Connect with us

Business

Saudi consumer inflation up 1.1 pct in November on higher prices for gasoline

Published

on

Saudi Arabia’s consumer price index increased by 1.1 percent in November from a year earlier and was 0.2 percent higher on the month, government data showed on Wednesday.
The rise was mainly the result of higher prices for transport, which increased by 5.7 percent on the back of higher gasoline prices, up by 47.9 percent year on year, the General Authority for Statistics said.

For the latest headlines, follow our Google News channel online or via the app.
“Transport prices were the main driver of the inflation rate in November 2021 due to their high relative importance in the Saudi consumer basket,” it said.
Saudi Arabia has said in its 2022 budget that the inflation rate this year is expected to rise to 3.3 percent on average, due to the fading of the base effect of a tripling of value added tax in July last year.
It forecast inflation to rise to 1.3 percent on average next year.

Read more:

Saudi Arabia's economy expands 7 pct in third quarter this year

Saudi Arabia to use any surplus in 2022 budget to fill reserves: Al-Jadaan

Saudi Arabia set to reconsider 15 percent VAT rate: Finance minister

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Iran gas flow to Turkey cut by technical failure: Officials

Published

on

Iran has cut gas flows to Turkey due to a technical failure, prompting Turkish authorities to order gas-fueled power plants to cut gas use by 40 percent, sector officials said on Thursday.

Turkish natural gas distributors were also asked to reduce supply to 60 percent for large consumers except for that used for heating, the Turkish sector officials said, adding that schools and hospitals will be exempted.

Iran notified Turkey of 10-day cut to natural gas flows, but talks are ongoing to start flows earlier, the officials added.

Continue Reading

Business

Turkey, UAE sign FX swap deal worth $5 billion

Published

on

Turkey signed a $4.9 billion currency swap agreement with the UAE, boosting dwindling foreign-exchange reserves depleted by the country’s financial turmoil.

The three-year deal reflects a warming of ties that began last year after a decade of frosty relations that rippled across the Middle East. Turkey has already signed swap deals with Qatar, South Korea and China to prop up its reserves, which shrank more than 10 percent in December as the central bank intervened in the foreign-exchange market to stem the lira’s decline.

For the latest headlines, follow our Google News channel online or via the app.

Reserves totalled just under $110 billion on Jan. 7, according to official data, but fall significantly below zero when the central bank’s liabilities from swap deals with foreign counterparts or commercial lenders are stripped out. The lira, meanwhile, still lost about 40 percent of its value last month alone, when investors fled lira assets in search of protection against a worsening inflation outlook.

The run on the currency began after the central bank started a cycle of interest rate cuts in September at President Recep Tayyip Erdogan’s demand. Erdogan argues that lower borrowing costs will curb price pressures, contrary to what most central bankers think.

The size of Wednesday’s swap agreement in local currencies is 18 billion UAE dirhams or 64 billion Turkish liras, according to separate statements by both monetary authorities.

The deal followed a visit by Abu Dhabi’s Crown Prince, Sheikh Mohammed bin Zayed Al Nahyan, to Turkey in November.

Read more:

Turkey, UAE say they want deeper cooperation, trade after Dubai talks

UAE establishes $10 bln fund to support investments in Turkey

Turkey, UAE to sign accords on energy, technology at talks: Officials

Continue Reading

Business

UAE energy minister looks ahead to supply 400,000 bpd, ‘not worried’ about short term

Published

on

UAE energy minister Suhail al-Mazrouei said on Wednesday that he was “not worried about the short term” when asked about predictions that oil prices will rise above $100.

The price of benchmark Brent crude gained 0.33 percent on Wednesday to $87.76 per barrel, as oil rose for a fourth day as an outage on a pipeline from Iraq to Turkey added to worries about an already tight supply outlook.

For the latest headlines, follow our Google News channel online or via the app.

“I will never give a prediction on a price. We will continue to do our work of increasing the supply of 400,000 bpd,” he told reporters on the sidelines of the Abu Dhabi Sustainability Week.

“I am not worried about the short term,” he said. “I am worried about the long term if there are voices saying we should not invest.”

Analysts are forecasting tight oil supply in 2022, driven in part by demand holding up much better than expected as the highly contagious omicron coronavirus variant spreads, with some predicting the return of $100 oil.

Mazrouei said all producing countries and international oil companies should invest in hydrocarbons to ensure a smooth energy transition.

Read more:

UAE’s ADNOC works to ensure reliable supply after fuel depot incident

Key Iraq oil pipeline to restart after explosion in Turkey

Global oil demand expected to remain ‘robust’ despite COVID omicron variant: OPEC

Continue Reading

Trending