June 22, 2006

Withholding tax on foreign investors dropped in Turkey

Permalink: Withholding tax on foreign investors dropped in Turkey by Brian Turner Turkey will discontinue a 15 percent withholding tax that was imposed on foreign investors in January. The change in policy brings the nation in line with European Union provisions on domicile and residence rules for the taxation of individuals, according to Turkey’s finance minister. The rule changes come at a time when the Istanbul equities market has ...

June 21, 2006

Chavez calls Venezuelan currency reform effort to fight inflation

Permalink: Chavez calls Venezuelan currency reform effort to fight inflation by Brian Turner The president of Venezuela has ordered that nation’s legislature and central bank to introduce new currency, to be named the “nuevo bolivar”, which would take three zeroes off the exchange value. Legislators say that this “monetary reform” is aimed at reducing inflation and making accounting easier. The bolivar currently trades at a fixed rate of 2,150 to the ...

June 13, 2006

Sell-offs hurt emerging currencies

Permalink: Sell-offs hurt emerging currencies by Brian Turner Currencies in the emerging markets were generally down in relation to the US dollar on Tuesday. The Turkish lira hit a three-year low against the greenback as it declined by 2.8 percent to TL1.5962. The New Zealand dollar dropped 1 percent to the greenback, to $0.6223, while the Indonesian rupiah declined 0.8 percent to Rp9,485 to the dollar ...