Latest news with #BanqueDuLiban
LBCI
18-06-2025
- Business
- LBCI
BDL raises withdrawal limits under Circulars 158 and 166
The Banque du Liban (BDL) announced an increase in monthly cash withdrawal limits, as outlined in Circulars 158 and 166, citing ongoing economic and financial hardship, as well as the urgent financial and humanitarian needs of depositors. In a statement on Wednesday, BDL said Circular 158's monthly cash withdrawal limit will rise from $500 to $800, while Circular 166's limit will increase from $250 to $400. These new limits will take effect on July 1, 2025, and will remain in place for one year, renewable through July 1, 2026. The decision also includes an extension of both circulars, originally set to expire on June 30, 2025. BDL emphasized the importance of swiftly passing legislation that ensures the return of depositors' funds. It added that it is actively coordinating with the Lebanese government and Parliament to achieve this goal. Read the full decisions on Circulars 158 and 166.
LBCI
11-06-2025
- Business
- LBCI
Lebanon faces political paralysis: Key appointments remain on hold
Report by Nada Andraos, English adaptation by Yasmine Jaroudi The term of Lebanon's four deputy governors at the Banque du Liban (BDL) officially ended on June 9, yet no successors have been appointed, nor have the current officials had their mandates renewed. While the publicly cited reason for the delay is the packed travel schedules of the President and the Prime Minister, the real cause lies in deep political divisions—primarily between the President and the Parliament Speaker and, to a lesser extent, between the President and the Prime Minister, along with other stakeholders involved in the appointments. This institutional deadlock is not limited to BDL. Similar paralysis has affected judicial and diplomatic appointments. Political infighting, conflicting conditions, and a quota-based power-sharing system have complicated even the distribution of ambassadorial posts to key global capitals. In the judiciary, tensions have escalated into a standoff between Justice Minister Adel Nassar and Speaker Nabih Berri over appointments in the financial judiciary sector. Lebanon is teetering on the brink of total paralysis. Every major decision appears suspended, dependent on unpredictable external developments, while political gridlock deepens with each passing day. Security concerns add to the instability, with mounting obstacles to implementing U.N. Security Council Resolution 1701, which calls for the withdrawal of Hezbollah's weapons north of the Litani River, as well as the disarmament of Palestinian groups. On the financial front, the international community is awaiting the adoption of a comprehensive package of reform laws and a credible plan to close the financial gap, prerequisites for finalizing an agreement with the International Monetary Fund (IMF). Ultimately, Lebanon remains mired in political obstruction. A profound trust crisis persists among the country's leaders as they await foreign initiatives that have yet to materialize. Meanwhile, the goal of rebuilding the state, reforming its institutions, and putting Lebanon on a path to recovery remains suspended in uncertainty, with no resolution in sight.
LBCI
02-06-2025
- Business
- LBCI
Lebanon and IMF continue negotiations at Finance Ministry
Negotiations between Lebanon's Finance Ministry and the International Monetary Fund (IMF) resumed Monday afternoon in Beirut, focusing on the country's Medium-Term Fiscal Framework (MTFF) and the guiding principles for financial policy in the coming phase. The discussions, which built on last week's meetings, centered on strategies aimed at restoring financial stability and encouraging sustainable growth. According to preliminary data compiled by the IMF delegation through meetings with Lebanese financial and economic institutions, potential solutions to the country's crisis remain viable, especially if the government continues implementing reforms. The MTFF being developed is intended to be both realistic and flexible, reflecting Lebanon's economic challenges while promoting fiscal transparency, discipline, and long-term structural reforms. Key components include prioritizing effective public spending tools in alignment with the country's development and social needs. Attending the meeting were Finance Minister Yassine Jaber, Economy Minister Amer Bisat, Director of Public Finance Georges Maarawi, Banque du Liban (BDL) Vice Governor Salim Chahine, and economic and financial advisors from the presidency, the Prime Minister's Office, and the Ministry of Finance. Representing the IMF was mission chief Ernesto Rigo and a team of specialized experts. Jaber and Rigo held a separate working session to assess progress since last Friday's talks and to prepare for the broader afternoon meeting. In a separate development, Minister Jaber, along with Maarawi and advisor Claudine Karaki, met with a delegation from the European Union that included representatives from the European Commission, the European Investment Bank, and the European Investment Fund. Discussions focused on advancing joint efforts in economic reform, infrastructure modernization, and digital transformation. The talks also emphasized the importance of private sector support and investment incentives, as well as the EU's interest in monitoring Lebanon's progress toward an IMF-backed reform agenda.
LBCI
22-05-2025
- Business
- LBCI
BDL pursues legal action over embezzlement allegations, commits to transparency
The Banque du Liban (BDL) announced it is continuing to take legal measures, in coordination with international law firms, to pursue any individuals—whether natural persons or legal entities—who held positions of responsibility within the bank or were directly or indirectly affiliated with it and are suspected of involvement in embezzlement or illicit enrichment. BDL's statement comes amid ongoing efforts to restore institutional credibility and financial transparency. It confirmed that Alvarez & Marsal, the firm tasked with conducting a forensic audit, has received all requested information necessary to complete the first phase of its assignment, commissioned by the Finance Ministry. The bank reiterated its readiness to cooperate fully should the Lebanese government choose to expand the firm's mandate. On the legislative front, BDL said it is working closely with the government and parliamentary committees to review proposed legal amendments, aiming to align them with existing banking regulations while safeguarding the bank's independence and authority. BDL governor expressed openness to engaging with stakeholders including depositors' committees, business associations, and the banking sector. He noted these discussions are focused on outlining the general principles and strategic roadmap BDL intends to follow to achieve sustainable financial balance. The statement emphasized that any reports concerning specific policy steps or proposals beyond the outlined framework are purely speculative and do not represent the bank's official position.
