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YOU WONT BELIEVE: 5 - You Need To See This

Iraq's Central Bank, US Federal Bank Address Electronic Platform Challenges

Officials from the Central Bank of Iraq, the US Federal Reserve Bank and the US Treasury have met in wake of the drop in the Iraqi dinar's value against the US dollar, creating severe fluctuations in the prices of most commodities and foodstuffs. Economic sources said Washington gave Iraq an…

Asharq Al-Awsat

Lebanese C.bank Chief Salameh Says He Will Not Seek New Term

Lebanon's veteran central bank chief Riad Salameh said he would not seek a new term in office once his latest six-year stint at the head of the Banque du Liban ends. "My decision is that, at the end of the term, it will be a page I turned in my…

Asharq Al-Awsat

4 Gulf Banks Raise Interest Rates by 0.25%, Qatar Holds

The majority of central banks in the Gulf region raised the main interest rates on Thursday, following a decision by the US Federal Reserve to raise its key policy rate by 0.25%, in an effort to counter inflation. Qatar kept the interest rate unchanged, while the Saudi Central Bank (SAMA),…

Asharq Al-Awsat

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Saudi King Appoints Ayman Al-Sayyari as Central Bank Governor

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, issued on Thursday a royal order appointing Ayman bin Mohammed bin Saud Al-Sayyari as Governor of Saudi Central Bank at the rank of minister. The King relieved Dr. Fahd bin Abdullah bin Abdullatif Al-Mubarak as Governor of…

Asharq Al-Awsat

Targeting Iran, US tightens Iraq's dollar flow, causing pain

In recent weeks, Iraq’s currency has taken a plunge, largely as a result of newly imposed measures that have restricted dollar transfers from the United States

The Independent UK

Lebanon sets new exchange rate, dramatically devalues pound

Lebanon’s Central Bank has set a new exchange rate that effectively devalues the country’s currency by 90% but did little to bridge the gap with the soaring black market rate

The Independent UK

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

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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

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

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

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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…

The Independent UK

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

Reuters

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.

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Asharq Al-Awsat

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…

Reuters

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.

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…

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…

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