Economy

Central Bank Acting Governor: It's Time for a Solution to Lebanon's Woes
Central Bank Acting Governor: It's Time for a Solution to Lebanon's Woes

Acting Governor of Lebanon's Central Bank (BDL) Wassim Mansouri said on Thursday that "the opportunity is real and the time has come to start finding solutions for the country's (woes) as a whole." Speaking at the end of a panel discussion at the headquarters of the General Confederation of Lebanese Workers (CGTL), Mansouri stressed that, for ...

Cost of the December Storm: $1.5 Million
Cost of the December Storm: $1.5 Million

The damage caused to the road network by the storm that hit Lebanon in December cost the Ministry of Public Works USD 1.5 million, at a time when the Ministry's budget for all road-related matters for the years 2022 and 2023 is USD 2.4 million. This was revealed by caretaker Minister of Public Works Ali Hamieh after a meeting with Prime Minister ...

Refine Your Wishes Regarding Investment
Refine Your Wishes Regarding Investment

If one wished to enumerate, for amusement, the hindrances to investment and economic development in the country, they would have a plethora of options. I'm not certain that the allocated megabytes for this section would be sufficient. In a hodgepodge fashion, one can mention: closed, semi-closed or ajar administrations, turning formalities into a ...

ILO: Global Unemployment Rate Set to Rise in 2024
ILO: Global Unemployment Rate Set to Rise in 2024

The International Labor Organization (ILO) warned on Wednesday that global unemployment could rise in 2024, expressing concern over stagnating productivity, rising inequality and income-eroding inflation. "The global unemployment rate fell from 5.3% in 2022 to 5.1% in 2023, but an additional two million workers are expected to be looking for work ...

Preparations for Bloomberg Foreign Exchange Platform Underway
Preparations for Bloomberg Foreign Exchange Platform Underway

In an information note published on Wednesday, the Central Bank (BDL) appealed to market makers who wish to operate on its new Bloomberg-managed foreign exchange platform to contact the company directly. In this context, BDL has invited banks that wish to take part in the new platform's activity and that have not yet integrated the Bloomberg FX ...

EDL: Increase in Power Supply, Preventive Measures Maintained
EDL: Increase in Power Supply, Preventive Measures Maintained

Lebanon's state-run electricity company, Electricité du Liban (EDL), has announced a gradual increase in power supply, stressing, however, the need to take preventive measures to avoid having the fuel shortage problem be repeated in mid-February. In a press release issued on Wednesday, the public electricity supplier indicated that it was able ...

Ministry of Economy: Towards an E-Ministry in 2024
Ministry of Economy: Towards an E-Ministry in 2024

As part of the digital transformation project initiated by the Ministry of Economy and Trade, 18 administrative procedures under the Ministry's responsibility will be digitized by the end of March, and all formalities will be dematerialized during 2024. The caretaker Minister of Economy and Trade, Amin Salam, announced on his X account (formerly ...

Treasury Advances Reached 32 Trillion Pounds in 2023
Treasury Advances Reached 32 Trillion Pounds in 2023

The caretaker Finance Minister, Youssef Khalil, on Monday handed over to the chairman of the parliamentary Finance and Budget Committee, Ibrahim Kanaan, the lists detailing the Treasury advances granted between 2020 and 2023 and the donations made to Lebanon between 2018 and 2023. The committee had requested these lists during the sessions ...

Call to Relaunch Decision to Replace Domestic Gas Cylinders
Call to Relaunch Decision to Replace Domestic Gas Cylinders

The head of the union of workers and distributors in the gas sector, Farid Zainoun, called on caretaker Energy Minister Walid Fayad on Monday to "revive the decision taken in 2015 to replace domestic gas cylinders," noting that "displaced Syrians have brought in almost 1.5 million defective cylinders from Syria.” Zainoun pointed out that ...

Fund Transfers 2023: An Unconvincing Figure of $6.4 Billion
Fund Transfers 2023: An Unconvincing Figure of $6.4 Billion

Lebanon ranked third in 2023 for diaspora fund transfers in the Middle East and North Africa (MENA) region. Egypt led with transfers totaling $24.2 billion, followed by Morocco at $12.1 billion. Nevertheless, Lebanon surpassed the West Bank ($4.9 billion) and the Gaza Strip ($3.8 billion). As officially recorded, funds sent to Lebanon amounted to ...

Significant Drop in Food Prices in 2023
Significant Drop in Food Prices in 2023

The global prices of food products recorded a decrease of 13.7% in 2023, compared to the previous year, marked by a surge attributed to the war in Ukraine, the Food and Agriculture Organization of the United Nations (FAO) reported on Friday. The FAO Food Price Index, which tracks the monthly fluctuations in the prices of a range of essential ...

Private Sector Transport Allowances to Rise to LBP 450,000
Private Sector Transport Allowances to Rise to LBP 450,000

Private sector transportation allowances will rise from LBP 250,000 to LBP 450,000 per working day, on a par with those allocated to civil servants. This was announced on Friday by Mohammad Choucair, on behalf of the economic organizations, and Bechara al-Asmar, President of the General Confederation of Lebanese Workers (GCLW). The two parties ...