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Saudi Arabia Drops Unofficial Ban on Turkish Goods

TURKEY
  • Dunya writes about the negative implications of the obligation to pay in TRY for the sale of certain securities has caused confusion across a number of sectors, with market contacts reporting that implementation does little beyond increasing bureaucracy, raising FX risks and adding to bank commissions to be paid. The report refers to sectors and securities including FX-indexed commodities and those where import commodity rates are high.
  • Saudi Arabia have lifted implicit bans on Turkish goods – an unofficial, but effective, measure put in lace at the beginning of 2020. The move from Saudi Arabia follows an improvement in relations between the two territories, according to Dunya.
  • The Turkish foreign ministry have outlined plans to visit six different Latin American countries over the coming days, with Cavusoglu to pay official visits to Uruguay, Brazil, Ecuador, Colombia, Panama and Venezuela in the coming days.
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