New BDL restrictions, question-raising car crash, increased bread prices: Everything you need to know to start your Wednesday

Yesterday, Banque du Liban issued Circular No. 679 banning commercial banks from charging new fees for account management, days after reports emerged that Bank of Beirut had introduced a $100 monthly charge on pre-crisis, or so-called “lollar,” accounts. BDL prohibits banks from imposing new fees and commissions on deposits, other than those that existed prior to Oct. 31, 2019. The circular also instructs banks to publish the real cost of account fees, how they are calculated and how they must be settled. Last Thursday, Bank of Beirut customers told L'Orient Today the bank had begun deducting a monthly $100 in management fees from their blocked accounts. Informally frozen funds, subject to restrictions since October 2019, can only be accessed in limited quantities through BDL circulars. Depositors have repeatedly held up banks to forcibly retrieve the funds.

Ain Ibl municipality chief Imad Lallous attributed the death of Yvette Hasrouni — the widow of Lebanese Forces (LF) official Elias Hasrouni, who was allegedly kidnapped and killed in August — to “a car accident and nothing else.” The collision occurred while Yvette and her sister were “heading to Rmeish [a nearby locality],” said Lallous. Yvette’s sister suffered a broken hand and shoulder. On Friday, LF leader Samir Geagea called for the investigation into Elias Hasrouni’s death to resume. Security camera footage purporting to show Hasrouni’s kidnapping from Ain Ibl spurred a renewed investigation into his death, for which the LF has repeatedly blamed Hezbollah. Geagea earlier claimed that the country’s security forces are unable to complete the investigation.

A car crashed through the storefront of a pharmacy in Jbeil and injured two people yesterday, eyewitnesses told L’Orient Today. The driver reportedly intended to park outside the Rahbani pharmacy but was said to have pressed the gas pedal instead of the break, slamming into the druggist, where approximately 10 customers were gathered. One of the pharmacy’s employees was among those injured.

Kataeb leader Samy Gemayel called on Hezbollah to propose an alternative to its current presidential candidate, Marada Movement leader Sleiman Frangieh. Gemayel accused Hezbollah of wanting to “impose its candidate.” The day before, Hezbollah leader Hassan Nasrallah said there was “nothing new” regarding the election. Last month, Parliament Speaker Nabih Berri said the next parliamentary presidential election session would take place in early October, though a date has yet to be set. Qatar’s foreign minister is also expected to visit Beirut early this month after fellow Group of Five diplomat Jean Yves Le Drian held a third round of meetings with Lebanese officials.

The Beirut and Mount Lebanon bakery owners’ syndicate head Nasser Srour blamed the doubling of the exchange rate used to price wheat for the price increase of Arabic bread bundles from LL43,000 to LL47,000, the state-run National News Agency reported. Srour said that wheat is the only subsidized ingredient in bread. He called for the rapid implementation of a ration card issued to vulnerable households to purchase bread, highlighting that bread subsidies are scheduled to end in May 2024. Last month, caretaker Economy Minister Amin Salam said there was “no decision” to lift subsidies. On Monday, the NNA relayed Salam’s comments to Alhurra, in which he announced card holders, namely lira earners, security personnel and vulnerable households, would receive $20-25 for purchasing bread after funds given under an emergency World Bank loan granted to secure bread supply are depleted. In August 2022, queues formed at bakeries across the country amid wheat and bread shortages.

In case you missed it, here’s our must-read story from yesterday: “‘Money gets moldy’: How are people stashing their cash after losing trust in Lebanese banks?”

Compiled by Abbas Mahfouz