Turkish currency drops to three lira to euro

Updated 22 January 2014
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Turkish currency drops to three lira to euro

ISTANBUL: The Turkish currency sank to a record low against the euro, hitting the psychologically key level of three lira to the euro as the country remained embroiled in a deep political crisis.
The euro touched 3.0013 lira in early afternoon trading before closing at 2.9883 while the Turkish currency was at 2.1832 to the dollar.
The Istanbul stock market also lost ground, sliding 0.02 percent to 68,072.50 points.
It has shed over 15 percent since the middle of last year, when the country was rocked by a wave of anti-government protests in June.
The renewed pressure on financial markets since the political crisis erupted last month also reflects continuing investor concern about Turkey's external financial position.
"Turkey is currently facing a dangerous combination of large external imbalances, higher global yields and escalated domestic political tensions," Finansbank said in a commentary.
Official figures released on Tuesday showed some relief however, with the current account deficit for November coming in below market expectations.
The current account deficit for the month stood at $3.9 billion (2.8 billion euros), down from $4.1 billion recorded in November 2012, resulting in a contraction of the 12-month rolling deficit for the first time since March, Finansbank said.
"The external deficit that Turkey can sustain is much lower now. Therefore, we foresee Turkey's external deficits to continue to shrink in the forthcoming period, on account of the weakness of the Turkish lira and a likely weakening of the domestic demand as well as the recovery of the global economy," it said.


UAE to loosen visa rules for investors and innovators

Updated 21 May 2018
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UAE to loosen visa rules for investors and innovators

  • UAE cabinet announces the launch of an integrated visa system to attract talent and talent in all vital sectors of the national economy
  • The Council also announced changes in the system of foreign ownership of companies in the country, which allows the acquisition of 100% of the global investors by the end of the year

DUBAI: The United Arab Emirates, home to financial hubs Abu Dhabi and Dubai, is loosening its residency laws and will grant long-term visas for up to 10 years to investors and highly-skilled professionals.
The 10-year residency visas will be granted to specialists in science, medicine and research, and to “exceptional students.” The state-run WAM news agency says the plan aims to attract global investment and innovators.
The UAE Cabinet approved the new rules on Sunday, saying plans are also on track to allow foreign investors 100 percent ownership of their UAE-based companies this year.
His Highness Sheikh Mohammed bin Rashid Al Maktoum affirmed that the UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. “The UAE has been open, governed by tolerance and contributed to by all who live on its land.
“Our open environment, tolerant values, infrastructure and flexible legislation offer the best opportunities to attract international investment and exceptional talent in the UAE,” he said. “Our country is the land of opportunity, the best environment for realizing human dreams and unleashing their extraordinary potentials.”
The new regulations include raising the percentage of global investors’ ownership in companies to 100% by the end of the current year. He directed the Ministry of Economy in coordination with the concerned parties to implement the decision and follow up on its developments and submit a detailed study in the third quarter of this year.
The new regulations approved by the Council of Ministers and the authorities concerned have also set the procedures for implementing them to grant investors residence visas of up to ten years for them and all members of their families, as well as granting residency visas of up to ten years for specialized competencies in the medical, scientific, research and technical fields.
The new regulations also include visas for students studying in the country for five years and a 10-year residency for exceptional students.
Under current laws, foreign companies must have an Emirati owning 51 percent of the shares, unless the company operates in a free zone. Major brands Apple and Tesla are believed to be exceptions to the rule.