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The Latest Breaking News from central bank

Lebanon adopts ‘dollarization’ as currency, economy crumble

The Lebanese pound has lost 95% in value since late 2019, and now most restaurants and many stores are demanding to be paid in dollars to bypass what’s seen as a nearly useless currency

The Independent UK

Lebanon to Soon Beat Zimbabwe in Highest Inflation Rate

A recent move by Lebanon’s Central Bank (BDL) to offer to sell the cash dollar through its platform at the rate of LBP 70,000 has temporarily curbed the rapid collapse of the national currency. The price margins of cash trading in the parallel markets fell to around LBP 80,000 per…

Asharq Al-Awsat

Irish motorists hit with higher insurance premiums despite staying with one company

Concerns over the rise of price walking within the private car insurance industry have been raised

Irish Mirror

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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

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

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

Lebanon's Central Bank Governor Charged with Corruption in Final Months of Term

Beirut’s public prosecutor on Thursday charged the governor of Lebanon's Central Bank, Riad Salameh, his brother and an associate with corruption, Lebanese officials said. According to two judicial officials, Beirut's Attorney General Raja Hamoush charged Salameh, his assistant Marianne Howaiyak, and his brother Raja Salameh with embezzling public funds, forgery,…

Asharq Al-Awsat

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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

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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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,…

The Independent UK

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

Asharq Al-Awsat

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…

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Reuters

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.

The Independent UK

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

Asharq Al-Awsat

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…

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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