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YOU WONT BELIEVE: 5 - You Need To See This

Cash Is King in Lebanon as Banks Atrophy

The money exchange shop in Lebanon's Bekaa Valley was buzzing with business. Cellphones pinged endlessly and employees shouted out various rates as customers flocked in carrying plastic bags of the crashing local currency to buy US dollars. "Welcome to the Wall Street of Lebanon," grinned the storefront's owner, a machine…

Asharq Al-Awsat

SAMA: New System Seeks to Expand Banking Activities

The Saudi Central Bank (SAMA) said that it expected the new project to regulate the banking system in the country to expand the definition of banking business, include the granting of credits, and specify accurately the system objectives and scope. In a statement on Thursday, SAMA said that one of…

Asharq Al-Awsat

Lebanon's Central Bank Freezes Accounts of Foreign Trade Exchanger

Lebanon's Central Bank froze the accounts of foreign trade exchanger Hassan Moukalled and his two sons, Rayan and Rani, two days after the United States imposed sanctions on them. The US Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Moukalled, his sons, and his money service business,…

Asharq Al-Awsat

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Sri Lanka says debt-restructuring talks making progress

Debt-stricken Sri Lanka’s Central Bank chief says the country is making good progress in talks with its creditors to obtain financial assurances for debt restructuring, an important step toward finalizing an International Monetary Fund rescue plan

The Independent UK

Lebanese Protest Record-Low Value of Local Currency

Protesters burned tires and held up handfuls of local currency bills on Wednesday at the entrance of the Lebanese Central Bank in Beirut, furious over the spiraling devaluation of the lira. Lebanon's economic meltdown, which began in 2019, has cost the lira around 97% of its value. The decline has…

Asharq Al-Awsat

Lebanese protest record-low value of local currency

Protesters burned tyres and held up handfuls of local currency bills on Wednesday at the entrance of the Lebanese central bank in Beirut, furious over the spiralling devaluation of the lira.

Reuters

Hundreds in Baghdad protest devaluation of Iraq's currency

Hundreds of protesters have gathered near the Central Bank in the Iraqi capital, Baghdad, angered by the recent devaluation of the Iraqi dinar and demanding the government take action to stabilize the currency

The Independent UK

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Saudi Arabia Seeks to Accelerate Development of Digital Currency

As the Saudi Central Bank (SAMA) said on Monday that it was carrying out experiments with a central bank digital currency and exploring the potential benefits and risks of its use, economists told Asharq Al-Awsat that the local market was ready and enjoyed the ability to deal with the project…

Asharq Al-Awsat

Iraqi PM Replaces Central Bank Governor over Currency Drop

Iraq’s prime minister on Monday replaced the governor of the country's Central Bank following a weekslong plunge of the Iraqi dinar, the state news agency reported. Prime Minister Mohammed Shia al-Sudani made the move after the governor, Mustafa Ghaleb Mukheef, told him he no longer wishes to stay in the…

Asharq Al-Awsat

European Delegation Ends 1st Round of Questioning in Lebanon

A European legal team on Friday wrapped up the first round of questioning of Lebanese bankers and current and former Central Bank officials in Beirut, officials in Lebanon said. The questioning is part of a probe on money laundering linked to Lebanon’s Central Bank governor. Lebanon is grappling with the…

Asharq Al-Awsat

European delegation ends 1st round of questioning in Lebanon

Judicial officials say a European legal team has wrapped up the first round of questioning of Lebanese bankers and current and former Central Bank officials in Beirut

The Independent UK

Brazil government does not plan to interfere in central bank, says minister

Brazil's government does not intend to make changes to the country's central bank, Institutional Relations Minister Alexandre Padilha said on Thursday, seeking to appease markets after leftist President Luiz Inácio Lula da Silva's public criticism of the institution.

