Beirut, seen from Fanar. (Credit: Philippe Hage Boutros).
-Banque du Liban (BDL) asked banking institutions to pay customers benefiting from the provisions of Basic Circular 158 and 166 — the equivalent of two monthly withdrawals in December for the third month in a row.
This decision, set up following Intermediate Circulars 717 and 718, is similar to one adopted for November. Withdrawal amounts are, however, lower than those of October when BDL had allowed customers to receive the equivalent of three monthly payments.
As in the previous two months, BDL acting governor Wassim Mansouri justified the decision, which was approved by the central board on Tuesday, in light of the « emergency conditions facing the country. » BDL added that the provisions of these two circulars will be applied again as per their initial terms starting in January.
-Lebanon’s balance of payment (BOP) for August 2024 — the amount of money flowing into the country versus the amount flowing out — recorded a surplus of around $5.1 billion compared to a surplus of $1.07 billion in August 2023, according to BlomInvest’s latest analysis. This represents an increase of 377 percent between the two months.
« There’s been a change in the way BOP measurement is made, » explained the research department at BlomInvest. « Gold was previously not included under the BDL’s foreign assets, » but this changed in January 2024, « based on the BDL Central Council Decision Number 37/20/24, dated 19/09/2024, » the report noted.
- The average price of Lebanese Eurobonds on the secondary market closed the week at 9.35 cents to the dollar, considered one of the highest recorded levels, reported Marwan Barakat, head of Bank Audi's economics department. The price stood at 8.50 cents a week earlier.
These prices are negotiated between Eurobond holders on the secondary market, given that Lebanon has not issued any new series since its default in March 2020, and has since only issued treasury bills in Lebanese pounds, the value of which has collapsed by 90 percent in five years.
For Marwan Barakat, this appreciation in the price of Eurobonds is directly « linked to the conclusion of the cease-fire and the improved political and economic outlook. » Institutional investors are betting on an end to the domestic political stalemate that has characterized Lebanon in recent years, as well as on the possibility of foreign currency debt restructuring down the line.
-The fuel sector must comply with three new standards for imported and distributed petrol and diesel by the end of December. The Cabinet adopted these standards in a decree dated Sept. 12 and published a week later in the Official Gazette. Developed by the Lebanese Standards Institution (Libnor), they aim to align Lebanon with European standards.
« Their implementation will help improve the quality of fuel distributed in Lebanon and reduce environmental harm, which will have a positive impact on public health, » Lena Dargham, Director General of Libnor, told L’Orient Today.
According to Libnor, these standards outline « the general requirements and testing methods to be adopted » to ensure the quality of unleaded petrol and diesel intended for vehicles with internal combustion engines. The fuel is therefore relatively « cleaner, » improving air quality for those who breathe it and performance for the vehicles that use it.
-After being on the rise for a week, gas prices fell again on Friday in Lebanon, according to the latest price list from the Energy Ministry. Diesel and fuel oil prices have also increased, while domestic gas prices have remained unchanged.
Here are the new rates:
Article of the week:
Several Middle East Airlines (MEA) flights are already fully booked for the upcoming month as the Lebanese diaspora rushes to book their tickets to spend the holidays home. « The number of flights might increase as of Dec. 11, » said Jean Abboud, President of the Association of Travel & Tourist Agents in Lebanon (ATTAL). Abboud believed that « we would have to wait at least until the coming week » to find out the actions that other airlines would take. Read Philippe Hage Boutros’ article:
