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.



Israeli Forces Surround Lebanon’s Khiam Ahead of Storming it

Smoke rises as a result of an Israeli airstrike on the village of al-Khiam in southern Lebanon, as seen from the Israeli side of the border, northern Israel, 22 November 2024, amid cross-border hostilities between Hezbollah and Israel. (EPA)
Smoke rises as a result of an Israeli airstrike on the village of al-Khiam in southern Lebanon, as seen from the Israeli side of the border, northern Israel, 22 November 2024, amid cross-border hostilities between Hezbollah and Israel. (EPA)
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Israeli Forces Surround Lebanon’s Khiam Ahead of Storming it

Smoke rises as a result of an Israeli airstrike on the village of al-Khiam in southern Lebanon, as seen from the Israeli side of the border, northern Israel, 22 November 2024, amid cross-border hostilities between Hezbollah and Israel. (EPA)
Smoke rises as a result of an Israeli airstrike on the village of al-Khiam in southern Lebanon, as seen from the Israeli side of the border, northern Israel, 22 November 2024, amid cross-border hostilities between Hezbollah and Israel. (EPA)

Israeli forces have blocked supply routes to the southern Lebanese border city of al-Khiam ahead of storming it.

They have also surrounded the strategic city with Hezbollah fighters still inside, launching artillery and air attacks against them.

Hezbollah fighters have been holding out in Khiam for 25 days. The capture of the city would be significant and allow Israeli forces easier passage into southern Lebanon.

Field sources said Israeli forces have already entered some neighborhoods of Khiam from its eastern and southern outskirts, expanding their incursion into its northern and eastern sectors to fully capture the city.

They cast doubt on claims that the city has been fully captured, saying fighting is still taking place deeper inside its streets and alleys, citing the ongoing artillery fire and drone and air raids.

Israel has already cut off Hezbollah’s supply routes by seizing control of Bourj al-Mamlouk, Tall al-Nahas and olive groves in al-Qlaa in the Marayoun region. Its forces have also fanned out to the west towards the Litani River.

The troops have set up a “line of fire” spanning at least seven kms around Khiam to deter anti-tank attacks from Hezbollah and to launch artillery, drone and aerial attacks, said the sources.

The intense pressure has forced Hezbollah to resort to suicide drone attacks against Israeli forces.

Hezbollah’s al-Manar television said Israeli forces tried to carry out a new incursion towards Khiam’s northern neighborhoods.

Lebanon’s National News Agency reported that since Friday night, Israeli forces have been using “all forms of weapons in their attempt to capture Khiam, which Israel views as a strategic gateway through which it can make rapid ground advances.”

It reported an increase in air and artillery attacks in the past two days as the forces try to storm the city.

The troops are trying to advance on Khiam by first surrounding it from all sides under air cover, it continued.

They are also booby-trapping some homes and buildings and then destroying them, similar to what they have done in other southern towns, such as Adeisseh, Yaround, Aitaroun and Mais al-Jabal.

Khiam holds symbolic significance to the Lebanese people because it was the first city liberated following Israel’s implementation of United Nations Security Council 425 on May 25, 2000, that led to its withdrawal from the South in a day that Hezbollah has since declared Liberation Day.