Turkiye’s central bank kept its main interest rate steady at 50% on Thursday as expected, citing a big tightening in financial conditions since its last hike, and again pledged to tighten policy more if needed in its campaign to cool inflation.Analysts said the central bank has likely ended its aggressive, nearly year-long tightening cycle.Last month, it unexpectedly raised its one-week repo rate by 500 basis points, citing a deteriorating inflation outlook and pledging to keep a tight monetary stance.The annual inflation rate climbed to 68.5% in March and is expected to rise for another few months before easing. The central bank has forecast it will dip to 36% by year-end, a bit lower than market expectations.“The monetary policy decisions in March have led to a significant tightening in financial conditions,” the bank’s policy committee said.“Considering the lagged effects of the monetary tightening, the Committee decided to keep the policy rate unchanged, but reiterated that it remains highly attentive to inflation risks.”It also reiterated it would tighten again if a “significant and persistent” deterioration in inflation is foreseen, and would maintain a tight stance until a “significant and sustained” drop in underlying trend inflation is seen.The lira was unchanged at 32.5170 against the dollar after the announcement.Rate hikes are “on hold once again, with no changes to the rate likely until the fourth quarter 2024”, Andrew Birch, economics associate director at S&P Global Market Intelligence, said in a note.Reuters polling shows the bank was expected to hold rates this week and to leave it at 50% until the fourth quarter when cuts are to begin. Only two of 14 respondents expected a hike.The years-long cost-of-living crisis for Turks is expected to begin easing in the second half of the year due to the monetary tightening cycle, which began in June last year with a U-turn toward a more orthodox economic programme.Rates have risen from 8.5% in the cycle, which reversed the previous policy of low rates and credit-fuelled growth that sparked a series of currency crashes and sent inflation soaring in recent years.The central bank had held rates steady in February.

Qatar-Jordan trade volume stood at QR746mn in 2023, according to Qatar Chamber second vice-chairman Rashid bin Hamad al-Athba.Al-Athba made the statement during a meeting with Jordan and Amman Chambers of Industry chairman Fathi al-Jaghbir and his accompanying delegation.Qatar Chamber board members Abdulrahman al-Ansari and Shaheen al-Mohannadi, as well as several Qatari businessmen and manufacturers, also attended the meeting.During the meeting, both sides discussed means to enhance co-operation between both entities, the investment climate, and opportunities available in both counties.It also explored co-operation between companies from both sides in food processing, agriculture and livestock, plastic and rubber industries, timber and furniture, clothing, construction, chemicals, paper and carton, and packaging.Al-Athba lauded the developed relations between both countries across all sectors and levels, stressing their common desire to develop these further.He noted that Qatar is one of the largest investors in Jordan's various sectors, such as real estate, tourism, banking, healthcare, energy, and oil derivatives.Al-Athba also said many Jordanian companies are operating in Qatar, whether in full capital or with Qatari partners, in sectors like trading, contracting, construction, interior design, maintenance, events, real estate brokerage, services, education, carpentry, and prefabricated kitchens, among others.According to al-Athba, it is important to constantly enhance the co-operation of the private sector of both countries, noting that this will contribute to developing the bilateral trade exchange, which reached QR746mn last year compared to QR660mn in 2020, an increase of 13%.He also emphasised the importance of activating a business council and intensifying mutual visits between business delegations from both sides.Al-Athba encouraged Jordanian companies to take advantage of the investment climate in Qatar and the incentives offered to foreign investors.He also highlighted that Qatar attaches great importance to the industrial sector, saying it offers a host of incentives, such as the allocation of lands, the exemption of customs duties on imported machinery, equipment and raw materials, and the exemption of income tax for a duration of up to 10 years, as well as the provision of electricity at reasonable prices.“Qatar owns a world-class infrastructure, leading economic legislation, and a variety of incentives and opportunities in almost all sectors, especially in free and logistic zones,” he said.Al-Athba said the chamber encourages Qatari investors to explore opportunities galore in Jordan and enhance co-operation with their counterparts.For his part, al-Jaghbir commended the fraternal relations between both countries, praising the development of the Qatar industry sector.Al-Jaghbir underscored the significance of bolstering co-operation between both sides in industry and streamlining procedures of exporting manufactured products. He proposed holding a joint business forum between businessmen and manufacturers in Amman to explore new horizons of co-operation and investment opportunities available in the industrial sector.Al-Ansari, who is the chairman of the chamber’s Industry Committee, emphasised the importance of strengthening co-operation between both parties in industrial fields, noting that Qatar is characterised by the provision of raw materials in petrochemical and energy sector which driven the growth in petrochemical industries. He assured the Qatari side’s preparedness to examine opportunities available in Jordan in industry sector to establish joint venture whether in Qatar or in Jordan.