finances in the East

Islamic Economy Forum opens in Astana

The Islamic Economy Forum opened in the capital of Kazakhstan, Astana, today within the Astana Finance Days. The main goal of the forum is to conduct a comprehensive and representative discussion on the economic and geopolitical growth …

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 Kazakh National bank reduces base rate

The National Bank of Kazakhstan decided to reduce the base rate from 9.75% to 9.5% with a +/- 1% corridor, the press-service of the financial controller said in a message .  The report says that annual inflation continues to …

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Saudi Arabia to establish $8bn export bank

Saudi Arabia will establish an export bank with capital of $8 billion to support overseas sales by its industrial and mining projects, the country's energy, industry and mineral resources minister Khalid Al Falih said. …

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Islamic Development Bank plans to acquire Turkish Adabank

The Islamic Development Bank (IDB) intends to acquire the Turkish Adabank, the head of the Banking Supervision Authority of Turkey (BDDK), Ali Akben said. He also noted, if the deal is signed, Adabank will be issued a license to operate on an …

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Uzbekistan to fully lift currency controls on September 5

Uzbekistan will allow Uzbek citizens and companies to buy and sell foreign currency at the market rate starting from September 5, the central bank announced on September 4, citing a decree signed by the president, bne IntelliNews …

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Uzbekistan raises refinancing rate to 14%

The Board of the Central Bank of Uzbekistan has decided to raise the refinancing rate to 14% from 9%, the press service of the bank said in a statement. "This decision was made due to the acceleration of inflation for the past …

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EU stops financing of Turkey

According to the European Commissioner for Neighborhood Policy and Enlargement, Johannes Khan, the European Union has started to cut financing the programs of the European-Turkish cooperation, for which there is no noticeable progress. …

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IMF draws attention to developing Islamic Banking

Islamic Banking has a presence in 60 countries. The industry mushroomed to more than $1.5 trillion in assets last year from about $100 billion in the late 1990s. While it represents less than 2% of global banking assets, its share is …

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Iranian monetary liquidity hits $335 billion

The Central Bank of Iran (CBI) has announced that the country’s liquidity reached a total of 335 billion dollars in the second month of current Iranian year (began March 20). According to a report released by CBI, the total …

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Turkish lira drops record amount

The national currency of Turkey fell a record amount against the backdrop of a failed coup attempt, mass dismissals in the army, courts and prosecutor's office. The lira dropped to 3.08 per the US dollar after the S&P rating …

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