The exchange rate of the US dollar exceeded the level of 50 Turkish liras for the first time in the free exchange market in Turkey, in light of the continued decline of the Turkish currency against the dollar.
The selling price of the dollar rose to 50.0021 liras in the morning hours of Monday, November 3, while the buying price reached 49.9892 liras.
Thus, the selling price of the dollar exceeded 50 liras, while the euro traded at about 56 Turkish liras.
The Turkish lira recorded a noticeable decline against the dollar during the past year. The exchange rate of the US currency was about 42 liras in November 2025, compared to about 50 liras currently. Which means an increase in the price of the dollar by about 19 percent within 12 months.
This development in the exchange market coincides with the Turkish Central Bank reducing interest rates. On October 22, he decided to reduce the key interest rate by 100 basis points, from 37 percent to 36 percent.
Although the Central Bank indicated the emergence of indicators of a decline in underlying inflationary pressures, it warned of the continued risks that threaten price stability, in light of the rise in energy prices and the escalation of geopolitical tensions.
Pedro Machado, responsible for banking supervision at the European Central Bank, said on Tuesday that European banks should not expect to ease basic capital controls, which were adopted in the wake of the financial crisis, as part of efforts to simplify banking rules, warning that these controls constitute a guarantee that prevents banks from underestimating the risks they face.
In light of the ongoing debate in Europe about ways to reduce regulatory burdens and enhance lending, Machado rejected demands issued by some banking circles to reduce capital requirements imposed after the global financial crisis in 2008, according to Reuters.
In particular, he defended the “minimum output” rule, a global rule that limits banks’ ability to reduce capital requirements by using their internal models to assess risks.
Machado said during a financial conference: “We must maintain strict capital standards, preserve the role of minimum outputs as a precautionary guarantee for internal models, and continue to address the costs of resolving troubled banks, ensuring that the expansion in the size of institutions does not come at the expense of taxpayers.”
European banks have intensified their pressure to demand easing of regulatory rules, usually because they face an unequal competitive situation compared to their American counterparts, and that easing requirements may allow more financing to be provided to the economy.
But Machado said that studies provide little evidence that reducing capital requirements will achieve tangible economic gains, and he also cast doubt on claims that major US banks operate under a significantly less stringent regulatory regime.
However, it reiterated its support for the European Central Bank to provide specific regulatory facilities to smaller banks, which would reduce the reporting and oversight burdens imposed on them, without compromising precautionary standards.
The Saudi Public Investment Fund announced, on Tuesday, that it had obtained credit facilities worth $3 billion (11.25 billion riyals), guaranteed by the Italian export credit agency SACE (SACE), in a step aimed at strengthening commercial cooperation with Italian companies and opening new opportunities for Italian suppliers to work with the Fund and its portfolio companies.
The facilities announced by the Saudi sovereign, in a statement, consist of two tranches: the first worth $1.78 billion (about 6.73 billion riyals), and the second green, worth 1.035 billion euros (about 4.42 billion riyals), and 25 international banking institutions participated in providing them.
The proceeds of the euro-denominated tranche will be allocated to finance eligible green projects, in accordance with the green financing framework approved by the Fund, which has previously issued the first green bonds in the history of sovereign funds, including bonds maturing after 100 years.
The Fund explained that the facilities come within its financing strategy based on diversifying financing sources and tools, and in line with its partnerships with leading export credit institutions in priority markets.
The agreement is based on a memorandum of understanding signed by the Fund and the Saatchi Agency in March 2025, with the aim of strengthening the cooperation of suppliers and Italian companies with the Fund and its portfolio companies, and providing new opportunities for trade, investment and exchange of experiences between Saudi and Italian companies.
The announcement comes following the “Priority Summit” organized by the Future Investment Initiative Foundation in Rome, where the Fund affirmed its commitment to exploring opportunities to launch joint projects and expand purchases from European partners, allowing European companies greater access to the Saudi economy and its portfolio companies.
The fund indicated that it has invested up to 98 billion euros (about 419 billion riyals) in the European economy since 2017.
Director of the Investor and Financial Institutions Relations Department at the Public Investment Fund, Rasis Al Saud, said that the partnership with the Italian Export Credit Agency, in addition to the broad participation of international banks in providing facilities, reflects the strength and flexibility of the Fund’s financing strategy and its compatibility with its long-term investment priorities.
She added that the fund is working, as part of its strategy for the period 2026-2030, to enhance the access of its portfolio companies to global markets, in a way that supports their growth locally and internationally and contributes to attracting international capital.
For his part, CEO of Saatchi Agency, Michele Pinotti, said that the partnership aims to facilitate Italian exports and develop trade relations that achieve mutual benefits for the Saudi and Italian markets, by providing opportunities for Italian companies to cooperate with the Fund and its portfolio companies, and to increase purchases of Italian goods and services through commercial and financing initiatives.
The Fund stressed that the new facilities will enhance its access to international capital markets and support the continued development of transformative projects that contribute to achieving sustainable economic growth.
The Public Investment Fund is one of the most prominent sovereign funds in the world, and it plays a pivotal role in driving economic transformation in the Kingdom through its local and international investments. The fund has a rating of “AA3” from Moody’s with a stable outlook, and a long-term issuer rating of “A+” from Fitch with a “stable” outlook.
