Syria
Syrian central bank says lenders must expand bank accounts
Citizens need accounts to receive cash transfers as government cuts subsidies
Syrian dictator appoints new central bank governor
Authorities halve official value of Syrian pound as civil war continues to damage economy
Syrian president fires central bank chief
Karfoul struggled to deal with further sharp slide in Syrian currency amid civil war, reports say
Syrian central bank issues new banknote
New 5,000 lira note is issued as expert estimates that war-torn country’s inflation has reached 179%
US Treasury imposes sanctions on Syrian central bank chief
Governor Karfoul used extortion tactics to help Assad regime, alleges US Treasury
Lebanese central bank faces audit as crisis deepens
Inflation is spiralling and IMF talks have yet to result in a bailout package
Syrian central bank devalues currency as new sanctions bite
Black market value of currency reportedly tumbles as civil war continues and new US sanctions begin
Lebanese PM asks for IMF aid as dispute with central bank grows
Governor at centre of massive economic crisis appears to condemn PM’s words as “slander”
Trump and Erdoğan: cut from the same populist cloth
Barry Eichengreen compares the respective strongmen of the US and Turkey, as the latter country spirals towards crisis
Syria’s new high-denomination banknote to feature President Assad
President to adorn new 2,000 Syrian pound banknote, worth around $4; central bank governor says plan for new note has been in pipeline for years
Lebanese banking sector holding up, despite Syria crisis – central bank
The banking sector remains liquid and well capitalised despite a “strained” Lebanese economy, the central bank says; new compliance unit formed
Lebanon’s innovative financial operations not sustainable – IMF
Central bank used a complicated mechanism to simultaneously boost foreign reserves and improve banks’ capital positions, but it cannot be used without limit, the fund warns
EU places sanctions on new Syrian central bank governor
Duraid Durgham placed under asset freeze and travel ban due to “support for Syrian regime”; Syrian currency under severe pressure from war and sanctions
Syrian central bank slashes exchange rate as currency pressure grows
Central bank allows sharp depreciation of currency and adopts more flexible approach to setting peg, clamping down on black market trading
Chatham House paper tries to quantify Syrian economic breakdown
Devastation from war, displacement of millions and oil and gas production falling into the hands of Isis and Kurdish forces have combined to create economic disaster
EU court throws out Syrian governor’s sanctions challenge
Adib Mayaleh will remain under EU sanctions after court rejects his challenge to restrictions imposed in 2012; Central Bank of Iran court case ongoing
Filipino central bank launches exchange facility for nationals fleeing Syria
Filipino workers returning from Syria will have four months to change currency, as Syrian pounds and Philippine pesos are not otherwise convertible
Arab Spring countries boast higher credit limits, says Finnish paper
Bank of Finland research shows Middle Eastern and North African countries that experienced uprisings lend more to small businesses
Syrian governor addresses banknote printing rumours
Adib Mayyaleh says new notes are produced only to replace worn-out ones; slams reports that extra currency has been added into circulation
Canada cracks down on Syrian central bank
Canada imposes asset freeze on Central Bank of Syria; foreign affairs minister reiterates demand that president Assad step down
EU freezes assets of Syrian central bank
Council of the European Union announces freeze on central bank assets among string of sanctions; EU “increasingly appalled” by situation in the country, says council