The commitment to depositors is part of an attempt to break a stalemate on reforms, which are needed to unlock fresh funds from the IMF
Lebanon economy
Latest in Lebanon economy
Beirut
UAE reopens embassy in Lebanon following election of new president
The decision follows the election of Lebanon’s new president Joseph Aoun last week, ending a prolonged 15-month leadership vacuum in the country
Lebanon
Lebanon elects army chief Joseph Aoun as new president
The presidency had remained vacant since Michel Aoun’s term ended in Oct. 2022
Lebanon
Investors eye Lebanon real estate bargains amid price drop as fragile Israel-Hezbollah ceasefire holds
The current ceasefire has emboldened some investors to begin exploring opportunities in areas where prices have dropped significantly
Hezbollah
Lebanon faces $25bn reconstruction bill as Israel-Hezbollah ceasefire opens window for economic recovery
War-torn Lebanon eyes economic rebound but reconstruction costs loom large and recovery hinges on reforms and presidential deadlock
Lebanon
Lebanon eyes Christmas tourism boost as ceasefire brings respite to millions of expats
The Christmas tourism boost, if sustained, could provide much-needed foreign currency inflows for a country whose currency has lost more than 90% of its value against the US dollar on the black market
FATF
Lebanon’s cash economy surge drives FATF grey-listing concerns
The development adds another layer of complexity to Lebanon’s ongoing economic challenges, potentially deterring much-needed foreign investment at a crucial time for the country’s recovery efforts
FATF
Lebanon set to be added to FATF financial crime watchlist this week, say sources
The move comes despite requests from Lebanese officials for leniency
Carlos Ghosn
AB Majlis podcast: Carlos Ghosn denounces ‘weaponisation of justice’ in exclusive interview
As legal proceedings continue in multiple jurisdictions, Ghosn’s story remains a cautionary tale about the intersections of business, politics, and justice in the global economy
Carlos Ghosn
Carlos Ghosn rules out career in Lebanese politics: ‘I’m not interested’
Despite ruling out a direct role in politics, Ghosn expressed willingness to assist in Lebanon’s economic recovery in an exclusive interview with Arabian Business
Central Bank of Lebanon
Lebanon’s former central bank chief charged with financial crimes
Riad Salameh was accused of embezzlement, theft of public funds, forgery, and illicit enrichment.
Central Bank of Lebanon
Inside Lebanon’s Ponzi scheme economy and the $100bn outflow crisis
A tangled web of financial misdeeds, shaky banks, and questionable central bank practices has plunged Lebanon’s economy into a crisis with no end in sight
geopolitical conflicts
Lebanon housing costs surge amid property crunch as conflict fears spark exodus, echoing 2006 war
Lebanese fleeing conflict zones spark safe housing shortage and rental price surge, compounding pressures on peak tourism season
economic crisis
Egypt’s economy freefalls as experts look to lessons from Lebanon’s crisis
Egypt’s economic crisis deepens as reform delays pile on fiscal and debt pressures
Beirut Rafik Hariri International Airport
Lebanon cancels $122mn Beirut airport terminal over ‘corruption’ scandal
Lebanon had announced the construction of a new terminal at Beirut’s airport last Monday, which was set to welcome about 3.5 million passengers annually by 2027
Central Bank of Lebanon
Lebanon’s pound slumps to all time low of 100,000 to US dollar
Lebanese pound drops to a historic low as people in Lebanon suffer from economic crisis
currency crisis
Lebanese go hungry as poverty rises amid economic failure: Report
The majority of people in Lebanon are unable to secure their social and economic rights