Armenian President Visits UAE: Strengthening Ties Between Nations

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  In a significant diplomatic move, the President of Armenia has embarked on an official visit to the United Arab Emirates (UAE), aiming to bolster bilateral relations, expand economic cooperation, and foster cultural exchange between the two nations. The high-level visit marks a new chapter in Armenia-UAE relations, showcasing a mutual commitment to deepening political dialogue and exploring opportunities in trade, technology, energy, tourism, and investment. During his visit, the Armenian President held discussions with top Emirati leaders, including His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE and Ruler of Abu Dhabi. The leaders discussed regional and international developments, emphasizing the importance of peace, stability, and economic collaboration in the South Caucasus and Middle East regions. Key Highlights of the Visit: Economic Partnerships: Talks included strategies to enhance mutual trade and explore investment in sectors such as infrast...
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Egypt Implements Currency Float to Address Economic Challenges

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In a bid to address economic challenges, Egypt has implemented a currency float, allowing its pound to freely trade on currency markets. The move comes after the country secured an $8 billion loan from the International Monetary Fund (IMF) and raised its overnight interest rates by 600 basis points. The decision aims to unify the country's official exchange rate and the rate on its parallel market, which had been double the official rate for months, affecting the import-heavy economy.

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The Central Bank of Egypt (CBE) stated that it is committed to transitioning to a flexible inflation targeting regime, with inflation as its nominal anchor, allowing the exchange rate to be determined by market forces. The float is expected to help Egypt withstand economic challenges and strengthen its foreign reserves.

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