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Somalia and Turkey share a long history that goes back to the Ottoman era, with the Turks playing a huge role in Somalia’s independence struggle against the British colonial empire.
Somalia had forces called Dervishes that were led by Sayyid Mohamed Abdulle Hassan, one of the country’s independence heroes. Fighting against British rule, he was a Somali religious and military leader of the Dervish movement from 1856–1920 backed by the Ottomans.
According to the Somali presidency, historic mosques can be found in the country that date back hundreds of years and were built by the Ottomans.
Historic buildings and mosques can be found in the port city of Berbera in Somaliland and are examples of the Turkish influence that is visible throughout Somalia.
Turkey not only had a cultural influence in Somalia. Good relations between the two countries that developed over a decade enabled the Turkish and Somali people to easily integrate.
A large percentage of the Somali diaspora lives in Turkey, and there is a significant Turkish diaspora in Somalia, including businessmen, doctors, engineers and humanitarian workers.
“If you go to Turkey and find an opportunity to visit Istanbul or Ankara, you will see that the Somali diaspora has been smoothly integrated into the society, doing business, attending universities to study, and all that is because we have Turkish airlines flying over Mogadishu every day carrying Somali passengers. This is good for the cultural integration agreement that was signed between Somalia and Turkey several years ago,” Somali presidential spokesman Abdirashid Mohamed Hashi told Anadolu Agency.
Somali film revival
Turkish state broadcaster TRT will help Somalia’s culture thrive again and train Somali filmmakers to produce quality dramas, which were once popular but vanished after the civil war that broke out in 1990 after the collapse of the military regime.
“We have met with the TRT channel’s directors, and they will help us get our culture, music and film industry back on track. Turkish dramas will be translated in Somalia to ensure the cultural exchange between the two countries thrives,” Hashi said.
Somalia and Turkey developed their close friendship in 2011 after Turkish President Recep Tayyip Erdogan paid a visit to the country as the first non-African leader to do so in over 20 years.
Demand for learning the Turkish language among young people, especially women and girls, has more than doubled this year because of the Turkish film industry.
Zaynab Abdi Adan loves Turkish dramas. She said she has been watching them for almost three years and has also learned how to communicate in Turkish.
“I just love the way they act seriously when they’re acting in love affairs. I just love it, and I am now addicted to a new historical drama series called Alparslan: Buyuk Selcuklu, and the best actor for me is [the one who plays] Alpagut,” she said.
If you want to know how much influence Turkey has in Somalia, just check the female names in the country, said Ahmed Osman, an elderly man in Mogadishu.
One of the most well-known female names in the country is ‘Istanbul,’ he said.
“We are related in terms of religion, and I am happy to see a major Muslim country have this kind of influence on us because before our generation, we had Western influences such as Italian culture, but not anymore.”
Feysal Ali said he translates Turkish films from Arabic into Somali and has watched five different dramas, including the historically depicted Dirilis: Ertugrul.
"I have watched all five seasons of the Ertugrul drama alone in just three months. I have also watched a military themed TV series called Soz and I am currently watching Barbaroslar," he said.
Special celebration
This year, Somalia celebrated the 10th anniversary of its special relationship with Turkey.
Foreign diplomats, senior Somali officials and the Turkish ambassador to Somalia were among the dignitaries who attended a ceremony in Mogadishu in which Turkish whirling dervishes performed live dances at the Halane compound that houses the UN’s headquarters in the capital Mogadishu.
“Somali singers and Turkish musicians were invited to showcase how the cultural exchange between Somalia and Turkey was working and all dignitaries and participants were amazed by the performances" said Hashi.
The Turkish film industry has been a game changer in the country, with other foreign films losing their dominance. Somalis previously loved to watch Bollywood films, but now this has been overtaken by Turkish films, Hashi added./aa
A Moscow court ruled on Friday to fine the global tech giant Google for almost $100 million for not deleting information prohibited in Russia.
