Lebanese central bank governor inflated assets as liabilities grew-audit

Asked about the 2018 report, Bifani, the second member of Lebanon’s IMF team to quit last month, after 20 years as director general at the finance ministry, said auditors had not carried out a physical inspection of the central bank’s gold reserves for years.

Lebanese central bank governor inflated assets as liabilities grew – audit

    The most recent central bank data show it had assets of $152 billion last month. According to research by Credit Libanais, that included “other assets” valued at $48.2 billion in mid-June, 61% higher than a year before, a rise the investment bank attributed to seigniorage, open market operations and an appreciation in gold reserves.

UPDATE 1-Lebanese central bank governor inflated assets as liabilities grew -audit

GOLD RESERVES Talks with the IMF that began in May are on hold while the government and central bank argue over the scale of losses in the financial system — estimated at nearly $69 billion by Alain Bifani, a former member of Lebanon’s negotiating team with the IMF — and how they should be shared.

Credit risk funds and low-rated deposits not for average investors

Credit risk funds invest at least 65 per cent of their corpus in bonds with AA and lower ratings. The credit risk is expected to deliver extra returns. However, over last three years, credit risk funds have given only 1.07 per cent compounded returns, compared to 8.55 per cent delivered by Banking & PSU bond […]

Europe’s big banks remain wary of doing business with Iran

The Guardian visited an HSBC branch in London last week to see if it was possible for an Iranian resident in the UK to open a personal bank account. It was not still possible but that was likely to change in two weeks’ time, a branch officer said. HSBC later issued a statement, saying: “There […]

State Bank of India sees rebound after record $1.1 billion fourth-quarter loss

“Last year was a year of despair. This year is a year of hope, and next year will be a year of happiness,” Chairman Rajnish Kumar, who was named to his position last October, told a news conference at the bank’s headquarters after the results.

Banks putting customers at risk of cyber attacks due to old IT systems

Will your expenses be covered? If you suffer knock-on costs then your bank should reimburse you. Make a note of dates, keep receipts and a log of how much you’ve been left out of pocket. What are the alternatives? Visit a branch or try telephone banking if you urgently need to access cash. Be careful […]

Enterprises need more capital from banks

Currently, most SMEs are losing revenues, facing difficulties in raw materials for production and the market for product consumption, and suffering disruptions in important production chains. Many enterprises said that the burden of premises expenses and labor costs made them suffer from capital shortages. When returning to the new normal period, the demand to add […]

How to take a high-interest loan and skip the debt cycle

The NCLC advocates for a federal 36% rate cap. Associate Director Lauren Saunders says without one, high rates could permeate other credit products. Many lenders that offer APRs of 36% or lower tie your rate to how risky it is to lend to you, based on your credit history. If you’ve had trouble making loan […]

From panic buying to food banks: how Britain fed itself in the first phase of coronavirus

It arrived on 16 March. In a Downing Street press conference the prime minister called on us all to “avoid pubs, clubs, theatres and other such social venues”. Just over 30% of calories are consumed outside the home in the UK: in restaurants, cafes and hotels. The hospitality sector had been hung out to dry. […]