Maurice Matta 2024-02-20 10:00 - Reading : 5 minute(s)
A recent decision of the State Council was accepted following a review by the Association of Banks in Lebanon (ABL), which nullified the government's directive in the financial recovery plan to cancel the Lebanese Central Bank (BDL) obligations in foreign currencies to banks. This decision dealt a significant blow to caretaker Prime Minister ...
This Is Beirut 2024-02-19 18:54 - Reading : 2 minute(s)
After Lebanon received a $34 million loan from the World Bank to restore the budgetary management of public services, several rumors started circulating on Monday, claiming that this amount would be distributed to 500 employees of the Ministry of Finance, a piece of information the said Ministry's press office rushed to deny. "In view of the ...
This Is Beirut 2024-02-19 17:46 - Reading : less than a minute
Caretaker Energy and Water Minister Walid Fayad held several meetings on the sidelines of the Seventh Egypt International Energy Conference and Exhibition (EGYPS 2024), which runs until February 21 in Cairo, notably with Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla, Egypt's Prime Minister Mostafa Madbouly and Egyptian ...
This Is Beirut 2024-02-19 15:19 - Reading : 1 minute(s)
Acting Governor of Lebanon’s Central Bank (BDL) Wassim Mansouri commented on the subject of deposit restitution during his visit to London, saying that it is necessary to accept the fact that this "will not happen overnight, but that there are mechanisms in place to return them." He pointed out that "confidence in the banks will not be rebuilt ...
Liliane Mokbel 2024-02-17 19:28 - Reading : 2 minute(s)
A 31.83% surge brought bank assets to $115.25 billion in December 2023, following the Central Bank du Liban (BDL)'s adoption of a new exchange rate of 15,000 Lebanese pounds per US dollar. As for the assets, currency and deposits held with the Central Bank represented a significant 72.99% of the total, witnessing a yearly decline of 23.4% to ...
This Is Beirut 2024-02-16 22:08 - Reading : 2 minute(s)
The board of directors of the 'Mouvement international des chefs d'entreprises libanais', or the international movement of Lebanese heads of enterprises (MIDEL), under the chairmanship of Fouad Zmokhol, discussed the 2024 budget, recently approved by Parliament, and its application to private sector companies. Participants pointed out that "taxes ...
This Is Beirut 2024-02-16 21:51 - Reading : 1 minute(s)
"Agricultural exports are down 40% compared to the same period last year due to the shipping crisis in the Red Sea,” according to Mounir El-Tini, Vice President of the Zahleh and Bekaa Chamber of Commerce. He pointed out that citrus fruits are the hardest hit, in addition to the leftovers from the apple and potato seasons. He also pointed out ...
Liliane Mokbel 2024-02-16 21:40 - Reading : 4 minute(s)
The Council of State's decision to invalidate the article related to the suppression of a significant portion of the state's foreign currency commitments to the Central Bank of Lebanon (BDL), as outlined in the government's economic recovery plan dated 20/5/2022, brings some relief to depositors and bankers. However, questions concerning the ...
This Is Beirut 2024-02-16 16:13 - Reading : 2 minute(s)
Caretaker Prime Minister Najib Mikati acknowledged for the first time that "depositors' funds have evaporated" and that "the state is 100% responsible for (evaporated) bank deposits." During a meeting with economic journalists, reported by An-Nahar’s Sabine Oueiss, Mikati emphasized that the state's responsibility regarding these deposits "is ...
This Is Beirut 2024-02-16 15:19 - Reading : 1 minute(s)
The chain Monoprix is back in Beirut. Gray Mackenzie Retail Group announced on Friday that it had "officially signed a franchise agreement with the French retail chain Monoprix, based on the management of the company's operations in Lebanon and its expansion through the opening of new stores, as part of the strengthening of strategic partnerships ...
This Is Beirut 2024-02-15 22:55 - Reading : 1 minute(s)
Following their meeting on Thursday, economic organisms issued a communiqué expressing their opposition to any projects proposed by the authorities aimed at remedying the financial and monetary situation, unless the absolute priority is ensuring depositors can retrieve their deposits. “Retrieving depositors' money is a sacred right guaranteed ...
This Is Beirut 2024-02-15 20:49 - Reading : 4 minute(s)
The World Bank's Board of Directors approved on Wednesday a $34 million project to assist Lebanon in restoring essential budget management functions within the public administration. This initiative aims to reinstate public services, ensure citizen welfare and facilitate sustainable economic recovery. According to a communiqué issued by the ...