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Turkish Finance Minister Mehmet Simsek stated that the economic effects of the war will be temporary and reversible, provided the ceasefire between the U.S. and Iran holds. He emphasized that the current economic shock is the largest since World War II.
Pakistan has announced its intention to repay loan deposits owed to the United Arab Emirates, a move that could negatively impact its financial reserves. This decision comes at a time when the country is facing increasing economic pressures.
Turkey is facing a severe economic crisis as the Central Bank's reserves dropped by <strong>$22 billion</strong> last week, totaling a decline of <strong>$55 billion</strong> since the onset of the conflict with Iran. These losses come amid increasing pressures on the Turkish economy.
Japan's Minister of Trade has announced that the country will sell oil from its reserves exclusively to local refineries, indicating no current plans to assist other Asian nations seeking help amid rising oil prices.