It was at 20.0913 against the dollar near 12:45 London time. “We have a pretty pessimistic outlook on the Turkish Lira as a result of Erdogan retaining office after the election,” Wells Fargo’s Emerging Markets Economist and FX Strategist Brendan McKenna told CNBC. McKenna forecasts that…

Professor of International Economics, Karim El-Omda, affirmed that economic cooperation between Egypt and Russia is beneficial to the African continent in general, not just Egypt, explaining that Egypt will become a gateway for Russian products to the brown continent. The mayor added, in exclusive statements to RT, that the city of the sun, the Russian industry in Egypt, is the largest industrial city for Russia outside its territory, and it will open the field and export to African countries, by benefiting from the African Free Trade Zone, so that Russia can export to all African countries. The professor of international…

The Moscow Stock Exchange indices rose, in trading today, Monday, and its ruble-denominated MICEX index rose above the level of 2700 points, for the first time in more than a year. And by 10:49 Moscow time, the MICEX stock index rose by 0.85% to 2,704.94 points, and thus the index would have risen above the level of 2,700 points, for the first time since April 5, 2022. The dollar-denominated RTS index rose 0.93% to 1065.31 points, according to Moscow Stock Exchange data. In the currency market, the dollar exchange rate fell by 10 kopecks (rule = 100 kopecks) to 79.95…

The Istanbul Stock Exchange’s main index rose significantly in trading today, Monday, after the announcement of Recep Tayyip Erdogan’s victory in a new presidential term. According to Bloomberg data, the Borsa Istanbul 100 Index rose, by 10:29 Moscow time, by 1.84%, to 4,665.13 points. In the currency market, the Turkish currency recorded a slight decline, as the dollar exchange rate rose by 0.41% to 20.054 lira. And the head of the Supreme Election Commission in Turkey, Ahmed Yanar, announced, on Sunday evening, that Recep Tayyip Erdogan won the second round of the presidential elections, by obtaining more than 52% of…

Deputy Director of the Russian Center for Energy Economics, Sergei Kolobanov, said that a number of factors such as weather, austerity measures, and consumers’ sense of some confidence in energy resources led to lower gas prices. Kolobanov explained that the sudden rise in gas prices in Europe last year was due to expectations and fears of gas shortages in the future, especially in winter, noting that current gas prices are linked to supply and demand factors in the market. According to the Russian expert, many positive factors have come together in the European gas market, which led to a drop…

This week, Saudi Arabia will host the first multi-industry business mission “Made in Russia” and “Innoprom”, where Russian manufacturers will showcase the latest Russian industrial technologies. The event will be held on May 29 and 30, 2023. The mission will be dedicated to promoting Russian industrial technologies and products. Important personalities from the Saudi side are expected to attend, including the Deputy Minister of Investment, Deputy Minister of Industry and Natural Resources, and President of the Chamber of Commerce and Industry in Riyadh. The largest Russian industrial companies will present in Riyadh the most advanced industrial products and services and…

Today, Monday, the activities of a Russian business mission that includes major Russian industrial companies kicked off in Riyadh. The companies showcased the latest Russian industrial technologies, amid the active participation of the Saudi business sector. Russian companies are taking part in the framework of the first multi-industry business mission “Made in Russia” and “Innoprom” (Russian industrial exhibition). The event will be held on May 29 and 30, 2023. The mission will be dedicated to promoting Russian industrial technologies and products. Important personalities from the Saudi side are expected to attend, including the Deputy Minister of Investment, Deputy Minister of…

Belarusian President Lukashenko stated that the introduction of a single currency between Russia and Belarus is not an urgent issue today, referring to the possibility of implementing the project in the future. The Belarusian president’s statement came in a meeting he held today, Monday, in the Belarusian capital, Minsk, with the head of the Russian Central Bank, Elvira Nabiullina, in agreement with Russian President Vladimir Putin. Lukashenko said: “When it comes to creating a single currency and so on, the process is not easy, and perhaps the step will be implemented not today (currently) as we agreed with the Russian…

The director of the Maritime Navigation Company in the Caspian Sea, Kambiz Jahanbani, announced the launch of a regular weekly sea freight line from the Iranian port of Anzali to Russia. The official described the ratio of shipping and transportation to the marine navigation company in this sea as positive, and pointed to the increase in the proportion of exports compared to imports for the first time in the history of the activity of this company. The official said that, in line with the programs and objectives of the current government and within the framework of the future policy set…

Dhaka will import crude from “whoever gives us a comfortable price,” its prime minister has said Bangladesh will continue to buy Russian oil if it’s offered at an affordable price despite concerns about antagonizing the West as the South Asian country looks to secure energy supplies, Prime Minister Sheikh Hasina said last week. Commodity prices, including oil, have surged globally over the past year and Dhaka is struggling to preserve dwindling foreign currency reserves and shore up its shaky economy. When asked about the possibility of continuing to buy Russian oil during the Qatar Economic Forum, Hasina said that if…