BDL Reserves Rise to $10.176B: Will Payments Continue in January?
Maurice Matta 11:00 - Reading : 5 minute(s)
The relevant departments of the Banque du Liban (BDL) have finalized a comprehensive study on deposits and accounts held in Lebanese banks. This study distinguishes between “fresh accounts,” opened after October 17, 2019, and “dollar accounts,” which refer to legacy accounts established before that date. Commissioned by the acting ...
Can the Treaty of Brotherhood, Cooperation and Coordination Be Cancelled?
Maurice Matta 18/12 19:45 - Reading : 5 minute(s)
Syria Lebanon Treaty Cooperation
On May 22, 1991, the late Lebanese President Elias Hrawi and former Syrian President Hafez al-Assad signed the “Treaty of Brotherhood, Cooperation and Coordination,” which came into effect with the implementation of the Taif Agreement. The treaty, which governed Lebanon’s politics for more than 15 years and presumably safeguarded its ...
Syria’s Empty Treasury Shifts Focus to Frozen Assets Abroad
Maurice Matta 14/12 16:00 - Reading : 3 minute(s)
A few days after the fall of Bashar al-Assad’s regime, the Syrian pound made a dramatic recovery against the US dollar in local markets, trading between 13,000 and 15,000 pounds per dollar. This rebound followed months of sharp devaluation, with the exchange rate previously collapsing to nearly 60,000 pounds per dollar on the black ...
Abolish the Syrian-Lebanese Higher Council Immediately!
Maurice Matta 12/12 10:30 - Reading : 4 minute(s)
Banks Beirut Port Damascus Hezbollah Middle East
Syrian presence in Lebanon dates back to 1976, a year after the outbreak of the Lebanese civil war. Syrian forces entered Lebanon as part of the Arab Deterrent Forces, and the Syrian government successfully cemented its presence. This was later consolidated by the Arab League mandate under the Taif Agreement, signed on October 22, 1989, which ...
Cost of Treating Pager Victims Exceeds $4 Million
Maurice Matta 04/12 20:30 - Reading : 4 minute(s)
Since the first day of its implementation at dawn on Wednesday, November 27, the ceasefire agreement between Israel and Hezbollah has faced widespread violations, putting the agreement to a real test regarding its ability to hold. Lebanon is currently in the phase of tallying losses and assessing damages and costs, and if we look at the figures ...
Exit from Gray List: Banks' Compliance and Government Action
Maurice Matta 30/11 09:00 - Reading : 5 minute(s)
On October 25, Lebanon was officially placed on the gray list of the Financial Action Task Force (FATF), subjecting the country to enhanced monitoring. The FATF report highlighted ongoing vulnerabilities in Lebanon’s efforts to strengthen measures against money laundering and terrorism financing. A key point in the report was FATF’s ...
Bitcoin Nears $100K: Will Trump Boost Crypto?
Maurice Matta 22/11 16:00 - Reading : 3 minute(s)
Donald Trump Republicans White House crypto bitcoin
On Thursday, Bitcoin surged past $98,000, raising its market capitalization to $1.9 trillion. This rally reflects expectations of robust legislative and executive support for the crypto sector, bolstered by Republican victories in the White House and Congress. The cryptocurrency market, including “meme coins” like Dogecoin, continues to surge ...
Battling for Survival: Lebanon’s Tourism Sector Amid War and Crisis
Maurice Matta 20/11 09:00 - Reading : 5 minute(s)
Lebanon Economy Tourism Restaurants
Before the war, 60 airlines flew to Beirut; only Middle East Airlines remains today. Flights that once operated at 80-90% capacity now barely reach 20%, especially during peak seasons like Christmas and New Year. Travel to Lebanon has decreased by 80% compared to previous years, largely due to the ongoing conflict. The tourism sector, one of the ...
Bitcoin to Surge to $200,000, Trump to Make US Crypto Hub
Maurice Matta 12/11 14:50 - Reading : 4 minute(s)
Banks Donald Trump Republicans United States Bitcoin Cryptocurrency
Cryptocurrency investors are buoyed by Donald Trump’s re-election and Republican control of the US Senate, given his support for digital assets. Many expect that the sector would benefit from a more favorable regulatory environment under a second Trump term. During the Bitcoin 202 conference, Trump pledged that, if he were to return to the White ...
