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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)
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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.

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Arab World

Sudan Army Says Recaptures Key State Capital

Sudanese civilians displaced by offensive south of Khartoum earlier this year dream of returning to their homes after the regular army retakes territory - AFP
Sudanese civilians displaced by offensive south of Khartoum earlier this year dream of returning to their homes after the regular army retakes territory - AFP
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Sudan Army Says Recaptures Key State Capital

Sudanese civilians displaced by offensive south of Khartoum earlier this year dream of returning to their homes after the regular army retakes territory - AFP
Sudanese civilians displaced by offensive south of Khartoum earlier this year dream of returning to their homes after the regular army retakes territory - AFP

The Sudanese army said Saturday it had retaken a key state capital south of Khartoum from rival Rapid Support Forces who had held it for the past five months.

The Sennar state capital of Sinja is a strategic prize in the 19-month-old war between the regular army and the RSF as it lies on a key road linking army-controlled areas of eastern and central Sudan.

It posted footage on social media that it said had been filmed inside the main base in the city.

"Sinja has returned to the embrace of the nation," the information minister of the army-backed government, Khaled al-Aiser, said in a statement.

Aiser's office said armed forces chief Abdel Fattah al-Burhan had travelled to the city of Sennar, 60 kilometres (40 miles) to the north, on Saturday to "inspect the operation and celebrate the liberation of Sinja", AFP reported.

The RSF had taken the two cities in a lightning offensive in June that saw nearly 726,000 civilians flee, according to UN figures.

Human rights groups have said that those who were unwilling or unable to leave have faced months of arbitrary violence by RSF fighters.

Sinja teacher Abdullah al-Hassan spoke of his "indescribable joy" at seeing the army enter the city after "months of terror".

"At any moment, you were waiting for militia fighters to barge in and beat you or loot you," the 53-year-old told AFP by telephone.

Both sides in the Sudanese conflict have been accused of war crimes, including indiscriminately shelling homes, markets and hospitals.

The RSF has also been accused of summary executions, systematic sexual violence and rampant looting.

The RSF control nearly all of the vast western region of Darfur as well as large swathes of Kordofan in the south. They also hold much of the capital Khartoum and the key farming state of Al-Jazira to its south.

Since April 2023, the war has killed tens of thousands of people and uprooted more than 11 million -- creating what the UN says is the world's largest displacement crisis.

From the eastern state of Gedaref -- where more than 1.1 million displaced people have sought refuge -- Asia Khedr, 46, said she hoped her family's ordeal might soon be at an end.

"We'll finally go home and say goodbye to this life of displacement and suffering," she told AFP.