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Central Bank

Turkey: "to give Central Bank first option on buying domestic gold’

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Turkey is taking steps to give its Central Bank the right of first refusal on domestically produced gold, two sources said, allowing it to boost reserves of the precious metal without depleting foreign currency holdings . Like other central banks, the Central Bank of the Republic of Turkey holds a mix of assets, including foreign currencies and gold, as official reserves. The International Monetary Fund (IMF) has recommended that Turkey bolster its foreign reserves to shield itself from external volatility. Buying more domestically produced gold, which is priced in lira, will allow the bank to avoid depleting foreign reserves at a time when the domestic currency, has been hammered.

House of Representatives and State Council demand proper fundings for Bunyan Marsous military operation

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The members of Misrata of the House of Representatives and the State Council have joined forces to demand to Presidency Council, that the Central Bank of Libya and the Audit Bureau provide proper funding for the Bunyan Marsous military operation so that it can finish the battle against the Islamic State in Sirte. “The group of Misrata representatives follow with concern the continued demands by the Bunyan Marsus Operations Room for necessary financial support to run the military operations against Daesh in Sirte,” a statement read. The group comprises Omar Abu Leefa, Hana Al-Arafi, Fathi Bashagha, Suleiman Al-Fagieh, Aisha Ghaliwan, Belgassem Gzeit, Mohamed Hneish, Jamal Karwad, Mohamed Raied, Abdulrahman Sewehli and Mohamed Al-Taib.

A certain number of companies and individuals’ bank accounts have been frozen by Libya’s Audit Boureau

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Libya’s Audit Bureau announced yesterday that it has frozen the bank accounts of a number of companies and individuals. It did not state how many nor did it name the companies or individuals. In the short report scant of details, the state financial watchdog said the concerned accounts were being frozen for ‘‘causing harm to public funds and the national economy’’ due to being implicated in ‘‘foreign currency smuggling and forged document’’. The Audit Bureau ordered all Libyan banks to refrain from opening any bank accounts for the concerned parties without its prior permission. The watchdog also froze the accounts of an unnamed company accused specifically of smuggling 9 million Euros. It ordered that the bank accounts of this company are to remain frozen until it refunded the amount in Euros into the Central Bank of Libya’s (CBL) account.

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