This is Beirut

Karim Souhaid: The Banking Reform Law Undermines the Independence of the Central Bank

This is Beirut, 07/05 21:45 - Reading : 4 minute(s)

BDL Banque du Liban Lebanon Economy Parliament

Presenting a 33-page document containing substantial remarks on the banking reform bill submitted by the government, the Governor of the Central Bank of Lebanon, Karim Souhaid, attended a session of the Parliamentary Finance and Budget Committee held mid-week. The session was chaired by MP Ibrahim Kanaan and attended by 40 parliamentarians, along ...

The New Governor of BDL Will Be Nominated Outside the Mechanism of Administrative Appointments

This is Beirut, 18/03 14:20 - Reading : 1 minute(s)

FPM Lebanon BDL Economy

Ministerial sources said that the Cabinet will continue discussions on the mechanism of administrative appointments on Friday. The focus will be on addressing gaps in the plan originally prepared by Minister Mohammad Fneish and approved by Prime Minister Saad Hariri’s government in 2010—a plan that was never implemented due to a legal ...

Kulluna Irada's Strategy: Writing Off Deposits and the Bankruptcy of Banks

This is Beirut, 14/03 08:30 - Reading : 4 minute(s)

Lebanon Economy Banks BDL

Demands for accountability from Kulluna Irada have intensified over its actions in recent years, particularly since the 2019 financial crisis. This includes the decision by former Prime Minister Hassane Diab's government to declare Lebanon bankrupt, its failure to repay debts, and its role in destabilizing the country's monetary and financial ...

Official Start of Negotiations with IMF, Jaber Confirms: No Write-Off of Deposits

This is Beirut, 12/03 20:30 - Reading : 5 minute(s)

Economy IMF Lebanon BDL

Lebanese authorities announced the resumption of negotiations with the International Monetary Fund (IMF) to reach a final agreement that would grant the country loans while advancing its reform agenda. Talks between the Lebanese government and the IMF began on Wednesday, aiming for a staff-level agreement as a step toward broader negotiations to ...

The Fate of Circular 165

Maurice Matta, 30/01 09:15 - Reading : 4 minute(s)

Economy Lebanon Banks BDL

In a surprising move just days before her retirement, Judge Helena Iskandar, Head of the Litigation Department at the Ministry of Justice, filed two motions before the State Council, requesting the Lebanese State’s intervention in the lawsuits aimed at annulling Circulars No.151 and No.165, submitted by lawyers. The conclusion was that the ...

BDL: Two Payments to 158 and 166 Beneficiaries in January

This is Beirut, 2024-12-27 13:45 - Reading : less than a minute

BDL Lebanon Economy

On Friday, the Banque du Liban (BDL) issued a circular asking banks to pay two monthly installments to beneficiaries of circulars 158 and 166, which concern exceptional bank withdrawals of fresh dollars, at the beginning of January. Depositors benefiting from Circular 158 will receive $800 in cash instead of $400, while those benefiting from ...

BDL Reserves Rise to $10.176B: Will Payments Continue in January?

Maurice Matta, 2024-12-27 11:00 - Reading : 5 minute(s)

Lebanon BDL Economy

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 ...

Bank Restructuring Plan Could Be Withdrawn From Council of Ministers

This Is Beirut, 2024-02-28 12:52 - Reading : 1 minute(s)

BDL Council of Ministers

The Council of Ministers started at 4 PM discussing their agenda. Among the 27 items on this agenda, one is related to the restructuring of banks, and another has to do with the demands of the civil servants who went on strike. They require a salary raise and better social benefits. Prior to the opening of the meeting, caretaker Minister for ...

The Fabulous Destiny of Recovery Plans

Nicolas Sbeih, 2024-02-22 08:49 - Reading : 4 minute(s)

BDL

The suspenseful series of "crisis exit plans" is continuing with great success on the government's encrypted channel, maintaining the same theme but varying in style and appellation. Over the past four years, we've had about 10 plans labeled "recovery," "rescue," "restructuring"... But in reality, these plans more closely resembled, in the ...

The Tale of the Foreign Bank Transfers

Nicolas Sbeih, 2023-12-27 19:40 - Reading : 5 minute(s)

Ali Ibrahim BDL

For the past four years, this somewhat recurrent idle tune has echoed in nearly every opinion, critique and analysis regarding the performance of banks at the outset of the economic crisis. According to these endless rantings, the banks allegedly transferred massive sums of money abroad for a select few privileged individuals, while denying the ...

For Mansouri, Circular 151 Is Obsolete

2023-12-07 09:30 - Reading : 2 minute(s)

BDL Circular 151

The Acting Governor of the Lebanese Central Bank (BDL), Wassim Mansouri, stated that, as far as he is concerned, Circular 151 is obsolete. This circular determines the exchange rate for one dollar at 15,000 Lebanese pounds and sets a monthly withdrawal limit of $1,600, which is equivalent to 24 million Lebanese pounds. Circular 151 initially set ...

Eleven Banks Call On the State to Settle Its Debt to the Central Bank

This Is Beirut, 2023-12-05 20:37 - Reading : less than a minute

BDL Central Bank

Lawyers for 11 Lebanese banks filed a memorandum on Tuesday, calling on the Ministry of Finance to compel the Lebanese State to immediately pay the Central Bank (BDL) the sums it owes. The banks are taking this action because they are BDL creditors and are wronged by its inability to demand repayment of the Lebanese State's debts. The State must ...

BDL