REVEALED: 7 | Vintage Vibes

Report: 'Embezzled' Lebanese Cash in Swiss Banks

Banks in Switzerland are holding a substantial amount of the millions of dollars Lebanese central bank chief Riad Salameh is accused of embezzling, Swiss media reported on Sunday. Salameh, 72, faces investigations related to suspicions of money laundering and illicit enrichment in Lebanon and abroad after he amassed a fortune…

Asharq Al-Awsat · Feb 26, 2023

Iranian Parliament Discusses a Record Drop in Local Currency

The Iranian parliament held a closed session on the record decline of the Iranian riyal against foreign currencies as the dollar continues its record-breaking high. The parliament held an extraordinary session with Vice President Mohammad Mokhber, Economy Minister Ehsan Khandouzi, and Central Bank Governor Mohammadreza Farzin. A spokesman for the…

Asharq Al-Awsat · Feb 26, 2023

G20 Finance Chiefs Differ on Debt, Russia-Ukraine War

Finance leaders of the world's biggest economies were entangled in differences on Saturday over the war in Ukraine and on resolving the debt burden of distressed developing nations, participants said. The meeting of finance ministers and central bank chiefs of the Group of 20 (G20), hosted by India, was likely…

Asharq Al-Awsat · Feb 25, 2023

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 · Feb 2, 2023

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 · Feb 2, 2023

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 · Feb 1, 2023

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 · Jan 31, 2023

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 · Jan 27, 2023

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 · Jan 27, 2023

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 · Jan 25, 2023