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Lebanon Central Bank to Use Forex Rate of 15,000 Pounds per Dollar as of Feb. 1 

US dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon March 2, 2021. (Reuters)
US dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon March 2, 2021. (Reuters)
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Lebanon Central Bank to Use Forex Rate of 15,000 Pounds per Dollar as of Feb. 1 

US dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon March 2, 2021. (Reuters)
US dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon March 2, 2021. (Reuters)

Lebanon's central bank will adopt an exchange rate of 15,000 Lebanese pounds per US dollar as of Feb. 1 as part of a process to unify the country's multiple exchange-rate system, Lebanese central bank governor Riad Salameh said on Monday. 

The central bank's official rate is currently set at 1,500 pounds per US dollar, a rate that has become all but defunct since a 2019 financial implosion that has seen the currency lose more than 95% of its value. 

The parallel market exchange rate was hovering at around 39,000 pounds per dollar on Monday. 

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MAWANI Expands Jeddah Port’s Reach with FEM1 Shipping Service

MAWANI Expands Jeddah Port’s Reach with FEM1 Shipping Service
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MAWANI Expands Jeddah Port’s Reach with FEM1 Shipping Service

MAWANI Expands Jeddah Port’s Reach with FEM1 Shipping Service

The Saudi Ports Authority (MAWANI), in partnership with CStar Shipping Company and United Global Logistics (UGL), has announced the addition of the new shipping service FEM1 to the Jeddah Islamic Port to enhance the movement of exports and imports in line with MAWANI’s vision of reliable, efficient, and sustainable port operations.
This expansion is part of MAWANI’s ongoing efforts to improve the maritime navigation network connectivity index with global shipping lines, according to SPA.

By enhancing port competitiveness and increasing connections to ports in the East and West, MAWANI is contributing to the National Strategy for Transport and Logistic Services that aims to solidify Saudi Arabia's position as a global logistics hub and a bridge between three continents.
The new shipping service connects Jeddah Islamic Port with key ports in China, Malaysia, and Türkiye, including Qingdao, Shanghai, Ningbo, Nansha, Kelang, and Istanbul. With a capacity of 2,758 standard containers, the addition of FEM1 further strengthens Jeddah Islamic Port's pivotal role as a gateway to Europe, Asia, and Africa. This strategic location offers a competitive advantage for exporters, importers, and shipping agents, making it the first port on the Red Sea coast for transit maritime trade as well as container and cargo transportation.