The Turkish lira continued to slide and reached a record low against the US dollar on Friday, a day after the Central Bank sharply cut interest rates.
It was another hit after a global financial watchdog placed Turkey on a list of countries to monitor for money laundering and terrorism financing.
The lira dropped to an all-time low of 9.66 against the dollar early on Friday before settling at around 9.61 against the US currency.
The lira has lost more than 20 per cent of its value since the start of the year.
The Central Bank’s monetary committee cut the rate on Thursday to 16 per cent from 18 per cent, despite rising inflation, surprising analysts and compounding a long run of losses.
The cut was seen by many as further evidence of the bank’s lack of independence from President Recep Tayyip Erdogan’s government.
Mr Erdogan has long been pressing for lower borrowing rates to boost growth.
Economists generally view higher interest rates as a curb on inflation, but the Turkish president has repeatedly argued that high interest rates cause prices to increase.
Later on Thursday, the Paris-based Financial Action Task Force, or FATF, placed Turkey on its “gray list” over its failure to make sufficient efforts to fight money laundering and terrorist financing.
The Turkish Ministry of Treasury and Finance criticised the move as an “undeserved result”. Nevertheless, it vowed on Friday to take the necessary steps in co-operation with the FATF to ensure Turkey is removed from the list as soon as possible.
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
Tottenham's 10 biggest transfers (according to transfermarkt.com):
1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop
2). Roberto Soldado - Valencia - £25m: Flop
3). Erik Lamela - Roma - £25m: Jury still out
4). Son Heung-min - Bayer Leverkusen - £25m: Success
5). Darren Bent - Charlton Athletic - £21m: Flop
6). Vincent Janssen - AZ Alkmaar - £18m: Flop
7). David Bentley - Blackburn Rovers - £18m: Flop
8). Luka Modric - Dynamo Zagreb - £17m: Success
9). Paulinho - Corinthians - £16m: Flop
10). Mousa Dembele - Fulham - £16m: Success
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
MWTC info
Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