According to the Tagansky city court, 16 reports have been filed against Google for systematically failing to delete information prohibited in the country.
For the first time, the penalty was imposed on a turnover basis.
According to Google, the turnover of its Russian representative office in 2020 exceeded 85 billion rubles (over $1.15 billion)./aa
The year 2021 saw many deadly flooding and flash floods, caused by heavy rains around the world, affecting millions of lives.
Here are details of the flash floods around the world in 2021 compiled by Anadolu Agency:
JANUARY
Jan. 5:
- At least five people are killed in floods south of Luzon island, located at the northern end of the Philippines.
Jan. 7:
- At least three people are killed, and over 36,000 have been evacuated in Malaysia due to floods caused by monsoon rains that have hit the country since the beginning of the year.
Jan. 14:
- Thirteen people are killed and 20 are injured in heavy rains that have ravaged various parts of Rwanda since the beginning of the year.
Jan. 20:
- Floods inundate 11 regencies and cities in Indonesia's South Kalimantan province, killing at least 21 people and displacing 63,608 people.
Jan. 31:
- Heavy rains inundate a refugee camp in Syria's northwestern Afrin district, according to reports.
FEBRUARY
Feb. 2:
- Heavy rainfall in western Turkey floods parts of Izmir province, leaves two people dead.
Feb. 8:
- Twenty-four Moroccans are killed when a textile factory in Tangiers is inundated with rainwater, according to state-run Maghreb Arab Press.
Feb. 9:
- More than 180 people are still missing in major floods that hit northern India two days after a piece of a Himalayan glacier broke off, as the death toll now reaches 28, officials confirm.
Feb. 21:
- Heavy monsoon rains cause massive flooding in Indonesia's capital Jakarta, with parts of the city, submerge under 1.2 to 2.7 meters (3.9 to 8.8 feet) of water.
Feb. 22:
- More than 100,000 people are affected by flooding in the state of Acre, in northwestern Brazil, after rivers in the region broke their bank fins the last week, according to reports.
MARCH
March 8:
- A flash flood kills at least seven people and leaves three others missing in Algeria's Chlef Province.
March 16:
- Heavy rains cause floods and landslides in western Colombia, killing at least seven people and affecting thousands of families.
March 17:
- Four people are killed, and houses and infrastructures are damaged, as heavy rains cause severe flash flooding in the cities of Kinshasa and Brazzaville in the Republic of Congo.
March 22:
- Nearly 18,000 people are forced to flee their homes after torrential rains hit New South Wales, Australia, causing severe flooding in many parts of the state as the country sees the worst floods since 1971.
March 25:
- As many as 45 people are killed, 23 are injured, and three are missing in floods caused by heavy rains in Colombia, says the country's national disaster body.
APRIL
April 4:
- At least 44 people are killed and seven others are missing after flash floods and landslides swept through an island in southern Indonesia.
April 6:
- Severe flooding hits Queensland's southeast in Australia due to heavy rains, killing at least four people.
April 21:
- At least 14 people are killed, over 8,000 are displaced after flash floods hit Luanda, Angola.
April 28:
- Heavy rain and thunderstorms hit cities across southern Saudi Arabia, as the holy city of Mecca is affected by flash flooding after heavy rains.
MAY
May 4:
- At least 19 people are killed in flash floods caused by heavy rains in Afghanistan's western Herat province.
May 6:
- Severe flash floods in Iran kill at least 10 people as Yazd, Kerman and South Khorasan provinces are worst-affected.
May 7:
- At least 25 people are killed and 25,000 are affected after heavy rains hit parts of Somalia, including the capital Mogadishu.
May 12:
- Heavy rains and flash floods in Afghanistan kill at least 84 people and destroy more than 2,500 homes.
May 15:
- Nearly 70 homes are damaged or destroyed, while around 500 people are affected by severe flooding in Cuenca, capital of Azuay province in Ecuador.
