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Lebanon economy
Lebanese currency drops to new low
The Lebanese pound sank to a new low on the black market Friday, with no end in sight to the economic and political crisis plunging ever growing numbers into poverty.According to websites monitoring ...
Alvarez and Marsal to resume Lebanon central bank audit, presidency says
Restructuring consultancy Alvarez & Marsal will resume its forensic audit of the Lebanese central bank on Thursday, the presidency said, indicating fresh momentum on a condition for Lebanon to secure ...
Lebanon to resume IMF negotiations, begin reforms: Draft policy statement
The Lebanese government will resume negotiations with the International Monetary Fund while beginning reforms demanded by donors, according to a draft policy program that aims to tackle one of the ...
Lebanon to sign contract for central bank forensic audit in days
Lebanon will sign a new contract for a forensic audit of the central bank with Alvarez & Marsal (A&M) within days, the outgoing finance minister Ghazi Wazni said on Tuesday, signaling a renewed push ...
Lebanon to receive $1.135 bln in SDRs from IMF
Lebanon’s finance ministry said on Monday the central bank would receive $1.135 billion on September 16 in International Monetary Fund Special Drawing Rights (SDRs), much needed funds as the country ...
Lebanon launches cash subsidy cards for 500,000 families
Lebanon’s caretaker minister of social affairs on Thursday announced the launch of cash cards for over 500,000 families, a planned step to further curb a $6 billion subsidy program that has heavily ...
Fixing Lebanon’s compounding financial crisis with neuro-economics
As the Lebanese economy plunged into an all-encompassing crisis in 2019 following years of neglect, corruption, and mismanagement in government, one economist has claimed that applying the theories of ...
Lebanon’s central bank announces new foreign exchange system
Lebanon, whose currency has collapsed amid a deep financial crisis, is launching a scheme to obtain dollars via banks at a rate similar to levels offered by unofficial dealers.President Michel Aoun ...
Humble fattoush salad shows cost of Lebanon’s crisis at Ramadan
After a year of economic meltdown in Lebanon, Hala Sheikh is sticking to a modest menu as she prepares the evening meal for her family to break their daily Ramadan fast.Even the humble fattoush, a ...
Lebanon’s central bank says ready to discuss forensic audit with Alvarez & Marsal
Lebanon’s central bank is ready to facilitate a forensic audit process by Alvarez & Marsal and will discuss this in a virtual meeting with the restructuring company on April 6, it said in a statement ...
Lebanon central bank will intervene in order to control the exchange rate: Presidency
Lebanon’s central bank will allow banks to conduct currency transactions similar to exchange dealers and will step in to rein in the pound/dollar rate, the presidency said on Friday.For the latest ...
As financial crises tightens Lebanon reduces food subsidies
Lebanon is scaling back food subsidies and will gradually raise gasoline prices to save dwindling foreign reserves, the caretaker finance minister said.The central bank has $16 billion left in foreign ...
Lebanon’s freefalling currency hits new low as crisis continues
Lebanon’s currency hit a new low against the dollar on the black market Tuesday, continuing its freefall in a country gripped by political deadlock and an economic crisis.For the latest headlines, ...
Lebanon approves $246 million safety net, but seeks oversight cuts to ease impact
Nearly 150,000 of Lebanon’s poorest families could soon start receiving monthly cash handouts after lawmakers gave approval on Friday to a $246-million World Bank loan to ease the impact of the ...
Lebanese president demands investigation into currency crash as protesters rage
Lebanon’s president Wednesday ordered the central bank governor to open an investigation into currency speculation, after the Lebanese pound plunged to record lows on the black market this week.The ...
As Lebanon’s banks struggle to raise capital by 20 percent, a deadline looms
Paralyzed by financial crisis and riven with political risk, a number of Lebanon’s banks are struggling to meet a central bank target to raise their capital defenses by 20 percent by the end of this ...
Lebanon’s banks impose additional fees on dollar depositors
There’s no easy way to bank in Lebanon anymore. Now, Lebanese are reporting additional arbitrary fees on dollar deposits on top of haphazard capital controls applied over the last year.Local banks, ...
Lebanon’s central bank audit is a mere smoke screen
With nearly $94 billion in debt, Lebanon’s road to recovery is strewn with roadblocks that may be insurmountable. Now, escaping potential widespread hunger and further hardship has become a priority ...
As Lebanon subsidy crunch looms, two UN agencies warn of social catastrophe
The removal of subsidies in Lebanon without guarantees to protect the vulnerable would amount to a social catastrophe, two UN agencies said on Monday, warning there is no parachute to soften the ...
As Lebanon's central bank audit crumbles, the worst is yet to come
Lebanon’s controversial central bank forensic audit fell apart last week, signaling that the worst may be ahead for the crisis-stricken country.Alvarez & Marsal, the company contracted by the Lebanese ...
Lebanon's informal capital controls explained: Why can't Lebanese access their money?
Transferring money abroad from Lebanon has become nearly impossible.“They have found a way to put obstacles in our path in every way possible,” said a Lebanese final-year medical student while trying ...
Admissions to cardiac care unit double in Lebanon amid medicine shortages
Admissions to Lebanon’s cardiac care unit doubled in late October as the country struggles from shortages of medicine, an economic crisis, and the ongoing coronavirus pandemic.Key medicines have been ...
In long-awaited step, Lebanon appoints board at state-owned electricity firm EDL
The Lebanese government appointed a new board of directors at the state-owned electricity company on Tuesday, a ministerial source said, a long-delayed step that is one of a number of measures awaited ...
Lebanon’s devilish dollar game amid economic freefall
While the official exchange rate is still pegged at 1,507 Lebanese lira to the dollar, the black market rate has alarmingly hit 9,300 lira to the dollar