ISTANBUL: Turkey’s central bank will decisively keep monetary policy tight until the inflation outlook displays a significant improvement, it said on Thursday, as it raised its policy rate by 125 basis points.
Elevated levels of inflation and inflation expectations continue to pose risks on the pricing behavior, the bank said in a statement, adding it would tighten monetary policy more if needed.
“The Committee decided to further strengthen the monetary tightening to support price stability,” the bank said.
Concerns about President Tayyip Erdogan’s growing influence on monetary policy and doubts over the bank’s ability to rein in double-digit inflation have sent the currency down some 16 percent this year.
To stem the sell-off, the bank hiked rates by 3 percentage points at an emergency meeting last month and said it would return to a single policy rate. Investors have been expecting further tightening, particularly after data on Monday showed annual inflation quickened to 12.15 percent in May.
Turkey’s central bank says to keep policy tight after hiking by 125 basis points
Turkey’s central bank says to keep policy tight after hiking by 125 basis points
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