JUNE
June 4:
- Recent floods in Somalia's southern province of Middle Shabelle displace thousands of families and destroy crops on vast agricultural land.
June 7:
- At least 17 people are killed with more than 210,000 are affected, as flash floods and landslides hit several regions of Sri Lanka.
June 15:
- Three people are killed in flash floods in Solola Department in Guatemala, according to the authorities.
June 16:
- Flash floods caused by heavy rains kill 10 people and injure five others in Bhutan, with seven people still missing.
June 30:
- At least two people are killed in western Texas, the US, following heavy rain and flooding.
JULY
July 15:
- At least two people are killed and three others are missing after flooding and landslides triggered by heavy rain hit Turkey's Black Sea region.
July 18:
- More than 150 people are killed and over 650 are injured as the worst flooding in more than 200 years hits Germany.
July 21:
- Severe flooding caused by torrential rains kills at least 56 people in the central Henan province of China.
July 29:
- At least 40 people are killed in flash floods caused by torrential rains in Afghanistan's mountainous eastern Nuristan province.
AUGUST
Aug. 11:
- A new wave of floods due to heavy rains hit Turkey’s northern Black Sea provinces, leaving an elderly woman missing and injuring 13 others.
Aug. 19:
- Ethiopia’s capital Addis Ababa may face more floods due to heavy torrential rains, a government agency warns, as eight people are killed in flash flooding.
Aug. 21:
- The death toll from floods in Turkey's Black Sea region rises to 82.
Aug. 23:
- At least 22 people are killed, while search and rescue efforts continue for 45 missing people as flash floods sweep through the US state of Tennessee.
Aug. 29:
- More than 100,000 people from nearly 20,000 families are affected by floods in at least 12 of Bangladesh’s 64 districts.
SEPTEMBER
Sept. 2:
- As parts of Spain recover from storm-induced flash floods, other areas of the country, including the Balearic Islands, are bracing for another bout of severe weather.
Sept. 4:
- At least four people are killed after flash floods damage hundreds of houses in Mexico.
Sept. 13:
- Heavy rains and flooding kill five people, injure over 50, and displace nearly 70,000 in several parts of Guinea.
Sept. 14:
- Severe flooding kills four people and damages homes in Nigeria's capital Abuja and the Federal Capital Territory.
Sept. 20:
- At least 10 people are killed, 1,300 are evacuated, and some 1.2 million people are affected as days of heavy rainfall caused rivers to overflow in India’s West Bengal state.
OCTOBER
Oct. 7:
- Flooding in the US state of Alabama kills at least four people, including a child.
Oct. 12:
- At least 15 people are killed and three others are missing after incessant rainfall triggers flooding in China’s northern Shanxi province.
Oct. 18
- The death toll from flash floods and landslides in the southern Indian state of Kerala rises to 28.
Oct. 25:
- The death toll from last week's flash floods and landslides in northern India rises to 72.
NOVEMBER
Nov. 5:
- Heavy rains lash Bosnia and Herzegovina, causing floods.
- Flash floods in East Java, Indonesia, kill at least six people.
Nov. 11:
- More than a week of heavy rain in Sri Lanka causes floods that kill at least 22 people and displace over 5,000 others, the island nation’s Disaster Management Centre (DMC) says.
Nov. 18:
- A state of emergency is declared in the Canadian province of British Columbia after heavy rains that cause floods and mudslides.
DECEMBER
Dec. 10:
- Storm Barra causes flooding, landslides, strong winds, and heavy precipitation in northern Spain, killing one.
Dec. 21:
- At least 14 people are dead in floods in Malaysia.
Dec. 22:
- Flooding in Syrian refugee camps leaves thousands of families devastated./aa
The economic climate in Turkey will be "completely different" this summer when the financial system has reached a balance, the country's president said on Friday.
At a meeting with members of the press and academia at the Presidential Dolmabahce Office in Istanbul, Recep Tayyip Erdogan called for academics and economists to contribute to the government's new economic model by formulating solutions and providing guidance.