Race to the White House: Trump vs. Harris on Economic Policies
Maurice Matta 06/11 12:25 - Reading : 5 minute(s)
Democrats Donald Trump Republicans United States USA White House
The US elections extend beyond domestic concerns; their impact resonates worldwide due to the United States' power, wealth, and influence. With a gross domestic product approaching $28.8 trillion, the US is at the heart of global information, capital, goods, and services flows. Therefore, understanding the potential ramifications of the elections ...
No Solution in Sight for Retired Teachers’ Wages
Maurice Matta 01/11 11:00 - Reading : 3 minute(s)
For the second consecutive month, retired teachers in Lebanon have not received any increase in their salaries in Lebanese pounds, which has lost substantial value since the currency's collapse in 2019. Unlike other sectors, retired teachers have not received any salary adjustments, except for a few months under a protocol signed between the ...
WFP Meals for Displaced at Risk—A Minister’s Greed!
Maurice Matta 24/10 10:40 - Reading : 5 minute(s)
United Nations war mikati hajjar aids
On October 1, caretaker Prime Minister Najib Mikati and UN Humanitarian Coordinator Omran Riza launched an urgent appeal for $426 million to address the immediate humanitarian needs of civilians affected by the war and the resulting crisis. To date, the United Nations has secured commitments totaling approximately $150 million, with continued ...
Al-Qard Al-Hassan: Is Hezbollah's 'Bank' in Jeopardy? (2/2)
Maurice Matta 16/10 08:30 - Reading : 8 minute(s)
Economy Al Qard Al Hassan Hezbollah Lebanon
Many legal experts agree on the idea that "the Al-Qard Al-Hasan Association is a loophole in Lebanese law." The change in terminology does not alter the legal nature, which means that it is, in essence, a bank under legal reality and cannot be considered a non-profit charity organization, as it identifies itself. Specific circulars about Al-Qard ...
Al-Qard Al-Hassan: Is Hezbollah's "Bank" in Jeopardy? (1/2)
Maurice Matta 09/10 08:30 - Reading : 6 minute(s)
Intense daily Israeli airstrikes continue on the southern suburb of Beirut, southern villages, and the Beqaa Valley, while the Israeli side affirms that its war will persist until it eliminates Hezbollah's military and organizational targets. The aim is to inflict as much strategic damage as possible on Hezbollah, including its financial ...
$330M Injection Spurs Speculation: Beware of Fake Apps!
Maurice Matta 02/10 11:54 - Reading : 3 minute(s)
On October 1, 2024, a new directive from acting Lebanese Central Bank (BDL) Governor Wassim Mansouri, following a Central Council resolution on September 25, 2024, came into force. The order compels banks to triple cash withdrawal limits for beneficiaries of Circulars 158 and 166 throughout October. This exceptional, one-time decision ...
Central Bank's Safeguards Assessment: Key Findings
Maurice Matta 18/09 09:06 - Reading : 2 minute(s)
Lebanon’s Central Bank (BDL) is making progress with the Safeguards Assessment Program, signed with the International Monetary Fund (IMF) earlier this year. The program centers on revising accounting policies, financial reporting and disclosures to uphold the highest standards of governance and transparency. The Safeguards Assessment Program, ...
Mikati’s Failure to Publish Legislation: A Legal Breach?
Maurice Matta 16/09 11:00 - Reading : 4 minute(s)
The Parliament approved 14 laws during its sessions on December 14 and 15, 2023. On December 19, the Cabinet decided to issue these laws on behalf of the President. Later on, the caretaker Prime Minister published 11 of them in the Official Gazette, while withholding three: one amending provisions related to private school teaching staff ...
Teachers on Strike, Ministry of Education Cracks Down
Maurice Matta 14/09 16:22 - Reading : 3 minute(s)
Caretaker Prime Minister Najib Mikati continues to refuse to issue a decree to appoint a new board of directors for the Compensation Fund, despite repeated calls from the teachers' union. The union believes this decree would enable the Fund to start over, allowing for a financial rescue plan to protect teachers' compensations and gradually ...
FATF's Grey List: Transactions With Correspondent Banks Wont be Affected
Maurice Matta 12/09 18:38 - Reading : 3 minute(s)
Wassim Mansouri, the Acting Governor of Lebanon's Central Bank (BDL) has concluded his meetings with correspondent banks in London, returning with reassurances that these institutions will continue to cooperate with Lebanon, regardless of the anticipated decision by the FATF (Financial Action Task Force) on October 24. However, the risk of Lebanon ...
