Turkey
Central bank of Turkey reduces benchmark rate as domestic demand weakens
The Central Bank of Turkey reduced its benchmark interest rate on Thursday for the first time since February 2023, lowering it by 2.5 percentage points to 47.5%.
A new air route between Riyadh and Shanghai has been established thanks to a collaboration between the Saudi Air Connectivity Program and China Eastern Airlines.
In 2023, Saudi Arabia achieved its goals by hosting 100 million tourists, including 27 million foreign visitors, seven years ahead of schedule © Mena Today
A new air route between Riyadh and Shanghai has been established thanks to a collaboration between the Saudi Air Connectivity Program and China Eastern Airlines.
The pair entered into a partnership directly linking Pudong Airport and King Khalid International Airport in the Kingdom’s capital, the Saudi Press Agency reported.
Commencing on April 8, the route is set to operate with an A330-200 aircraft, offering an annual capacity of 35,880 inbound seats.
This move is set to enhance air connectivity between Saudi Arabia and China and falls in line with the growing interest and demand for travel between the two nations.
As a result of the new collaboration, the two parties are anticipating amplified trade, people-to-people exchanges, and dialogues across various sectors through this Air Silk Road initiative.
Supported by its Vision 2030, the Kingdom aims to become a leading aviation hub in the Middle East and a key connection point between East and West.
In 2023, Saudi Arabia achieved its goals by hosting 100 million tourists, including 27 million foreign visitors, seven years ahead of schedule.
Consequently, the Kingdom revealed new targets of reaching 150 million tourists, including 70 million foreigners, by 2030.
The Central Bank of Turkey reduced its benchmark interest rate on Thursday for the first time since February 2023, lowering it by 2.5 percentage points to 47.5%.
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Expectations of a Turkish central bank rate cut strengthened on Wednesday after a less-than-requested minimum wage hike, economists said, as it showed the government's determination to reach disinflation targets.
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