Reuters

Vacuum Threatens Vital State Positions in Lebanon

Institutional collapse in Lebanon is accelerating in a way that has left the country unable to manage the crises it has been facing for the past three years. Vacuum not only ails the Lebanese presidency or government, but it also threatens vital state positions. For example, the mandate of Central…

Asharq Al-Awsat

Cuba says vulture fund seeking 72 million euros never a creditor as UK court begins proceedings

Cuba's Central Bank on Friday lashed out against a "vulture fund" seeking to cash in on unpaid government debt lingering from the era of former leader Fidel Castro, calling illegitimate its claims against the Communist-run island in a London court.

Reuters

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The Independent UK

European legal team arriving in Lebanon in corruption probe

Lebanon's justice minister says a European judicial delegation from France, Germany, and Luxembourg has started to arrive in Lebanon to probe the country’s Central Bank governor and dozens of other individuals over suspected corruption

Asharq Al-Awsat

A Quarter of Iraq's Population Lives Below the Poverty Line

A quarter of Iraq's population lives below the poverty line, despite the estimated $100 billion reserves at the Central Bank of Iraq, the largest in the country's modern history, according to bank sources. Economists and finance experts believed Iraq's problem was not related to its wealth but to lousy management…

The Independent UK

Egypt's inflation surges on amid currency's dramatic slide

Egypt's statistics bureau says the nation is continuing to battle surging inflation amid a dramatic slide of its currency as many Egyptians struggle with price hikes

Asharq Al-Awsat

Lebanese Parliament Won’t Legislate 'Writing Off’ Bank Deposits

Lebanon’s Deputy Speaker Elias Bou Saab pledged Monday that Parliament will never agree to legislate any law that would write off deposits in Lebanon’s banks. Bou Saab was speaking following a session of the joint parliamentary committees devoted to resuming the discussion of the capital control bill. “There is hope…

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Asharq Al-Awsat

Egypt Government Moves to Control Currency Exchange Rate

The Egyptian government pledged to “control the market,” stressing that the US dollar crisis is on its way to being resolved. It has also sought to crack down on currency dealers in the “black market.” The value of the Egyptian pound declined against the US dollar following the Central Bank’s…

Asharq Al-Awsat

Tunisia Central Bank Raises Key Rate by 75 Bps to Curb Inflation

Tunisia’s central bank on Friday raised its key interest rate by 75 basis points to 8% from 7.25% to combat high inflation, the bank said, marking the third hike this year. Tunisia's inflation rate jumped to a record 9.8% in November from 9.2% in October. "Through this action, the Central…

Asharq Al-Awsat

Yemeni Government Accuses Houthis of Exploiting Truce to Increase Looting

The Central Bank of Yemen in Aden affirmed its commitment to the monetary policies it set to protect the local currency from collapse and maintain the stability of the markets. In parallel, Information Minister Muammar al-Eryani accused the Houthi militia of exploiting the truce to double the looting of resources…

Fortune

Understanding stagflation

Stagflation is a real problem for policymakers because the Central Bank can increase interest rates to reduce inflation or cut interest rates to reduce unemployment.

WEKU

Russia's economy is still working but sanctions are starting to have an effect

Despite unprecedented sanctions, Russia's economy is still functioning and it's still attacking Ukraine. That's led to questions about whether the sanctions are effective.

Asharq Al-Awsat

Iraqi Dinar Continues to Weaken against US Dollar

Iraq’s currency plummeted to a new low against the US dollar. In the northern Kurdistan region, the rate stood at 1,550 Iraqi dinars to the dollar - the lowest it has traded since 2004, according to experts. The depreciation in the dinar’s value triggered a wave of severe anxiety in…

The Times of India

Missed inflation target, digital currency pilot mark RBI's 2022 map; growth vector to dominate ahead

MUMBAI: The Reserve Bank of India failed to deliver on its contracted inflation target for the first time, started fiat digital currency pilot and finally saw its efforts to improve bank balance sheets see fruition in 2022, making it a mixed year for the central bank.

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Luiz Inácio Lula da Silva

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Luiz Inacio Lula da Silva

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