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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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Relatives of Bashar Assad Arrested as They Tried to Fly Out of Lebanon, Officials Say

A torn poster of Syria's ousted President Bashar al-Assad hangs near the flag adopted by the new Syrian rulers, in Daraa, Syria, December 27, 2024. (Reuters)
A torn poster of Syria's ousted President Bashar al-Assad hangs near the flag adopted by the new Syrian rulers, in Daraa, Syria, December 27, 2024. (Reuters)
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Relatives of Bashar Assad Arrested as They Tried to Fly Out of Lebanon, Officials Say

A torn poster of Syria's ousted President Bashar al-Assad hangs near the flag adopted by the new Syrian rulers, in Daraa, Syria, December 27, 2024. (Reuters)
A torn poster of Syria's ousted President Bashar al-Assad hangs near the flag adopted by the new Syrian rulers, in Daraa, Syria, December 27, 2024. (Reuters)

The wife and daughter of one of deposed Syrian president Bashar al-Assad ’s cousins were arrested Friday at the Beirut airport, where they attempted to fly out with allegedly forged passports, Lebanese judicial and security officials said. Assad’s uncle departed the day before.

Rasha Khazem, the wife of Duraid Assad — the son of former Syrian Vice President Rifaat Assad, the uncle of Bashar Assad — and their daughter, Shams, were smuggled illegally into Lebanon and were trying to fly to Egypt when they were arrested, according to five Lebanese officials familiar with the case.

They were being detained by Lebanese General Security. Rifaat had flown out the day before on his real passport and was not stopped, the officials said.

The officials spoke on condition of anonymity because they were not authorized to discuss the case publicly.

Swiss federal prosecutors in March indicted Rifaat on charges of war crimes and crimes against humanity for allegedly ordering murder and torture more than four decades ago.

Rifaat Assad, the brother of Bashar Assad's father Hafez Assad, Syria's former ruler, led the artillery unit that shelled the city of Hama and killed thousands, earning him the nickname the “Butcher of Hama.”

Earlier this year, Rifaat Assad was indicted in Switzerland for war crimes and crimes against humanity in connection with Hama.

Tens of thousands of Syrians are believed to have entered Lebanon illegally on the night of Assad’s fall earlier this month, when insurgent forces entered Damascus.

The Lebanese security and judicial officials said that more than 20 members of the former Syrian Army’s notorious 4th Division, military intelligence officers and others affiliated with Assad’s security forces were arrested earlier in Lebanon. Some of them were arrested when they attempted to sell their weapons.

Lebanon’s public prosecution office also received an Interpol notice requesting the arrest of Jamil al-Hassan, the former director of Syrian intelligence under Assad. Lebanon's caretaker Prime Minister Najib Mikati previously told Reuters that Lebanon would cooperate with the Interpol request to arrest al-Hassan.