Turkey’s central bank raised its benchmark rate by 625 basis points on Sept. 13 in a move that boosted the Turkish Lira and may ease investor concerns about monetary policy. The Central Bank has increased the lending rate to 24 percent, meaning it has now increased interest rates by 11.25 percentage points since late April. The bank said there was still an upside risk to the inflation outlook from what it called a deterioration in pricing behavior, despite weaker domestic demand conditions. Source Hurriyet Daily
Exxon Mobil erased almost every drop of oil-sands crude from its books in a sweeping revision of worldwide reserves to depths never before seen in the company’s modern history.
Exxon counted the equivalent of 15.2 billion barrels of reserves as of Dec. 31, down from 22.44 billion a year earlier, according to a regulatory filing on Wednesday. The company’s reserves of the dense, heavy crude extracted from Western Canada’s sandy bogs dropped by 98%. Source World OIl
German construction and engineering group Bilfinger has withdrawn from work related to the construction of the Nord Stream 2 gas pipeline, German tabloid Bild reported, citing letters it has obtained. Source World Pipelines
Spain’s public debt ended 2020 at 117.1% of gross domestic product as the coronavirus pandemic and the measures imposed to curb it lifted borrowing and led to a deep economic contraction, the Bank of Spain said on Wednesday. Source Reuters
