FinPol Digest

 In a fresh effort to rein in high inflation, Egypt's Monetary Policy Committee (MPC) agreed to increase the central bank's interest rates by 200 basis points. According to a statement released by the Central Bank of Egypt (CBE) on Thursday, the deposit and lending rates have been raised to 18.25 and 19.25 percent, respectively, while the primary operation and discount rates have been raised to 18.75 percent. Over the past few years, Egypt has struggled to control rising inflation in the midst of a foreign currency shortage brought on by the ongoing Russia-Ukraine conflict and the Covid-19 pandemic's effects on the world economy. In January and February 2023, respectively, Egypt's annual urban headline inflation rose to record highs of 25.8% and 31.90%. Similar to this, the annual core inflation reached a historic peak of 40.3% in February 2023 and 31.2% in January, according to the CBE. A week after the US Federal Reserve increased its benchmark interest rate by 0.25 ...

 The Republic of Iraq, which is located at the intersection of numerous trade routes in the Middle East , has joined the UN TIR Convention as the 78th nation. Iraq's ratification of the TIR Convention solidifies its position as a strategic transit center and advances its economic strategy to diversify its economy away from oil. The TIR system will encourage regional trade, economic growth, and stability in Iraq and the surrounding area. We are happy that Iraq has joined the TIR system, said IRU Secretary General Umberto de Pretto. "This achievement will let Iraq to fulfill its enormous potential as a regional economic hub, promoting east-west and north-south connectivity." He continued, "Iraq's membership to the TIR Convention is a golden chance to confirm the country's readiness to exploit the potential of global trade in fostering economic growth and advancing prosperity and development." The TIR system, which is well-known around the world for its h...

 Although it's probably not at the top of your list, Armenia ought to be. You're sure to find something you love about Armenia, no matter what kind of traveler you are: delicious food, incredible UNESCO World Heritage sites, renowned brandy, untainted nature, and better yet, you won't have to share your experience with a lot of other tourists nearby (at least not yet). Here are some reasons to travel to Armenia. 10 Motives to Travel to Armenia 1) UNESCO locations Armenia once served as the foundation for historical developments, so it should come as no surprise that there are many UNESCO World Heritage sites there. Make sure to include at least a few of these locations on your list of places to see if you're thinking about traveling to Armenia. • Haghpat: The monastery at Haghpat was founded in the tenth century. It is located on a plateau and has gorges all around it. One of the largest cultural centers of medieval Armenia, this complex produced numerous manuscripts, i...

 Despite attacks on American personnel there last week by Iran-backed militia, the United States will not withdraw from its almost eight-year-old deployment to Syria where it is combating the remains of Daesh, the White House said on Monday, according to Reuters. On March 23, a one-way attack drone that was flying overhead bombed a US base in Syria, killing one American contractor, injuring another, and wounding five US soldiers. A Syrian war monitoring organization reported that as a result of American retaliatory airstrikes and gunfights, three Syrian soldiers, 11 Syrian militiamen , and five foreign combatants who supported the regime were all killed. John Kirby, a spokesman for the White House National Security Council, stated that while he was not aware of any new attacks over the previous 36 hours, "We're going to keep cautious." Kirby also brought up President Joe Biden's Friday speech, in which he warned Iran that the US will use an action to save its citizens...

China's massive investments in international businesses and infrastructure initiatives seem to be paying off politically and economically. Having been one of the few countries to recognize Taiwan as a state, Honduras cut diplomatic ties with the island on Sunday (Mar 26). In addition to a coup for China, which considers Taiwan part of its jurisdiction, the change in allegiance would signal a decline in American power in Latin America, since Taiwan has long been supported by the United States. Days before Xi Jinping flew into Moscow to discuss the Ukraine war with Russian President Vladimir Putin, China brokered a deal between Iran and Saudi Arabia. It was aimed at de-escalating tensions and bringing more stability to the Middle East by re-establishing diplomatic, trade, and security relations between Iran and Saudi Arabia. Through this agreement, China's involvement in the region moves away from purely commercial interests to security-related cooperation that can protect its g...

According to a recent analysis from Oslo-based Rystad Energy, spending in the Middle East's offshore oil and gas (O&G) sector is expected to rise for at least the next three years, from $33 billion in 2023 to $41 billion in 2025. Large-scale projects in Saudi Arabia, Qatar, and the UAE will propel offshore upstream spending in the region to a new high. According to the report, these nations are utilizing their extensive offshore resources to meet the expanding global oil demand , supported by the requisite infrastructure and financial resources to surpass other producers. Yet, with $214 billion in new projects planned, the global oil and gas (O&G) sector will experience its fastest growth in ten years over the course of the next two years. The annual greenfield capital expenditure (capex) level was breached last year and will be breached once more this year, marking the first two consecutive breaches since 2012 and 2013. In 2023 and 2024, offshore activities will probably a...

 Several attacks on American personnel in Syria that were allegedly carried out by organizations with support from Iran prompted President Joe Biden to declare Friday that the US will react "forcefully to protect our people." While visiting Canada, the US president stated, "Make no mistake, the United States does not seek conflict with Iran but is prepared to act aggressively to protect our people. The Pentagon reported that no US troops were killed or hurt in the attack on a US outpost in northeast Syria on Friday, which was the second such event in two days. Infrastructure was not damaged by the missile attack , which a US official called "an ineffectual attack." 10 rockets were fired at Coalition forces at the Green Village in northeast Syria on Friday morning, according to the United States Central Command (CENTCOM). There were no injuries to US or Coalition forces, and no facilities or equipment belonging to the US were harmed. According to CENTCOM, one o...