He said Turkey had launched a historic change in economic policy, putting aside the classical understanding of controlling inflation with high interest rates.
"Rather, it has adopted an economic policy based on growing the country with investment, employment, production, exports, and current surplus," he explained.
"We'll continue on our way with the same determination from now on," said the Turkish president, adding that "things are going perfectly on the production and employment side of our economy."
He also underlined that the government has not had any budgetary problems and was not seeking assistance from the IMF. "At the moment, we have no debt to the IMF, nor do we have any contact with the IMF," he stressed.
Highlighting that economic indicators showed that the time was right for this new policy, Erdogan said: "We aim to place Turkey among the 10 largest economies of the world on this strong groundwork."
Noting that the foreign exchange reserves of Turkey's Central Bank currently stood at over $115 billion, Erdogan said: "This amount will be in a much better position. Today, Turkey has the infrastructure it needs in every field from education to health, from security to law, from industry to tourism."
Turkey's government has argued that a recent surge in exchange rates ignores the country's strong economic fundamentals, blaming high prices on hoarders and global factors. The benefits of Turkey's new approach will become clear in the next three to six months, according to Erdogan./aa
A drug being developed by scientists in Japan to treat Alzheimer's is also effective against the neurodegenerative ALS disease, according to the latest discovery.
Takeo Kato, chief of the Yamagata National Hospital's amyotrophic lateral sclerosis (ALS) treatment research center, said the new medicine will work on protein accumulated in the brain and spinal cord to be first of its kind, Kyodo News reported.
The drug is being developed in northeastern Japan's state-run Yamagata University, the report said.
The fatal ALS, also known as Lou Gehrig's disease, is a progressive nervous system disease that affects nerve cells in the brain and spinal cord, causing loss of muscle control. It is named after American baseball player Lou Gehrig who was diagnosed with the disease.
Those afflicted with ALS lose their ability to walk, talk, eat and finally breathe as the disease kills motor neurons, causing muscles to weaken and eventually paralyze.
Japanese scientists conducted successful tests on mice to curb the aggregation of proteins with lab-grown ALS.
The report said the experiment was conducted on mice with inherited ALS, a less common type, and researchers will now work mice with more common non-familial ALS.
The clinical trials involving humans are expected to begin in 2024.
Japan has nearly 10,000 people suffering from ALS while between 1,000 to 2,000 people are diagnosed with the disease every year.
Alzheimer's disease, the most common cause of dementia, is thought to be caused by deposits of a protein fragment called beta-amyloid and twisted fibers of another protein called tau in the brain, according to the Alzheimer's Association./aa
A 14-year-old girl in the US was killed by a stray bullet fired by police, while she was in a dressing room in a Los Angeles clothing store, police said on Friday.
The officers responded to a call for an assault with "a deadly weapon in progress" on Thursday at a store in North Hollywood, where they opened fire amid a confrontation with the suspect, said a statement from the media relations office of the Los Angeles Police Department (LAPD).
"During a search for additional suspects and victims, officers found the girl and discovered she had been struck by gunfire," the LAPD added.
"She was pronounced dead at the scene," the statement said.
One victim was transported to the hospital for injuries sustained due to the suspect's attack, it added.
Police Chief Michel Moore said he was "profoundly sorry" for the young girl's death, according to the statement.
"I have directed the release of the critical incident video by Monday, December 17th, which will include the 9-1-1 (emergency) calls, radio transmissions, body-worn video and any CCTV and other evidence gathered at this preliminary stage," Moore added.
According to the federal government's National Vital Statistics System (NVSS) which keeps official track of people killed in police interactions, at least 13,700 have been killed between 1980 and 2019 in the US.
In October, researchers at the University of Washington said they uncovered data showing that since 1980, official government statistics on the number of people killed by police had been vastly underestimated, by more than half./aa
The year 2021 saw many environmental disasters that have fueled climate change and vice versa across the world, including tropical storms, hurricanes, landslides, and deadly wildfires.
