Governor Saddek Omar Elkaber, who is currently in Algiers attending a conference of Arab central bank directors, failed to attend a session at the House of Representatives, which is currently meeting in the city of Tobruk in the east of the country after last month an armed opposition group seized the capital Tripoli.
The Islamist groups that have captured the capital have reinstated the previous parliament as their positions in it were much stronger.
Hashem added that 94 of the 102 lawmakers presented at the session, during which they agreed on this decision. The dismissal is widely seen as a move by the newly elected parliament to secure its financial channels against the ex- parliament General National Congress (GNC) Xinhua reported.
Al-Kabir, allegedly supporting the ex-parliament, responded on Sunday that he will not surrender his position. According to local media, Al-Kabir has long stayed in his residence in Malta and refused to cooperate with the new parliament.
Until a successor is appointed, deputy governor Ali al-Hibri will be in charge at the Central Bank.
#AceBreakingNews – EUROPEAN CENTRAL BANK – PRESS RELEASE – JUNE 05 – The European Central Bank lowered its benchmark interest rate to -0.10% as the continent battles deflation after many failed monetary policy attempts.
The new interest rate will apply to all member states of the EU.
Lowering the bank’s rate below zero would mean that banks will in a sense be ‘punished’ for keeping too much money on deposit and not giving out enough loans.
Previously Mario Draghi said the bank was considering a US-style quantitative easing stimulus, which would inject more than 240 billion euro into the slowly recovering economy.
The eurozone’s 9.5 trillion euro economy is still emerging from the longest recession since the introduction of the single currency.
Inflation in the euro zone is dangerously low, and the Consumer Price Index only rose 0.5 percent in May, below the forecast 0.7 percent. Both numbers are far below the Bank’s target of 2 percent inflation.
#AceWorldNews says a new Vatican department will be created to supervise all the city state’s economic and administrative affairs, Reuters reported.
Pope Francis is setting up the new body in the wake of a scandal at the Vatican’s main banking arm, formally known as the Institute for Works of Religion (IOR).
Australian Cardinal George Pell will head the department. APSA, the department which manages the Holy See’s financial holdings, will become the Vatican central bank.
The change will not immediately affect the status of the IOR.
#AceBreakingNews says `Yellen Sworn in as First Female Federal Reserve Chief’
Janet Yellen was sworn in Monday to her first term as chair of the US Federal Reserve, Reuters reported. The oath was administered by Fed governor Daniel Tarullo. Yellen succeeds Ben Bernanke to become the first woman to head the Fed. Her term ends Feb 3 2018.
– Yellen is often seen as a monetary policy dove because of her long-held view that the Fed should tolerate slightly higher inflation if that is the cost of fighting high unemployment. But during 12 years of monetary policymaking, she has never dissented on any Fed decision, including interest rate hikes.
– As Fed vice chair, Yellen was an outspoken proponent of the Fed’s aggressive stimulus efforts during and after the 2007-09 crisis, and played a lead role in refining the central bank’s communications strategy. She spearheaded the Fed’s adoption of a 2-percent inflation target. She believes the public understanding of the Fed’s policies is crucial to their effectiveness.
– Before her stint as vice chair, which began in October 2010, Yellen ran the San Francisco Fed for six years. Previously, she had been a member of the Fed Board of Governors from August 1994 to February 1997 before she left the central bank to head President Clinton’s Council of Economic Advisers through August 1999. She has also taught economics at the University of California, Berkeley, where she has been on the faculty since 1980.
– She is the first woman to chair the Fed in its 100-year history, and among just a handful of top female central bankers globally.
Today, the UK will host the World Islamic Economic Forum. Delegations from more than 115 countries, including Oman will attend the 9th World Islamic Economic Forum – the first time it has been held outside the Muslim world.
Oman now has two Islamic banks and plans have been announced by three companies to launch takaful products. The Central Bank moved with impressive speed to establish the regulatory framework to enable the Islamic financial industry to take off in the Sultanate. It was a great privilege that the Lord Mayor of the City of London was the first senior visitor to Bank Nizwa after it opened for business in January and symbolic of the ties that have already been established between the Islamic finance industries of the Sultanate and the UK.
For me, WIEF London encapsulates the emergence of new economic ties between nations, religions and cultures . Some want investments that are managed in accordance with their faith. Others are, in the wake of the financial crisis, drawn by principles of balance, shared risk, fairness and transparency. While others still are attracted by the sheer potential of an industry worth around $1.85 trillion globally with growth rates of up to 15% per year. Whatever the draw, the buzz around Islamic and ethical finance continues to grow louder and stronger.
The UK, already home to the world’s financial and legal capital, is an increasingly important global player in Islamic Finance and its status, reach and competitive market makes the service it is able to offer truly unique.
Our expertise in Islamic Finance, where we have a growing number of banks, law firms and other service providers with a wealth of experience, is highly developed, and supported by an internationally renowned legal system and regulatory framework; a time-zone that is advantageous to doing businesses in the East and in the West; and thriving and cutting edge sectors as diverse as healthcare, education and smart cities.
As delegates will see this week, the UK is open for business and has the experience, the skills, the innovation, and the connections to overcome the challenges of the global, 24 hour market and make the most of every economic opportunity. It’s why we are rightly seen as a partner of choice and why this week’s WIEF will cement Britain’s position asthe leading Western country for Islamic finance.
Jamie Bowden British Ambassador