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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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Italy Plans to Return Ambassador to Syria to Reflect New Diplomatic Developments, Minister Says

Italy's Foreign Minister Antonio Tajani speaks while meeting with members of the G7, on July 11, 2024, during the NATO summit in Washington. (AP)
Italy's Foreign Minister Antonio Tajani speaks while meeting with members of the G7, on July 11, 2024, during the NATO summit in Washington. (AP)
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Italy Plans to Return Ambassador to Syria to Reflect New Diplomatic Developments, Minister Says

Italy's Foreign Minister Antonio Tajani speaks while meeting with members of the G7, on July 11, 2024, during the NATO summit in Washington. (AP)
Italy's Foreign Minister Antonio Tajani speaks while meeting with members of the G7, on July 11, 2024, during the NATO summit in Washington. (AP)

Italy plans to send an ambassador back to Syria after a decade-long absence, the country’s foreign minister said, in a diplomatic move that could spark divisions among European Union allies.

Foreign Minister Antonio Tajani, speaking in front of relevant parliamentary committees Thursday, announced Rome’s intention to re-establish diplomatic ties with Syria to prevent Russia from monopolizing diplomatic efforts in the Middle Eastern country.

Moscow is considered a key supporter of Syrian President Bashar Assad, who has remained in power despite widespread Western isolation and civilian casualties since the start of Syria’s civil war in March 2011.

Peaceful protests against the Assad government — part of the so-called “Arab Spring” popular uprisings that spread across some of the Middle East — were met by a brutal crackdown, and the uprising quickly spiraled into a full-blown civil war.

The conflict was further complicated by the intervention of foreign forces on all sides and a rising militancy, first by al-Qaida-linked groups and then the ISIS group until its defeat on the battlefield in 2019.

The war, which has killed nearly half a million people and displaced half the country’s pre-war population of 23 million, is now largely frozen, despite ongoing low-level fighting.

The country is effectively carved up into areas controlled by the Damascus-based government of Assad, various opposition groups and Syrian Kurdish forces.

In the early days of the conflict, many Western and Arab countries cut off relations with Syria, including Italy, which has since managed Syria-related diplomacy through its embassy in Beirut.

However, since Assad has regained control over most of the territory, neighboring Arab countries have gradually restored relations, with the most symbolically significant move coming last year when Syria was re-admitted to the Arab League.

Tajani said Thursday the EU’s policy in Syria should be adapted to the “development of the situation,” adding that Italy has received support from Austria, Croatia, Greece, the Czech Republic, Slovenia, Cyprus and Slovakia.

However, the US and allied countries in Europe have largely continued to hold firm in their stance against Assad’s government, due to concerns over human rights violations.