A money exchange vendor counts Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon. Reuters
As Lebanon sinks lower into financial ruin, foreign banks are cutting ties with the Central Bank, making it difficult for the country to purchase goods and transfer payments from abroad.
Despite previous efforts to control the currency depreciation, the Lebanese pound sold for more than 6,000 to the dollar Thursday on the black market, down from 4,000 in recent days.
The Russian Central Bank plans to resume its purchases of foreign currency for state reserves that are pegged to oil prices in 2022, after pausing them this year amid the rouble crash, Governor Elvira Nabiullina said.
The ban led to plummeting trade volumes and exchanges shutting their businesses. A three-judge Supreme Court bench said in their ruling that while the central bank had the power to take pre-emptive action, the court questioned the "proportionality" of such measures.
Saudi Aramco on Thursday announced its first global investment in liquefied natural gas, part of a broader bid by the energy giant to expand beyond oil.
Mariam Bint Mohammed Almheiri, UAE Minister of Climate Change and Environment, called upon UAE businesses to mainstream sustainability into all their operations
Dubai property market is witnessing a remarkable growth and developers are announcing new projects to meet the rising demand in the market.