Banking & Finance Depositors storm four banks in Lebanon over withdrawal limits Outraged bank clients, at least two of them armed, stormed four commercial banks across Lebanon on Tuesday over withdrawal limits that have been imposed throughout the country amid a financial meltdown. Cases of bank hold-ups have snowballed across Lebanon as residents have grown exasperated over the informal capital controls that banks have imposed since an […] October 5, 2022
Analysis Energy Hopes rise in Beirut of a deal to end border dispute with Israel Lebanon appears to be nearing an agreement with Israel over their disputed maritime border, which could kick-start long-delayed oil and gas exploration. A deal between the longstanding foes could provide some rare cheer in Lebanon, which is reeling from hyperinflation, the collapse of its banking sector and currency, and soaring unemployment. More than 80 percent […] October 4, 2022
Banking & Finance Unarmed Lebanese withdraws $12,000 from frozen bank An unarmed Lebanese depositor managed to withdraw nearly $12,000 in cash from his own bank account, although most people’s savings are blocked, according to a depositors’ advocacy group. Lebanon’s three-year financial crisis has locked most depositors out of their savings as banks imposed informal capital controls. In recent weeks, a growing number of depositors have […] October 4, 2022
Economy Lebanon passes 2022 budget that falls short of IMF demands Lebanon’s parliament passed its 2022 budget on Monday using an exchange rate for customs tax revenues that lies far below the market value of the Lebanese pound, falling short of economic reform measures that would pave the way for an IMF deal. An agreement with the lender of last resort is seen as a first […] September 27, 2022
Banking & Finance Lebanon’s banks to reopen after wave of holdups Lebanon’s banks will reopen on Monday, the country’s banking association said, after five days of closures that followed a wave of holdups by savers seeking access to their frozen funds. The association said in a statement on Sunday that the decision to reopen “was taken after consideration of the current difficult security conditions and the […] September 26, 2022
Banking & Finance Lebanese banker says capital control law ‘solution’ for holdups A top Lebanese banker on Friday criticised politicians for failing to enact a capital control law, saying this was the way to avoid bank raids by savers demanding funds from frozen accounts and to stop banks’ “discretionary practices”. BLOM Bank Chairman Saad Azhari – whose bank has been one of several held up this month […] September 25, 2022
Banking & Finance Lebanese woman who stole own savings says she’s not the criminal On the run from authorities after forcing a bank to release her family savings at gunpoint to treat her cancer-stricken sister, 28-year-old Lebanese interior designer Sali Hafiz insists she is not the criminal. “We are in the country of mafias. If you are not a wolf, the wolves will eat you,” she told Reuters, standing […] September 22, 2022
Banking & Finance Lebanon’s progress on reform process remains ‘very slow’: IMF Lebanon’s progress in implementing reforms required to unlock relief funds from the International Monetary Fund (IMF) remains very slow, the IMF said in a statement on Wednesday. Lebanon agreed with the IMF on a list of 10 reforms to get access to $3 billion to ease its financial meltdown, which has left eight in 10 […] September 22, 2022
IMF to send mission to Lebanon to discuss slow reform progress The International Monetary Fund (IMF) said on Thursday that a staff mission will visit Lebanon next week to discuss ways to “speed up” implementation of agreed reforms required for an IMF loan program amid deteriorating living conditions in the country. “We are looking to support Lebanon as strongly as we can. It’s a difficult situation,” […] September 16, 2022
Banking & Finance Depositors hold up two Lebanese banks to grab their own money Two seemingly armed and desperate Lebanese depositors held up banks on Wednesday to force access to their own money, which has been blocked during a national financial meltdown. One woman with a gun and some associates briefly held hostages at a branch of BLOM Bank in the capital Beirut, before leaving with more than $13,000 […] September 15, 2022
Energy Lebanon-Israel maritime talks over oil allocation to conclude in ‘days’ Maritime border talks between Lebanon and Israel that could help allocate oil and gas resources are close to concluding after around two years of negotiations, a top Lebanese security official said on Tuesday. “We’re talking about weeks – actually, days – to finish the delineation issue. I’m hopeful that the situation is positive,” the head […] September 14, 2022
