Lebanon boycotts talks on Iranian meddling

Lebanese Foreign Minister Gebran Bassil, right, speaks with his Iranian counterpart Mohammad Javad Zarif, in Beirut. (AP)
Updated 12 February 2019
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Lebanon boycotts talks on Iranian meddling

  • Conference will tackle extremism, missile programs, proxy groups

BEIRUT: Lebanon will refuse to attend a Middle East security conference expected to focus on countering Iran’s malign role in the region, Foreign Minister Gebran Bassil said on Monday.

The ministerial talks in Poland begin on Wednesday, jointly hosted by the US and attended by about 80 countries.

The US State Department says the Warsaw conference will address issues such as terrorism, extremism, missile development, maritime trade and security, and threats posed by proxy groups across the region.

Bassil announced Lebanon’s boycott during a visit to Beirut by Iranian Foreign Minister Mohammad Javad Zarif. 

“Lebanon will not attend the conference in Warsaw because of Israel’s participation and because Lebanon has adopted a policy of disassociation,” he said.

Zarif welcomed the Lebanese decision, and repeated earlier offers of economic and military assistance. 

“Iran is always fully ready to cooperate with Lebanon in all vital and available fields because … this would serve the national interest of the two countries and would not negatively impact any of the parties.” 

Bassil said there was “no embarrassment in any economic cooperation with Iran as long as it is within frameworks that protect Lebanon,” a reference to US economic sanctions on Iran. 

Meanwhile, the two-day conference in Warsaw is also expected to yield an early look at US President Donald Trump’s long-awaited Middle East peace plan.

In addition to Vice President Mike Pence and Secretary of State Mike Pompeo, the US will be represented in Poland by presidential adviser Jared Kushner, a key driver of the Trump proposals.

Palestinian leaders, suspecting a betrayal, have turned down a US invitation to the talks and called for a boycott by Arab states. 

The leading Palestinian diplomat Saeb Erekat said the Warsaw conference was “an attempt to bypass the Arab Peace Initiative and destroy the Paestinian project.” 

The Palestinians had “not mandated anyone to speak on behalf of Palestine,” he said.

The Palestinian Authority has refused to deal with the Trump administration since December 2017. It believes the aim of the Warsaw conference is to normalize relations between Israel and some Arab countries. 

Normalization is also an element of the 2002 Arab Peace Initiative, but only after Israel returns to its pre-1967 borders.


Syria announces new currency framework, 2-zero redenomination

Updated 15 sec ago
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Syria announces new currency framework, 2-zero redenomination

  • Under the plan, every 100 Syrian pounds will be converted into one unit of the new Syrian Arab Republic’s pound
  • Governor calls move ‘pivotal milestone within a comprehensive strategy’

DAMASCUS: Syria’s Central Bank announced executive instructions on Sunday to introduce a new Syrian currency, launching a monetary reform that includes removing two zeros from the pound and allowing a 90-day period of dual circulation.

The announcement was made during a press conference at the bank’s headquarters in Damascus.

Central Bank Gov. Abdulkader Husrieh said the step was part of a comprehensive institutional strategy to restore confidence and achieve sustainable economic stability.

He said: “The launch of the new currency is not a formal measure, but a pivotal milestone within a comprehensive strategy based on solid institutional foundations.”

Under the plan, every 100 Syrian pounds will be converted into one unit of the new Syrian Arab Republic’s pound. The old and new currencies will circulate together for 90 days, a period which may be extended.

All bank balances will be converted to the new currency at the beginning of next year, while the overall money supply will be maintained without increase or reduction.

Husrieh said the economic strategy was based on five pillars: monetary stability, a stable and transparent foreign-exchange market, effective and accountable financial institutions, secure digital transformation, and balanced international economic relations.

He said the move required updating financial laws and regulations, improving data systems, keeping pace with global digital developments, and ensuring sustainable financing and training for the financial sector.

The currency exchange will be provided free of charge, with no commissions, fees, or taxes.

All public and private entities must apply the official conversion standard to prices, salaries, wages, and financial obligations. Official exchange-rate bulletins will be issued in both currencies to ensure transparency and prevent speculation.

The governor said the central bank was closely monitoring markets to stabilize the exchange rate and would supply Syrian pounds if demand for foreign currency rises, adding that citizens will feel the impact more clearly after the exchange process is completed.

“Our policy is financial discipline, with no room for inflation,” Husrieh added.

He confirmed that the decree regulating the exchange limits the process to Syrian territory, and said the measures fell within the bank’s 2026-2030 strategy to align with international standards.

The new banknotes, he added, were being printed by leading international companies to prevent counterfeiting.