Exiled Brotherhood leaders would be welcome in Turkey: Erdogan


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ISTANBUL // Turkey would welcome exiled leaders of Egypt’s outlawed Muslim Brotherhood who are relocating from Qatar, President Recep Tayyip Erdogan has said.

A Brotherhood official said on Saturday that Qatar had asked several members of the group to leave the country where they had sought refuge after the fall of Egypt’s Islamist president Mohammed Morsi.

“If they make any request to come to Turkey, we will review their request,” Mr Erdogan said after visiting Qatar on Monday.

“If there are any reasons that would prevent them from coming to Turkey, they would be assessed. And if there aren’t any obstacles, they would be granted the ease that is granted to everyone,” he said.

Doha has been under pressure from other Gulf states to cut its support for the Muslim Brotherhood and other Islamist groups.

Turkey and Qatar were the only regional countries to back the Brotherhood as they rose to prominence after the Arab Spring uprisings. Their influence in the region has since waned, culminating in Mr Morsi’s removal from power by Egypt’s army last year following mass protests against him.

The UAE, Saudi Arabia and other GCC members have grown increasingly concerned about the Brotherhood and see them as a threat to stability in the region.

Egypt and Saudi Arabia have both declared the Brotherhood a terrorist organisation. The Brotherhood says it is a peaceful group.

* Agence France-Presse and Reuters

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

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