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Switzerland becomes first developed economy to cut interest rate
Switzerland becomes first developed economy to cut interest rate
Economy
by  AFP

The Swiss National Bank cut interest rates on Thursday -- the first to do so among the major central banks, saying the battle against inflation was working almost two years after launching its monetary tightening campaign. And the Norwegian central bank on Thursday kept its key interest rate unchanged at 4.5 percent but signalled it could start cutting later this year.

High inflation in Turkey dampens Ramadan's high spirits
High inflation in Turkey dampens Ramadan's high spirits
Economy
by  AFP

As the sun sets over the Bosphorus, a long queue forms on a street in Istanbul as people wait for iftar -- the evening meal that breaks Ramadan's daily fast. - Fraternity in hard times - One hour before iftar, several hundred worshippers wait impatiently before the tent where the meals will be served after sunset.