Correspondent Banks: Transfers Safe Despite Potential Grey Listing
Maurice Matta 05/09 16:38 - Reading : 4 minute(s)
Wassim Mansouri, Acting Governor of the Central Bank of Lebanon (BDL), is meeting in London with officials from correspondent banks that interact with Lebanese banks. The goal is to address potential impacts of any negative decisions taken by the Financial Action Task Force (FATF) ahead of its crucial meeting to assess countries' compliance with ...
General Confederation of Lebanese Workers Calls for Salary Increase
Maurice Matta 28/08 16:07 - Reading : 3 minute(s)
On March 19, 2024, the Index Committee at the Ministry of Labor approved increasing the minimum wage from LBP 9 million to LBP 18 million per month, with the consent of economic bodies and the General Confederation of Lebanese Workers. Following this, the Ministry drafted a decree to implement the wage increase and submitted it to the State ...
Judge Saliba: Immediate Eviction in Non-Residential Rental Case
Maurice Matta 21/08 09:30 - Reading : 3 minute(s)
On December 26, 2023, caretaker Prime Minister Najib Mikati signed eleven out of fourteen laws approved by Parliament on December 14 and 15. He withheld his signature from the remaining three laws, citing the need to review them at the next Cabinet session to explore constitutional options. The General Directorate of the Presidency of the Council ...
What if Lebanon Is Placed on FATF’s Gray List?
Maurice Matta 14/08 09:43 - Reading : 4 minute(s)
Wassim Mansuri, the Acting Governor of Lebanon's Central Bank (BDL), is set to travel to Washington, D.C., in the first week of September, in an attempt to shield Lebanon from being placed on the Financial Action Task Force's (FATF) gray list, which monitors countries for financial crimes. His visit comes just days before a critical meeting where ...
A Tsunami Hits Global Markets: Is the US Economy Heading into a Recession?
Maurice Matta 07/08 09:17 - Reading : 4 minute(s)
A major tsunami hit global markets at the beginning of the week, driven by fears that the US, the world’s largest economy, is heading towards a recession. This followed Thursday night’s disclosure of official data regarding unemployment figures, which indicated that an unexpectedly high number of Americans were jobless. These figures ...
Rental Law: The Extension Period Officially Ended!
Maurice Matta 29/07 17:00 - Reading : 5 minute(s)
Civil Judge Alaa Bashir, overseeing rental disputes in Metn, issued a ruling declaring the nine-year extension period under the new rental law to end on December 28, 2023. The ruling states that the tenant will be residing without legal justification after this date and orders him to vacate the rented property and return it vacant to the ...
Lebanon’s Reserves Over $10.2B: Will Dollar Withdrawal Limits Rise?
Maurice Matta 23/07 11:46 - Reading : 3 minute(s)
Since August 1, 2023, Lebanon’s Central Bank (BDL) liquid foreign currency reserves have steadily increased from $8.573 billion to $9.9 billion by June 2024, marking an average monthly growth of $120 million under the new leadership. This development occurs under Lebanon's Central Bank policy of not financing the government with currencies, ...
When the Lebanese State Embraces Mendicancy
Maurice Matta 15/07 17:35 - Reading : 6 minute(s)
On Thursday morning, caretaker Minister of Energy and Water Walid Fayad announced that he received a call from the Director General of SOMO, the Iraqi Oil Ministry's company, informing him that the Iraqi Prime Minister, Mohammad al-Sudani, had permitted to load a fuel ship in solidarity with Lebanon and its people, allowing for the unloading of ...
Crucial Juncture for ABL Elections
Maurice Matta 09/07 14:10 - Reading : 4 minute(s)
The Association of Banks in Lebanon (ABL) is preparing to elect its new board of directors next Wednesday. Consensus has historically shaped the outcome of each election, and this year's electoral process is equally critical, mirroring the importance of the two previous ones, given the precise circumstances, ongoing presidential vacancy, financial ...
All Hopes Allowed
Maurice Matta 01/07 11:00 - Reading : 4 minute(s)
Some call it schizophrenia, others call it adaptation to reality, while some describe it as economic resistance. However, regardless of the term, what Lebanon, which has suffered from an economic and financial crisis characterized by the World Bank as one of the most severe crises globally since the mid-19th century, is experiencing, bears many ...
144 Brands Will Return to the Souks of Beirut by November 2024
Maurice Matta 24/06 11:00 - Reading : 3 minute(s)
In Beirut, the souks in the downtown area are preparing for the reopening of numerous commercial establishments that closed their doors following the economic and financial crisis, the subsequent popular upheaval, and the devastating explosion at the port of Beirut on August 4, 2020, which caused considerable damage to shops and markets. Hopes ...