Economy Lebanon’s bid for IMF rescue package hits snags Five months after Lebanon’s draft International Monetary Fund (IMF) deal raised hopes it could finally pull together an economic reform plan to address its financial meltdown, political and financial elites are obstructing prospects of securing any rescue package. Efforts to enact eight reforms sought by the IMF are going nowhere or falling short, hitting resistance […] September 9, 2022
Energy Lebanon says TotalEnergies could help in maritime issues with Israel Lebanon’s President Michel Aoun said on Tuesday that France-based oil and gas company, TotalEnergies, could help his country solve maritime demarcation issues with Israel, according to a post from the presidency office on Twitter. Aoun would make “contacts to help in this regard, will increase communications this month”, the office added. Lebanon and Israel are […] September 7, 2022
Analysis Economy Chink of light shines on Lebanon’s economic gloom For nearly three years Lebanon’s economic meltdown has sunk the currency by more than 90 percent, spread poverty, paralysed the financial system and frozen depositors out of their savings. But new research released today suggests tentative signs of an improvement in private sector operating conditions. The August Blom Lebanon purchasing managers’ index (PMI) posted fractionally […] September 5, 2022
Banking & Finance Lebanon banking secrecy law retains key problems: IMF The International Monetary Fund (IMF) told the Lebanese state on Thursday its banking secrecy law has not resolved “key deficiencies,” urging officials to make new changes to their first attempt at financial reform. The assessment, seen by Reuters and confirmed by a government official as accurate, is the IMF’s first comment on Lebanon’s steps toward […] September 2, 2022
Banking & Finance Lebanon president returns bank secrecy law to parliament Lebanon’s president on Wednesday returned to parliament an amended banking secrecy law that lawmakers passed around a month ago, saying it needed further tweaks to strengthen it. Parliament’s passage of the legislation on July 26 was considered a modest first step towards reforms required for Lebanon to access $3 billion from the International Monetary Fund […] September 1, 2022
Economy Public sector paralysed amid Lebanon’s economic implosion It’s a weekday, but 50-year-old Lebanese finance ministry employee Walid Chaar is not at work and hasn’t been since June. He rushes to water the garden at his home in the hills south of Beirut, using the single hour of rationed state power to run the sprinkler. He then phones his mother, who is struggling […] August 19, 2022
Banking & Finance World Bank accuses Lebanese politicians of ‘cruelty’ over deposits The World Bank has said that assertions by Lebanese politicians that deposits kept in the country’s collapsed banking sector are sacred are “cruel” because they “flagrantly contradict the reality.” Lebanon is in the third year of a financial meltdown that has left eight in ten people poor and which the World Bank says is both […] August 4, 2022
Economy Lebanon telecoms mark-up threatens migrants’ livelihood Kenyan cleaner Noel Musanga survived Lebanon’s economic meltdown, waves of Covid-19 and Beirut’s port blast. But when her internet provider announced rates would double, she feared her last lifeline to family and work would snap. The freelance migrant worker already barely earned enough to survive. Now, the higher telecoms bill means she will have to ration […] July 11, 2022
Lebanon’s Mikati named PM, urges action to secure IMF deal Lebanon’s Najib Mikati was named prime minister on Thursday, urging fractious politicians to set aside differences to secure an IMF deal which he said was the only chance to save the country from financial collapse. Facing a politically difficult path to agreeing on a new cabinet, the billionaire tycoon who led three previous governments said Lebanon […] June 24, 2022
Analysis Energy Inside the Israel-Lebanon dispute blocking oil and gas exploration A dispute between Israel and Lebanon over their maritime boundary has obstructed energy exploration in the eastern Mediterranean and risks exacerbating tensions between the nations. After months of deadlock in US-mediated talks, Beirut warned on Sunday against any activity in the disputed area – responding to the arrival of a vessel to develop a field […] June 7, 2022
Exclusive Interviews Make some noise for Anghami’s Elie Habib The Lebanese music streaming mogul talks to AGBI about the meteoric rise of his Nasdaq-listed company, its battles with music pirates, relocation to Abu Dhabi and his ambition to launch Arab music stars Elie Habib fell in love with coding early. He started selling software at the age of 17 and launched several companies in […] May 18, 2022