One of the secondary entrances of the Banque du Liban, located in the Hamra district of Beirut. (Credit: Photo P.H.B./L'Orient-Le Jour)
Last week, Banque du Liban (BDL, or central bank) began drafting specifications with a view to launching, in accordance with Public Procurement Law, a call for tenders to appoint an international specialist firm to conduct a forensic audit of the nearly $20 billion missing from the balance sheet since Oct. 17, 2019.This came after the Cabinet decided last Thursday to initiate an external forensic audit of the “subsidy funds” received by merchants, businesses, companies, associations, etc. between Oct. 17, 2019, and July 2023.During that period, BDL provided foreign currency to importers to purchase basic goods and raw materials at the then official rate of LL1,500 LL to the U.S. dollar, while the exchange rate was soaring on the parallel market. More finance scandals Touch building affair: Jarrah and Sehnaoui defend themselves after...
Last week, Banque du Liban (BDL, or central bank) began drafting specifications with a view to launching, in accordance with Public Procurement Law, a call for tenders to appoint an international specialist firm to conduct a forensic audit of the nearly $20 billion missing from the balance sheet since Oct. 17, 2019.This came after the Cabinet decided last Thursday to initiate an external forensic audit of the “subsidy funds” received by merchants, businesses, companies, associations, etc. between Oct. 17, 2019, and July 2023.During that period, BDL provided foreign currency to importers to purchase basic goods and raw materials at the then official rate of LL1,500 LL to the U.S. dollar, while the exchange rate was soaring on the parallel market. More finance scandals Touch building affair: Jarrah and Sehnaoui defend themselves...
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