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Friday, August 19, 2022 | Muharram 20, 1444 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI
Economy

Turkey stuns markets by cutting rate despite soaring inflation

ISTANBUL: Turkey's central bank on Thursday stunned the markets by lowering its main interest rate even as inflation soared to a 24-year high and looks set to climb further.The central bank said "recession is...

A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul. - AFP
A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul. - AFP
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US Senator Joe Manchin (L), US Senate Majority Leader Chuck Schumer (2L) and House Majority Whip James Clyburn (D-SC) watch US President Joe Biden sign the Inflation Reduction Act of 2022 into law during a ceremony in the State Dining Room of the White House in Washington, DC. — AFP
A man purchases fruit on a market stall in London. — AFP
Dr. Saeed bin Mohammed al Saqri, Minister of Economy
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A employee arranges produce inside a Sainsbury’s supermarket in Richmond, west London. — Reuters
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A worker welds a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China. — Reuters
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Wind speeds drop in Al Wusta, Dhofar: Met US green energy tech firm Plug Power sets up Oman office Low visibility in all governorates due to rising dust Revenues expected to reach $1.3 billion in 2022
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