The following are the major global environmental disasters of 2021 compiled by Anadolu Agency:
JANUARY
Jan. 3:
- Mount Sinabung in North Sumatra, Indonesia, erupts, spewing ash columns up to 1,000 meters high.
Jan. 9:
- Three people are killed after an avalanche hits a ski resort in Russia's Arctic city of Norilsk.
Jan. 17:
- The Merapi volcano on Indonesia's Java island begins to spew lava as smoke and ash bellows 50 meters (164 feet) above its crater following the eruptions.
Jan. 29:
- At least five family members die and three more are missing after a landslide in Papua New Guinea.
FEBRUARY
Feb. 1:
- The US Northeast is in the midst of a massive snow storm with some areas expected to receive up to 2 feet of snow.
Feb. 14:
- The death toll rises to 51 from a glacier break in India with more bodies recovered during rescue operations, according to the Press Information Bureau.
Feb. 18:
- Libya sees its first snowfall in 15 years as a cold snap hits parts of northern Africa and the Middle East.
Feb. 23:
- Italy’s Mt. Etna, Europe's tallest active volcano, erupts.
MARCH
March 3:
- The body of 60-year-old Panamanian consul Telma Deleise Barria Pinzon is found after the vehicle she was traveling in was swept away by the rising Frio River in the municipality of Rivera in Colombia's Huila department.
March 12:
- Wildfires ravage Patagonia, Argentina, and destroy 250 homes, while 15 people are missing.
March 15:
- At least six people are killed and dozens of others missing as Beijing, northern China, and Mongolia are hit by the worst sandstorm in a decade.
March 24:
- Italy's Mt. Etna, one of the active volcanoes in the country's south, once again erupts, spewing lava and a giant cloud of ash, local media reports.
APRIL
April 6:
- At least 157 people die, dozens more are missing and thousands are rendered homeless after Tropical Cyclone Seroja batters Indonesia and neighboring East Timor.
April 12:
- Fruit growers and winemakers in France report that the majority of their harvest this year has been lost to a severe cold snap that has affected parts of Europe.
April 17:
- Forest fires erupt in western and southwestern Turkey in which over 150 forest workers, many firefighters, and water tankers battle flames that the wind helped spread in a short time over the regions.
April 24:
- At least eight people are killed and 384 others rescued after an avalanche close to the border with China hits northern India.
April 30:
- After it reactivates, lava flows from the Pacaya volcano south of Guatemala City, raising fears it may spread to nearby communities.
MAY
May 6:
- A severe snowstorm is forecast to hit Finland with accumulations of up to 30 cm (12 inches) possible, the Finnish Meteorological Institute warns.
May 10:
- At least two people are killed after a severe thunderstorm hits Wuhan, the capital of China's Hubei province.
May 16:
- Ecuador's Sangay volcano erupts, with ash rising up to 7 miles above sea level.
May 19:
- At least 37 people are killed in India from Cyclone Tauktae -- 12 in Maharashtra, eight in Karnataka, 13 in Gujarat, and two each in Goa and Kerala states.
May 20:
- A large wildfire breaks out in the village of Schinos near Corinth in southcentral Greece, prompting authorities to evacuate at least 14 villages and two monasteries.
May 27:
- Cyclone Yaas batters Bangladesh, affecting 27 subdistricts in nine southern coastal districts, according to official sources.
JUNE
June 11:
- Seven miners die who were trapped by a landslide in the Mexican state of Coahuila, according to reports.
June 17:
- A heavy sandstorm hits Kuwait, with buildings shrouded in heavy dust.
June 19:
- Severe thunderstorms strike parts of Belgium, leaving 92 homes severely damaged and 17 people injured.
June 21:
- A multi-car collision on a tropical storm-soaked interstate in the US state of Alabama leaves 10 dead, including eight children in a single van and another girl in a SUV.
