One Single IT Officer at the Lebanese Custom Administration

A technical assistance report from the International Monetary Fund (IMF) highlighted the “dire conditions” of the Information Systems (IS) departments within the Lebanese tax and customs administrations. As per the IMF report, there is a real and pressing concern about the imminent collapse of Lebanon's tax and customs administrations. The ...

Retirement Pension Plan: Not in the Near Future

  The retirement pension plan, set to replace the end-of-service benefits, was approved by Parliament on December 15. Nevertheless, its implementation hinges on the signing and promulgation of approximately fifteen implementation decrees. Mohamad Karaki, the General Director of the National Social Security Fund (CNSS), has indicated that ...

Commercial Leases: Landlords Versus Tenants

Parliament meticulously voted on December 15, 2023 on the law regarding commercial leases. Despite the National Assembly's careful consideration, tenants and landlords voiced their dissatisfaction—a much-expected reaction, to say the least. Amid great socio-economic fragility, the law enacted on December 15, 2023 is progressively ending, over ...

World Bank: Precarious Economic Growth in Lebanon

The ongoing conflict in Gaza is a major shock to Lebanon's precarious growth model, as underscored in the latest World Bank report. The latest World Bank report on Lebanon, the 'Lebanon Economic Monitor (LEM)' for Fall 2023, headlined "Caught in a New Crisis," underscores the fragility of a Lebanese economy, whose growth expectations have been ...

Sayrafa Rate Fixed at LBP 89,500: What's Changing?

Without prior notice, Lebanon’s Central Bank (BDL) announced on Monday evening (December 18), by means of a simple statement, a new rate for the dollar on its Sayrafa exchange platform. It set the rate at 89,500 Lebanese pounds (LBP) to the dollar, marking an increase of LBP 4,000 from the rate that has been in effect since last ...

Solidere: Losses of 11.1 Million Dollars in 2022

Solidere recorded losses of $11.1 million in 2022, compared to $21.5 million in 2021. However, its stock price remains stable on the Beirut Stock Exchange. According to the audited financial report, losses of the Lebanese Company for the Development and Reconstruction of Beirut Central District (Solidere) decreased in 2022 by $10.4 million, ...

Is the 500,000 Banknote on Its Way?

New 100,000 Lebanese pound banknotes have been in circulation since December 1, 2023. There's no need to panic, as this is a purely technical measure. However, what about the 500,000 and 1,000,000 Lebanese pound banknotes? Irrespective of the purpose behind printing higher-value banknotes than those currently in circulation, such a measure ...

The Mount Lebanon Land Registry: The Nightmare of the Lebanese

Activity in the land registry services of Mount Lebanon has been at a standstill since October 2022, after a period of slow operation dating back to early 2020. More than 50,000 land registration formalities in this mohafazat are languishing in drawers. A nightmare for the Lebanese. Real estate transactions are on hold in the land registry ...

The Price of Gold: How High Will It Soar?

The price of gold has reached multiple peaks in the final week of November 2023. Gold held steady with its weekly gains, closing the week at $2,053.30 per ounce on December 1, 2023, not far from its all-time high of $2,075.47 in August 2020. As a reminder, one ounce is equivalent to 31.10 grams. Gold prices rose amid increasing concerns about a ...