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.



African Peace and Security Council Proposes Sudan Roadmap

 Plumes of smoke rise during clashes between the Rapid Support Forces and the army in Khartoum, Sudan, September 26, 2024. (Reuters)
Plumes of smoke rise during clashes between the Rapid Support Forces and the army in Khartoum, Sudan, September 26, 2024. (Reuters)
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African Peace and Security Council Proposes Sudan Roadmap

 Plumes of smoke rise during clashes between the Rapid Support Forces and the army in Khartoum, Sudan, September 26, 2024. (Reuters)
Plumes of smoke rise during clashes between the Rapid Support Forces and the army in Khartoum, Sudan, September 26, 2024. (Reuters)

The African Union’s Peace and Security Council has proposed a roadmap to resolve the war in Sudan.

A delegation from the council is visiting the interim Sudanese capital, Port Sudan, for the first time since the eruption of the war in the country in April 2023.

The delegation informed Sudanese officials that the African Union is seeking a ceasefire in line with a roadmap proposed by its Peace and Security Council. The details of the roadmap were not disclosed.

Sudanese officials, for their part, briefed the delegation on the conflict.

Meanwhile, US Special Envoy for Sudan Tom Perriello told Asharq Al-Awsat that contacts are ongoing with the African Union over a mechanism to monitor the implementation of current and future agreements.

It is best to remain prepared, he added. The international community must assess the options to support the implementation of the cessation of hostilities.

Moreover, he noted that elements that support the ousted regime of President Omar al-Bashir are within the army and opposed to the democratic civilian rule in the country.

He accused them of seeking to prolong the war and returning to rule against the will of the people.

The envoy also said the conflict cannot be resolved through a military solution.

Over the months, the army has wasted opportunities to end the war through negotiations that could restore peace and civilian rule, he noted.

The latest escalation between the army and Rapid Support Forces (RSF) will cost countless lives among civilians, warned Perriello.