June 29:
- Western Canada is sweltering under record high temperatures that may have killed scores of people in Vancouver.
JULY
July 2:
- The number of deaths rises to 719 as the Canadian province of British Columbia (B.C.) remains under a heat wave, according to the B.C. Coroners Service.
July 9:
New York City, the largest city in the US, is drying out as Tropical Storm Elsa continues to race up the northeast coastline.
July 18:
- At least 15 people are killed and several injured when a house collapses and a landslide occurs from heavy rain in India’s financial hub of Mumbai.
July 25:
- Over 1,500 people are evacuated from their homes on the Italian island of Sardinia as fires ravage 20,000 hectares (50,000 acres) of forestland.
July 28:
- A major forest fire in Turkey’s Mediterranean district of Manavgat leaves several people injured, according to the country’s agriculture and forestry minister.
AUGUST
Aug. 2:
- The US is combatting 91 active large wildfires across much of the western half of the country that have already burned over 1.8 million acres.
Aug. 7:
- Turkey has contained 209 wildfires in 47 provinces in the last 10 days, according to the country's forestry minister.
Aug. 10:
- At least 42 people die, including 25 military personnel, in the eastern part of Algeria, where wildfires spread to 36 locations across 18 provinces.
Aug. 20
- Wildfires continue raging in eastern Russia with 128 blazes in 20 regions of particular concern, says the country's Federal Agency for Forestry.
Aug. 22:
- At least eight people are killed as Hurricane Grace hits Mexico.
SEPTEMBER
Sept. 1:
- Nearly 1 million people are left without power in Louisiana after Hurricane Ida tears through the southeastern US state.
Sept. 9:
- The death toll in the US state of Louisiana from Hurricane Ida climbs to 26.
Sept. 13:
- A devastating forest fire in southern Spain claims one life and forces 2,600 people to flee from their homes.
Sept. 17:
- Mt. Otake erupts on an island in southwestern Japan, prompting authorities to raise the alert level to 3 on a scale of 5.
Sept. 24:
- Some 400 homes and 200 hectares (494 acres) of land are destroyed as a volcanic eruption on the Spanish island of La Palma continues.
Sept. 30:
- A small tornado hits Germany’s northern port city of Kiel, injuring seven people and damaging properties.
OCTOBER
Oct. 1:
- Ashes from the Cumbre Vieja volcano on the island of La Palma blanket most of the island in Spain’s Canary Islands.
Oct. 4:
- Tropical Cyclone Shaheen kills at least 13 people in Oman and Iran, while five Iranian fishermen go missing.
Oct. 11:
- Just months after devastating fires, residents in the northern part of Greece's Evia island face the raging storm Athena.
Oct. 20:
- Japan's largest active volcano Mt. Aso erupts, spreading ashes up to a 1 kilometer (0.6 mile) radius, according to the country's weather agency.
Oct. 26:
- A Nor'easter, a strong extratropical cyclone, hits the US East Coast, causing high water levels and strong winds.
NOVEMBER
Nov. 3:
- A landslide in Colombia's Narino province kills at least 11 people.
Nov. 6:
- A dust storm hits Uzbekistan, the worst since the country started keeping meteorological records in 1871.
Nov. 10:
- The first "severe" smog episode hits India’s national capital and the National Capital Region, according to an analysis by the Centre for Science and Environment think tank.
Nov. 19:
The strongest earthquake since a volcano on the Spanish island of La Palma began erupting is felt on the other nearby Canary Islands. According to Spain's National Geographic Institute, it has a magnitude of 5.1.
Nov. 30:
- Four people die as Turkey’s metropolitan city Istanbul is hit by a fierce storm with gale-force winds.
DECEMBER
Dec. 4:
- Nearly 55,000 people are evacuated as a tropical storm lashes parts of southern India with heavy rains.
