par This Is Beirut, 13/02 21:31 - Reading : 6 minute(s)
On Tuesday, the State Council overturned a government decision, part of its “recovery strategy,” which would have destroyed the banking sector and deprived depositors of their funds. The State Council annulled on Tuesday a decision taken by the Council of Ministers in May 2022 as part of its financial recovery strategy. This decision would ...
par Maurice Matta, 13/02 22:59 - Reading : 6 minute(s)
In its final "constitutional" session before transitioning into a caretaker government, on May 20, 2022, Najib Mikati’s Cabinet endorsed a plan for financial and economic recovery. It included a document titled "Strategy for Financial Sector Revitalization," which, in its third clause, outlined the cancelation of a significant portion of the ...
par Liliane Mokbel, 14/02 10:31 - Reading : 3 minute(s)
On Tuesday, the administrative court ruled on the dispute between the Association of Banks in Lebanon (ABL) and the State. The Council of State invalidated the government's plan to abolish bank reserves at the Banque du Liban (BDL). A major blow, which calls into question the validity of the banking resolution proposed by the government. On ...
par Nicolas Sbeih, 15/02 09:00 - Reading : 4 minute(s)
The chaos that has prevailed over the Lebanese financial sector for four years has recently jumped to a new level. It has become an economic concept, just like capitalism or socialism. And it is governing the country. The newly-coined concept of “financial chaos” involves this sticky mess surrounding the value of the lollar, the dollar, ...
par This Is Beirut, 15/02 17:36 - Reading : less than a minute
Circular 166, which allows certain depositors to withdraw $150 a month from their accounts, came into force on Thursday. Those concerned can now submit their applications to the banks. Lebanon's Central Bank (BDL) has informed banks of the application mechanism and sent them the form to be used in order to lift the banking secrecy of the accounts ...
par Liliane Mokbel, 16/02 21:40 - Reading : 4 minute(s)
ABL Akram Azouri BDL Council of State
The Council of State's decision to invalidate the article related to the suppression of a significant portion of the state's foreign currency commitments to the Central Bank of Lebanon (BDL), as outlined in the government's economic recovery plan dated 20/5/2022, brings some relief to depositors and bankers. However, questions concerning the ...
par This Is Beirut, 01/03 13:01 - Reading : less than a minute
In an interim circular bearing number 693 dated 29/2/2024, the Banque du Liban (BDL) made a temporary adjustment to the operating conditions of financial companies operating in Lebanon. Circular 693, which refers to the decision adopted by the Central Council of the Banque du Liban, which met on February 28, 2024, commands financial companies to ...
par This Is Beirut, 13/03 16:33 - Reading : less than a minute
The Central Bank of Lebanon (BDL) issued a statement on March 13, 2024, highlighting its commitment to fostering international relations and enhancing cooperation with global markets. "Based on the policy of openness and development, the Head of Emerging Markets at Morgan Stanley London, Ralph al-Raheb, visited BDL and held a meeting with Acting ...
par Nicolas Sbeih, 13/03 20:36 - Reading : 5 minute(s)
Yes, indeed, we also have our sacred cows, those perpetual taboos that must never be tampered with, those economic incests of the sphere of power. To illustrate this sacred herd, here is a small sample that is far from exhaustive. 1- The Gold. Every so often, we proudly boast that the Central Bank (BDL) holds 288 tons of it (currently worth $17 ...
par Liliane Mokbel, 18/03 18:50 - Reading : 3 minute(s)
For nearly one year now, the Central Bank of Lebanon (BDL) has withdrawn around 32% of the Lebanese pound's circulating supply from the market. This action has successfully stabilized the black-market dollar exchange rate at approximately 89,500 Lebanese pounds to the dollar, an action that has also triggered a simultaneous increase in interbank ...
par This Is Beirut, 03/04 17:05 - Reading : less than a minute
The Ministry of Finance announced, in a press release on Wednesday, that it had transferred all civil servants' salaries and retirees' pensions to the Banque du Liban (BDL). Those concerned will be able to collect them from private banks starting Friday morning, April 5. Of note, the Ministry transferred the salaries of military personnel in the ...
15/04 17:37 - Reading : less than a minute
The Ministry of Finance confirmed in a statement on Monday that it had transferred to Lebanon’s Central Bank (BDL) the differences in civil servants' salaries (the retroactive effect) for last February, in line with the salary increases approved by the government last month. Those concerned will be able to withdraw the amounts from their banks ...
