Lebanon Central Bank Plans New Exchange Platform via Bloomberg

A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
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Lebanon Central Bank Plans New Exchange Platform via Bloomberg

A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)

Lebanon's central bank is seeking to introduce a new currency exchange platform through Bloomberg, acting central bank governor Wassim Mansouri said on Monday in an interview with Saudi-owned Al-Arabiya television.
The central bank had already said it would phase out its own exchange platform, known as Sayrafa, and was considering Bloomberg as a substitute following concerns about Sayrafa's lack of transparency and governance, Reuters reported.
"On Wednesday, based on a request from the central bank, the cabinet's agenda will include the establishment of an international exchange platform," Mansouri said, adding that it would be through Bloomberg's trading platform.
Sayrafa was set up in May 2021, 18 months into Lebanon's economic meltdown. It was widely recognized as a way for the central bank, also known as BdL, to stabilize the Lebanese pound, which nevertheless continued to decline.
Lebanese authorities and international institutions have criticized Sayrafa for its lack of transparency, unsustainability and the opportunity it created for arbitrage, particularly as the gap grew between Sayrafa's and the parallel market.
The World Bank said buy-side Sayrafa participants may have made as much as $2.5 billion through arbitrage trades.



UN Palestinian Agency Seeks Pushback against Israel's Effort to Disband it 

A Palestinian child navigates through heavy damage to a UNRWA school sheltering displaced persons the day after a nearby house was targeted by Israeli bombardment in Khan Younis, southern Gaza Strip, Friday, June 21, 2024. (AP)
A Palestinian child navigates through heavy damage to a UNRWA school sheltering displaced persons the day after a nearby house was targeted by Israeli bombardment in Khan Younis, southern Gaza Strip, Friday, June 21, 2024. (AP)
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UN Palestinian Agency Seeks Pushback against Israel's Effort to Disband it 

A Palestinian child navigates through heavy damage to a UNRWA school sheltering displaced persons the day after a nearby house was targeted by Israeli bombardment in Khan Younis, southern Gaza Strip, Friday, June 21, 2024. (AP)
A Palestinian child navigates through heavy damage to a UNRWA school sheltering displaced persons the day after a nearby house was targeted by Israeli bombardment in Khan Younis, southern Gaza Strip, Friday, June 21, 2024. (AP)

The head of the United Nations Palestinian refugee agency (UNRWA) on Monday called to push back against efforts by Israel to have the organization disbanded.

"Israel has long been critical of the agency's mandate. But it now seeks to end UNRWA's operations, dismissing the agency's status as a United Nations entity supported by an overwhelming majority of Member States," UNRWA chief Philippe Lazzarini said at a meeting of the agency's advisory commission.

"If we do not push back, other UN entities and international organizations will be next, further undermining our multilateral system."