Dec. 10:
- A fire in Western Australia's Margaret River region destroys over 6,000 hectares of forests.
Dec. 14:
- The death toll stands at 74 from a wave of tornadoes that hit the US state of Kentucky last week, with 100 people still missing.
Dec. 22:
- Dozens of people are missing after a landslide hits a town in Myanmar./aa
Low temperatures coming from the North West is expected to stabilize the weather in Kuwait City during the weekend, said Kuwait Control and Meteorological Center (KCMC) on Thursday. In a statement, KCMC Naval Forecast Supervisor Yasir Al-Bloushi told KUNA, that the weather during sunrise will be leaning to cold, cloudy and north western winds, with wind speed averaging 8-20 kilometer per hour, noting that the highs will be 20, and lows will be 18.
Sea waves will be moderate, from 1 to 4 meters, Al-Bloushi added. The weather tonight will be cold and partially cloudy and north western light winds, with an average speed ranging from 6 to 26 kilometer per hour, Al- Bloushi noted. (KUNA)
The Directorate-General of Civil Aviation (DGCA) has issued a circular to all airlines operating at the Kuwait International Airport which says based on the decision of the Council of Ministers and after evaluating the global coronavirus status the airlines are requested to adhere to the following conditions.
It is not permitted to travel outside the State of Kuwait for citizens who have taken the second dose of anti-Corona vaccine 9 months ago of any doses approved by the State of Kuwait but not taken the booster dose of the approved vaccine effective Sunday 02/01/2022 at 00:01 state of Kuwait local time.
Those arriving at the airport must produce a negative PCR test certificate proving free from coronavirus, provided the test was done no earlier than 48 hours from the time of boarding the flight.
For arriving passengers home quarantine is mandatory for 10 days from the date of arrival in Kuwait with possibility ending the quarantine before that time in the event a PCR test is performed at least 72 hours after the arrival time proving free from coronavirus.
They must also produce proof of immunization with the vaccines approved in Kuwait on the Immune system of Mobile ID. The Immunization has to be proven by presenting vaccination certificate and must contain the following details — Name matching with travel document, type of vaccination received, date of doses taken, name of vaccine agency, Electronic Readable QR code.
If no QR code is available, then vaccination certificate most be uploaded on the Ministry of Health website for authentication. In the case of domestic workers, non-immunized domestic workers can be recruited as listed in the above Item by registration in (Bal salamah) platform. These instructions apply to those coming to the state of Kuwait starting from Sunday (26/12/2021) at (00:01) Kuwait local time and until further notice./Agencies
Turkey's economic model will show positive results and rapid transformation before next summer, Treasury and Finance Minister Nureddin Nebati said Thursday.
"The model is based on high level of exports, lowering the current account deficit, and welfare reflected at the society as whole," he told NTV channel.
"This is a special model that will attract direct investment," he added, noting that Turkey received $12.7 billion in direct investment in the first 11 months of 2021.
The Treasury and Finance Ministry announced a new measure Tuesday in which Turkey will compensate lira depositors for foreign currency fluctuations while encouraging citizens to move to Turkish lira-based assets.
Under the facility, if the yield remains below the exchange rate difference between the account opening and its maturity dates despite the earned interest, the agency will compensate the depositor.
The new FX-protected Turkish lira deposits tool will be available for individuals who have a lira deposit account with a maturity of three, six, nine or 12 months.
Nebati said the new FX-protected Turkish lira deposits stood around 10 billion Turkish liras ($880 million) as of Thursday morning, and that amount continued to increase.
"There were speculations and manipulations in foreign exchange rates until Monday night. (The Turkish lira) will reach its optimal level," he said.
Since President Recep Tayyip Erdogan announced new financial alternatives for citizens' savings late Monday night, the Turkish lira recovered strongly in the past three days.
The dollar against the Turkish lira plummeted from 18.36 on Monday to as low as 10.23 on Thursday -- a 44.3% decline, according to official data./aa