This Is Beirut 2024-05-10 17:08 - Reading : less than a minute
The Électricité du Liban (EDL) employees’ union announced on Friday the suspension of its strike, observed since May 8. In a press release, the union of employees of the public electricity supplier announced that Saturday, May 11, would be a normal working day, and that it would keep its meetings open to monitor developments. EDL employees ...
2024-05-10 15:45 - Reading : less than a minute
Vice-Governor and acting Governor of the Central Bank (BDL) Wassim Mansouri declared Friday that the BDL’s foreign currency reserves had increased by $1.1 billion. Speaking at a forum held at the Arab University of Beirut, Mansouri also emphasized that “the BDL cooperates with the government to maintain monetary stability in the country, but ...
This Is Beirut 2024-05-09 22:58 - Reading : 2 minute(s)
The Purchasing Managers Index (PMI), published by BlomInvest, recorded in April 2024 the lowest figure in four months, reaching 48.9 points compared to 49.4 the previous month. Commenting on these figures, Fadi Osseiran, CEO of BLOM Bank, stated that this decline is due to difficult economic conditions in Lebanon. The reason behind the decline in ...
Liliane Mokbel 2024-05-09 08:30 - Reading : 3 minute(s)
Lebanon is the "biggest contributor" in the issue of illegal Syrian migrants settled within its borders. Since the 2011 onset of the Syrian war, the country has shouldered a significant burden: the cost of hosting this community is estimated to be over $55 billion. Amid the multidimensional crisis that unfolded in 2019, Lebanon is buckling under ...
Nicolas Sbeih 2024-05-08 20:37 - Reading : 4 minute(s)
In terms of exports, the situation is not exactly at its best and sarcastic remarks are already flying around: “Why would one even expect things to go well? Why should this economic sector fair any different when all sectors, and the entire country, are struggling to thrive and overcome the economic crisis?” The answer lies in the fact that, ...
2024-05-07 21:49 - Reading : 3 minute(s)
The Central Bank of Lebanon (BDL) is actively working on launching the new official platform that will provide the exchange rate of the dollar against the Lebanese pound in the market. This initiative, developed in partnership with Bloomberg, seeks not only to replace Sayrafa but also to ensure transparency in the exchange rate. Originally ...
This Is Beirut 2024-05-07 20:40 - Reading : 1 minute(s)
Caretaker Finance Minister Youssef Khalil affirmed on Tuesday that his Ministry is committed to submitting the 2025 budget within the timeframe stipulated by the Constitution. In a statement, he urged all public bodies, councils, institutions and funds benefiting from financial contributions included in the budget, to submit their draft budgets ...
This Is Beirut 2024-05-07 20:30 - Reading : 2 minute(s)
The Electricité du Liban (EDL) employees' union declared a warning strike on Tuesday, closing all centers from Wednesday, May 8, until Friday, May 10. The decision was taken following a meeting at which a series of employees' financial entitlements were reviewed. In a statement, the union railed against the management, accusing it of ...
This Is Beirut 2024-05-07 13:53 - Reading : 1 minute(s)
The World Bank (WB) Managing Director of Operations, Anna Bjerde, has embarked on a two-day visit to Lebanon, aimed at engaging with stakeholders regarding the latest socio-economic developments in the country. This visit underscores the World Bank’s unwavering support for Lebanon during these challenging times. Accompanying her is Ousmane ...
Liliane Mokbel 2024-05-03 20:47 - Reading : 3 minute(s)
With porous land borders and a cash-based economy steadily growing, Lebanon undoubtedly deserves to be blacklisted by the FATF. But will it be? The Financial Action Task Force (FATF) will hold its last meeting for its annual exercise in June, which starts in July each year and ends in June of the following year. Lebanon is awaiting its verdict, ...
2024-05-03 16:22 - Reading : 5 minute(s)
Industries have watched their electricity bills skyrocket, yet they're not seeing a sufficient increase in power supply! They’re witnessing what they call a grinding “bazaar” that has unfolded since the introduction of the new billing system and the installation of smart meters. Invoices crisscross, accumulate, multiply... Is Électricité ...
2024-05-02 23:28 - Reading : 2 minute(s)
Bank Audi has published its economic report for the first quarter of 2024, highlighting that economic and monetary conditions indicate a recession in the real economy, attributed to the repercussions of the war on Lebanon's southern border. However, the LBP has remained stable against the dollar, offering a degree of monetary stability despite ...