Nicolas Sbeih 13/03 20:36 - Reading : 5 minute(s)
Yes, indeed, we also have our sacred cows, those perpetual taboos that must never be tampered with, those economic incests of the sphere of power. To illustrate this sacred herd, here is a small sample that is far from exhaustive. 1- The Gold. Every so often, we proudly boast that the Central Bank (BDL) holds 288 tons of it (currently worth $17 ...
This Is Beirut 13/03 16:33 - Reading : less than a minute
The Central Bank of Lebanon (BDL) issued a statement on March 13, 2024, highlighting its commitment to fostering international relations and enhancing cooperation with global markets. "Based on the policy of openness and development, the Head of Emerging Markets at Morgan Stanley London, Ralph al-Raheb, visited BDL and held a meeting with Acting ...
This Is Beirut 12/03 14:37 - Reading : 1 minute(s)
Banking circles reject what is being circulated in some political meetings about nationalizing banks and scrapping bank deposits in a so-called “convincing way.” A financial official stresses the importance that “Lebanon adheres to private ownership and ensures the independence of the Banking sector.” He argues that the state is not ...
Christiane Tager 12/03 10:45 - Reading : 3 minute(s)
The US Treasury, through a delegation visiting Beirut last week, urged Lebanon to undertake necessary structural reforms to receive aid, but primarily demanded to curb monetary flows passing through Lebanon and sent to organizations deemed as terrorist. A delegation from the US Treasury led by a senior official held talks last week, away from the ...
This Is Beirut 11/03 15:51 - Reading : 1 minute(s)
The Ministry of Energy and Water announced that it will be injecting more than $500,000 into the public treasury, thereby securing additional revenue via a tender to clean up sewers and riverbeds. The Ministry organized a call for tenders on January 29, 2024, but the number of applicants was insufficient. After consultation with the Public ...
This Is Beirut 11/03 14:36 - Reading : less than a minute
The Lebanese pound leads the list of the most devalued currencies this year, with a drop of over 83% against the US dollar, followed by the Nigerian pound, with a drop of around 42% since the start of 2024. According to the data from Bloomberg, the Egyptian pound also ranks third among the most devalued currencies, down 38.3% against the dollar ...
This Is Beirut 08/03 23:41 - Reading : 2 minute(s)
On Friday, Bitcoin reached a new historic high, surpassing $70,000, driven by the growing risk appetite of investors who seem to overlook the scandals, bankruptcies, and colossal losses of recent years. Bitcoin soared to $70,085.85, a new peak since its creation, before experiencing a slight decline. The leading cryptocurrency exceeded its ...
Liliane Mokbel 08/03 21:56 - Reading : 4 minute(s)
For those wondering when the bank dollar exchange rate is going to increase, it is becoming increasingly clear that it won't happen anytime soon. It's a complete mystery. The causes are many. The government, the Central Bank of Lebanon (BDL) and the Ministry of Finance continue to pass the blame, leaving depositors frustrated. None of them is ...
This Is Beirut 08/03 21:16 - Reading : less than a minute
Caretaker Finance Minister Youssef Khalil signed a decision on Friday to grant temporary compensation to all active and retired civil servants, as outlined in Decree 13020. The amounts set to be calculated with retroactive effect will be disbursed during the last week of March, precisely starting from March 22, 2024. It is worth noting that the ...
This Is Beirut 08/03 16:20 - Reading : 1 minute(s)
Lebanon's stamp crisis is finally on the way to resolution. On Friday, Caretaker Minister of Finance Youssef Khalil announced in a press release that his ministry had completed the preparatory procedures for the printing of thirty million stamps in denominations of twenty, one hundred, two hundred, and four hundred thousand Lebanese pounds, ...
This Is Beirut 07/03 23:19 - Reading : 1 minute(s)
Following media outlet reports and social media outbursts regarding the decision made by Metn judge of expedited matters, Ralph Karkabi, to unload a wheat shipment that was reportedly “moldy” based on initial analysis results on a grain sample, the Office of the Higher Judicial Council issued a statement providing clarification from Judge ...
This Is Beirut 07/03 21:32 - Reading : less than a minute
The Ministry of Finance (MOF) announced on Thursday that the salaries and pensions of all civil servants have been disbursed. The MOF said in a statement that the Expenditure and Treasury Departments successfully transferred funds to the Central Bank. The concerned parties will be able to withdraw their money from their respective banks as of ...