A global energy price shock sparked by the US-Israeli war on Iran is forcing Turkey’s central bank to raise its inflation forecasts, putting further strain on the country’s efforts to slow price gains.

A global energy price shock sparked by the US-Israeli war on Iran is forcing Turkey’s central bank to raise its inflation forecasts, putting further strain on the country’s efforts to slow price gains.

Turkey’s foreign reserves had their biggest monthly decline on record in March, as the Iran war triggered global selloffs in emerging market assets and strained the lira.

A Turkish court in Ankara on Wednesday adjourned a trial against leading opposition figures, including President Recep Tayyip Erdogan’s main rival in a criminal case seen as a harbinger for the party leadership.

Turkish annual inflation rose more than expected in April as price pressures from the Iran war continued to ripple through the economy.

Cevdet Akcay, who helped overhaul Turkey’s monetary policy to bring down prices and revive investor interest, stepped down as one of the central bank’s deputy governors.

Turkey’s top economic policymakers told investors this week that the fallout from the Iran war is likely to weigh on Turkish growth and raise price pressures in the short term, according to people with knowledge of the conversations.

The International Monetary Fund said Egypt’s economic reforms and stronger buffers are enabling the country to better weather external shocks, as the local pound reverses some losses after the Iran war ceasefire.

The International Monetary Fund cut growth forecasts for countries across the Middle East due to disruptions stemming from the Iran war and warned that a prolonged conflict could put further pressure on the region’s economies.

The International Monetary Fund cut growth forecasts for countries across the Middle East due to disruptions stemming from the Iran war and warned that a prolonged conflict could put further pressure on the region’s economies.

The International Monetary Fund said Egypt’s economic reforms and stronger buffers are enabling the country to better weather external shocks, as the local pound reverses some losses after the Iran war ceasefire.

Qatar’s finance minister warned of a bigger economic fallout from the Iran war over the coming months if the Strait of Hormuz isn’t reopened soon and trade remains restricted to countries reliant on everything from natural gas and fertilizers to helium.

Turkey’s annual inflation slowed more in March than economists had expected, despite economic pressures stemming from the Iran war.

Turkey’s annual inflation slowed more in March than economists had expected, despite economic pressures stemming from the Iran war.

Turkey restarted foreign-currency swap transactions with local banks for the first time in a year, after a drawdown in reserves fueled by a broad selloff across emerging markets amid the war in the Middle East.

Turkey’s central bank sold and swapped about 60 tons of gold, worth more than $8 billion, in two weeks after the start of the war in Iran, adding to downward pressure on bullion prices.

Turkey’s central bank is preparing an expanded toolkit to defend the lira from Iran war-related volatility that includes potentially tapping its vast gold reserves, according to people familiar with the matter.

Turkey’s central bank held its benchmark interest rate steady on Thursday, pausing a cycle of cuts because of a war-driven spike in energy prices and currency pressures.

Turkey’s central bank held its benchmark interest rate steady on Thursday, pausing a cycle of cuts because of a war-driven spike in energy prices and currency pressures.

Turkey’s cycle of interest-rate cuts will likely end on Thursday as a war-driven spike in global energy prices threatens to reignite the country’s inflation woes.