This is Beirut

Government Finalizes Financial Appointments, Names Mazen Soueid as Head of the Banking Control Commission

Maurice Matta, 11/07 19:45 - Reading : 5 minute(s)

At midnight between Monday and Tuesday, June 9, the terms of the four vice governors of the Central Bank of Lebanon (BDL) expired: Wassim Mansouri, Bachir Yaqzan, Salim Chahine, and Alexander Mouradian, along with the mandate of the president and members of the Banking Control Commission and three members appointed as experts to the Capital ...

Numbeo: Lebanon Among Arab Countries Most Affected by Food Prices

This is Beirut, 09/07 19:25 - Reading : 1 minute(s)

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Lebanon ranks among the Arab countries most affected by skyrocketing food prices, according to a new cost-of-living index published by global data platform Numbeo. In a nation still gripped by a severe and prolonged economic crisis, securing basic nutrition has become a daily struggle for much of the population. To meet the minimum nutritional ...

World Bank Appoints New Country Manager for Lebanon

This is Beirut, 02/07 17:55 - Reading : less than a minute

Banks World Bank lebanon Enrique Blanco Armas

The World Bank has named Enrique Blanco Armas as its new Country Manager for Lebanon, the institution announced on Wednesday. Based in Beirut, Blanco Armas will lead and unify the World Bank Group’s efforts across its various arms, IBRD, IDA, IFC and MIGA, aimed at supporting Lebanon’s recovery and development. Previously a manager at the ...

BDL Issues Circular to Regulate Foreign Transfers

This is Beirut, 01/07 18:15 - Reading : less than a minute

Banks Banque du Liban Central Bank of Lebanon lebanon

Banque du Liban (BDL) issued Circular No. 169 on Tuesday, introducing new restrictions on the transfer of deposits abroad in a bid to promote fairness among depositors amid Lebanon’s ongoing financial crisis. Under the new directive, banks are prohibited from transferring deposits outside Lebanon without prior approval from BDL. The measure is ...

Souhaid Concludes Reform-Focused Consultations in Paris and Washington

This is Beirut, 30/06 16:20 - Reading : 1 minute(s)

Washington International Monetary Fund Banks Central Bank of Lebanon Karim Souhaid

Central Bank Governor Karim Souhaid wrapped up a round of high-level technical consultations in Paris and Washington focused on advancing structural reforms in the banking sector, according to a statement issued by Banque du Liban (BDL). The meetings aimed to lay the groundwork for a comprehensive reform plan supported by legislative and ...

Tensions over Expat Vote Spark Heated Parliamentary Session

This is Beirut, 30/06 13:45 - Reading : 4 minute(s)

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Parliament’s legislative session on Monday morning opened under palpable tension, against the backdrop of deep divisions over proposed amendments to the electoral law, particularly concerning the voting rights of Lebanese expatriates. Shortly after the session began, MPs from the Lebanese Forces (LF), the Kataeb party and several members of ...

Central Bank of Lebanon’s Governor Proposes a Specialized Body for Bank Restructuring

Maurice Matta, 28/06 15:00 - Reading : 6 minute(s)

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The subcommittee of the parliamentary Finance and Budget Committee, chaired by MP Ibrahim Kanaan, continues its review of the draft Banking Sector Restructuring Law. The discussions are centered on resolving divergences between the government's proposal, the IMF’s recommendations, and the proposals presented by Central Bank of ...

A Home for $100,000: Housing Bank Boosts Loan Cap

Christiane Tager, 27/06 21:20 - Reading : 2 minute(s)

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The Housing Bank (Banque de l'Habitat, BDH) has raised the ceiling for subsidized housing loans to $100,000. No miracle here, just solid financing. “This increase from $50,000 to $100,000 was made possible by a funding package – currently under negotiation – granted by the Qatar Fund to the Housing Bank,” said BDH CEO Antoine Habib in a ...

Israel Designates Iran Central Bank 'Terror Organization'

This is Beirut, 25/06 17:04 - Reading : 1 minute(s)

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Israel's defence minister on Wednesday designated Iran's central bank a "terror organization," saying the move was aimed at halting financing for Iran-backed militant groups the day after a ceasefire between the two foes took hold. Minister Israel Katz "signed a special order designating Iran's central bank, two ...

Parliamentary Committees Approve $200 Million WB Loan to Revitalize Agricultural Sector

This is Beirut, 24/06 21:20 - Reading : 2 minute(s)

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In a move described as a “decisive step toward economic recovery and food security,” joint parliamentary committees on Tuesday approved a bill allowing Lebanon to sign a $200 million loan agreement with the World Bank (WB) to fund the Green Agri-Food Transformation for Economic Recovery (GATE) program. Backed by the Ministry of ...

Lebanon on the Brink: War Fuels a Deepening Economic Crisis

Liliane Mokbel, 21/06 17:55 - Reading : 3 minute(s)

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Caught in the crossfire of the Israel-Iran war, Lebanon is struggling — against all odds — to contain the economic fallout. A near-impossible task for a country still reeling from the toll of the Hezbollah-Israel conflict, which left it drained on human, financial and institutional levels. In this climate of escalating regional tension, ...

The World Bank Unveils a Roadmap to Revitalize the Economy in 2025

This is Beirut, 19/06 19:10 - Reading : 2 minute(s)

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The World Bank forecasts real GDP growth of 4.7% for Lebanon in 2025, driven by a recovery in tourism, moderate growth in consumption and the beginnings of renewed confidence, despite persistently weak private investment. This hoped-for rebound is based on the implementation of a one-year multisectoral action plan designed to accelerate ...

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