Turkey’s central bank, under new governor Hafize Gaye Erkan, will ease banks’ security maintenance rule as its first step to simplifying policies that were previously adopted to boost Turkish lira savings.
The securities maintenance ratio has been lowered to 5 per cent from 10 per cent effective immediately, according to a decree published in the official gazette on Sunday.
This ratio was increased twice from 3 per cent to 10 per cent in the last two years in order to support the conversion of foreign currency deposits to lira deposits as a part of the “liraisation strategy”.
According to tweaks in the rule, if their share of lira deposits to total deposits is below 57 per cent, banks will need to increase the securities maintenance ratio by an additional 7 percentage points.
The previous threshold was 60 per cent. Banks will get a discounted securities maintenance ratio if they increase the share of their lira deposits to above 70 per cent.
The easing comes after Turkey’s Treasury and Finance Minister Mehmet Simsek promised a return to “rational” policies.
At Ms Erkan’s first monetary policy meeting last week, the central bank raised the interest rate by 650 base points to 15 per cent and signalled a “gradual tightening”.
Ms Erkan met bankers on Friday, and during her first ever public appearance she stated that they had requested a simplification of rules.
The securities maintenance regulation was simplified to increase the functionality of market mechanisms and strengthen macro financial stability, the central bank said in a statement published right after the publication of the official gazette.
Sahap Kavcioglu, who was the previous central bank governor, lowered the interest rate and followed unconventional economic policies, which fuelled the worst inflation crisis in decades and repelled foreign investors that Turkey relies on to plug its perennial current-account deficit.
Towering concerns
World Mental Health Day
Mohammed bin Zayed Majlis
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
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Global state-owned investor ranking by size
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Japan |
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Norway |
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Canada |
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Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
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Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
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New Zealand 176-8 (20 ovs)
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Director: Matty Brown
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Rating: 2.5/5
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Scores in brief:
Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
