Turkey central bank ready to take ‘all necessary measures’ for stability

Agencies
August 13, 2018

Istanbul, Aug 13: Turkey’s central bank on Monday announced it was ready to take “all necessary measures” to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity.

“The central bank will closely monitor the market depth and price formations, and take all necessary measures to maintain financial stability, if deemed necessary,” the bank said in a statement, vowing to provide “all the liquidity the banks need.”

The statement came after the Turkish lira hit record lows against the dollar amid a widening diplomatic spat with the United States.

The detention of US pastor Andrew Brunson since October 2016 on terrorism charges has sparked the most severe crisis in ties between the two NATO allies in years.

The central bank announced the series of measures on Monday, a day after Erdogan’s son-in-law Berat Albayrak, who is treasury and finance minister, announced an action plan was in the pipeline.

“In the framework of intraday and overnight standing facilities, the Central Bank will provide all the liquidity the banks need,” the bank said.

The bank also revised reserve requirement ratios for banks, in a move also aimed at staving off any liquidity issues.

It said with the latest revision, approximately 10 billion lira, $6 billion, and $3 billion equivalent of gold liquidity will be provided to the financial system.

The nominally independent central bank has defied pressure to hike interest rates which economists said would curb the fall of the lira.

Erdogan on Saturday called interest rates as “tool of exploitation” that makes the poor poorer and the rich richer.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
June 16,2020

Dubai, Jun 16: In a humanitarian gesture, a UAE-based Pakistani businessman has come forward to offer free interim accommodation options to covid lockdown hit expatriates. 

The men benefitted from Ali Rao's housing initiative include Indians, Pakistanis and Africans. 

Inspired by the ongoing efforts taken by the UAE leadership to take care of all UAE residents, Ali Rao, CEO of Rao Holdings LLC in Dubai is offering free shared accommodation to unemployed male bachelors and workers, especially expatriates who do not have a place to stay.

Ali Rao currently has a capacity of 100 accommodation options that he wishes to offer to those who cannot afford house rent. 

"We have already placed 25 such men in these housing options spread across Al Quoz, Jebel Ali and Muhaisnah areas of Dubai," Ali Rao told local media. He works in collaboration with major charities in Dubai, who refer the cases to Rao.

"One of our companies - the property management division - deals with industrial housing accommodation. We decided to put this space to good use when I came across media articles that highlighted the plight of these homeless men," he said. 

Rao has already sheltered 25 homeless workers in the Al Quoz area. "We have received applications for 35 more, however, many of these men are due to return to their home countries, so we are awaiting confirmation from the charities," he explained. He has provided them with free Wi-Fi, bedding, blankets, bedsheets, and pillows.

"In one unit, we provide them with food and the other unit, social workers and the associated charities deliver food," he added. The housing is exclusively for men and not for women and families. "Many are seeking jobs, so they needed Wi-Fi. I went to the camps today and set up a Wi-Fi connection. Someone wanted to eat eggs, so we got him some eggs and rice. These are simple things most of us take for granted, but to many people this is vital," he added.

Since most of the residents are looking to return to their home countries, Rao is also in the process of providing them with air tickets.

"If the need arises, we will add more units," he explained. Rao said, "The ongoing pandemic has hit everyone hard, especially those with no security to fall back on. The economic and income disparities have only increased in this time, with those dependent on daily wages being rendered homeless in massive numbers across the globe."

He added, "I felt heartbroken and if I would stand by and watch, I would feel very small as a human being, I won't be able to stand in front of the creator I thought to myself. These are some very difficult times for all of us."

A beneficiary of the programme said, "I am very happy with this initiative as living outside in the summer is very difficult. It's very hot. I want to thank God and this company for providing me with a roof over my head."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 9,2020

Dubai, Jul 9: The Government of India has announced an additional 104 special repatriation flights from the UAE to India as part of the Vande Bharat Mission, Phase 4 from July 15 - 31.

According to a flight schedule listed on the Ministry of External Affairs (MEA) website, national carriers Air India and Air India Express flights have been scheduled to various cities in 10 Indian states. Each flight has a capacity of 177 passengers.

Vande Bharat Phase 4 officially began on July 3, and in an earlier press briefing Anurag Srivastava, spokesperson of India's Ministry of External Affairs had said 'Phase 4 will focus on repatriation of Gulf-based Indians.

The new additional flights have been organised to cities in Tamil Nadu, Maharashtra, Delhi, Telangana, Punjab, Haryana, Kerala, Uttar Pradesh, Karnataka, and Rajasthan, according to the MEA schedule. To the joy of expats from Maharashtra, at least seven flights have been planned to Mumbai, which has been a less serviced state since the start of the Vande Bharat Mission.

Consul Press, Information, and Culture, Consulate General of India in Dubai Neeraj Agarwal said, "Approximately 100 repatriation flights are planned for the next 23 days, including 50 from Dubai and Sharjah each. If all flights are full, we are looking to evacuate anything between 17,000 to 18,000 passengers in the coming days."

Booking for the newly announced flights will open soon, said Agarwal. "Some of them are already open, and others will be open in the next few days. However, a few flights are subject to slot approvals," he explained.

Commenting on the possibility of flights from India to the UAE, Agarwal said, "We express hope that this too will happen soon."  The flight schedule can be seen here: https://www.mea.gov.in/phase-4.htm

Comments

Hurrah, that's what I was exploring for, what a information! existing here
at this blog, thanks admin of this web site.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 18,2020

Abu Dhabi, May 18: Bollywood superstar Salman Khan has recorded a special message for Indian expats in the UAE as the country fights the coronavirus pandemic.

Khan - one of the biggest stars of Bollywood for decades - enjoys a large fan following in the Gulf, which is why Abu Dhabi roped in the actor to record a special video message for expats, urging them to cooperate with authorities in the capital and the country as they carry out sanitisation and testing programmes.

In the video, tweeted by the Abu Dhabi Media Office on Sunday night, the superstar appeals to Indians in Abu Dhabi to become heroes by staying home (stepping out for essential work/errands only), following precautionary measures and simply 'do the right thing' by getting tested if they have any Covid-19-related symptoms.

Khan, who has shot his recent super hit films (Race 3) in the capital, assured expats that Abu Dhabi authorities will not leave the community in these challenging times as it is a hospitable city who takes care of all residents.

"Following preventive measures also protects your family from the virus - so do the right thing as heroes do," Khan concludes.

The second phase of Abu Dhabi's sanitisation and testing in labour areas is underway, which started on May 16. Special testing facilities have been set up in the city for this purpose that test thousands of workers everyday.

As of May 17, UAE has confirmed over 23,000 cases along with over 8,000 recoveries and 220 deaths.

The country recently made a breakthrough in treating Covid-19 by using stem cells to help with the recovery.

The UAE leadership has thanked citizens and residents for their cooperation and assured that the country will take care of everyone in the country - with food and medicines being the red line, and that there will be no shortage of either during the crisis. Stimulus packages have been announced to help businesses stay afloat.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.