Liliane Mokbel, 16/02 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, 15/02 17:36 - Reading : less than a minute
Circular 166, which allows certain depositors to withdraw $150 a month from their accounts, came into force on Thursday. Those concerned can now submit their applications to the banks. Lebanon's Central Bank (BDL) has informed banks of the application mechanism and sent them the form to be used in order to lift the banking secrecy of the accounts ...
Nicolas Sbeih, 15/02 09:00 - Reading : 4 minute(s)
The chaos that has prevailed over the Lebanese financial sector for four years has recently jumped to a new level. It has become an economic concept, just like capitalism or socialism. And it is governing the country. The newly-coined concept of “financial chaos” involves this sticky mess surrounding the value of the lollar, the dollar, ...
Liliane Mokbel, 14/02 10:31 - Reading : 3 minute(s)
On Tuesday, the administrative court ruled on the dispute between the Association of Banks in Lebanon (ABL) and the State. The Council of State invalidated the government's plan to abolish bank reserves at the Banque du Liban (BDL). A major blow, which calls into question the validity of the banking resolution proposed by the government. On ...
Maurice Matta, 13/02 22:59 - Reading : 6 minute(s)
In its final "constitutional" session before transitioning into a caretaker government, on May 20, 2022, Najib Mikati’s Cabinet endorsed a plan for financial and economic recovery. It included a document titled "Strategy for Financial Sector Revitalization," which, in its third clause, outlined the cancelation of a significant portion of the ...
This Is Beirut, 13/02 21:31 - Reading : 6 minute(s)
On Tuesday, the State Council overturned a government decision, part of its “recovery strategy,” which would have destroyed the banking sector and deprived depositors of their funds. The State Council annulled on Tuesday a decision taken by the Council of Ministers in May 2022 as part of its financial recovery strategy. This decision would ...
Liliane Mokbel, 05/02 20:58 - Reading : 2 minute(s)
The Central Bank's (BDL) first deputy governor Wassim Mansouri issued on Saturday Circular 166 on exceptional measures for the gradual repayment of bank deposits made in foreign currency after the date of 10/31/2019. Mansouri specified that Circular 166 was adopted after he had obtained the opinion of the Association of Banks in Lebanon (ABL), ...
This Is Beirut, 03/02 14:18 - Reading : 1 minute(s)
The acting governor of the Central Bank of Lebanon (BDL), Wassim Mansouri, communicated on Saturday the amendments made to Circular 151 through a new circular, Circular 166. Following Friday's meeting of the BDL Central Council, Mansouri announced two decisions concerning the repayment of foreign currency deposits and the conversion of foreign ...
01/02 23:38 - Reading : 2 minute(s)
Twenty-four hours after the Association of Oil Importing Companies declared the suspension of fuel deliveries in protest against the 10% exceptional tax levied on businesses benefiting from the subsidy policy introduced by the state in 2020 and 2021, a solution seems to be looming on the horizon. The president of the association, Maroun Chammas, ...
01/02 22:32 - Reading : 2 minute(s)
Wassim Mansouri, the Central Bank's (BDL) Acting Governor, will set off to Riyadh on Monday upon a special invitation to participate in a conference on regional financial stability. But before he leaves, he is scheduled to finalize, on Friday, the details of a new directive with BDL’s Central Council. This directive allows depositors who were ...
Liliane Mokbel, 01/02 19:36 - Reading : 3 minute(s)
The destiny of the Finance Law remains uncertain. Every budgetary article voted by Parliament is subject to invalidation appeal before the Constitutional Council once the text is promulgated and published in the Official Gazette. Before the final version of the 2024 budget was released, an outcry erupted over an article that was introduced during ...
Liliane Mokbel, 30/01 21:33 - Reading : 3 minute(s)
The issue of the bank dollar exchange rate remains unresolved. Parliament withdrew from this task during the review of the 2024 Budget, while the Central Bank of Lebanon (BDL) is taking its time to decide on the matter. The acting governor of the Central Bank of Lebanon, Wassim Mansouri, is expected to arrive in Beirut from Paris on Tuesday ...