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Weekly wrap up

Weekly Wrap Up

1- The Association of Banks issued a statement threatening to just close banks.

This is caused, they said, as a result of “burdening them with legal and regulatory obligations that they cannot bear.” Their threat of shutting off Lebanon financially would completely stop relations with correspondent banks abroad.

2- The price of internet rises.

Nine private internet companies announced that their pricing for next year will include 25% of the invoice value in cash dollars, and the remaining 75% calculated according to the exchange rate of $1=LBP 8,000.

3- Judge Tarek Bitar’s port investigations were suspended, again.

For the fourth time now, MPs Ali Hassan Khalil and Ghazi Zeaiter submitted a request for recusal before the Civil Court of Cassation, headed by Judge Naji Eid. The investigations will remain suspended until Judge Eid rules on the request.

4- Circular 161, recently issued by BDL Governor Riad Salameh, brings chaos and tension back to banks.

Several military officers and the majority of public sector employees were angered as banks were unable to provide their salaries in dollars.

5- FPM’s efforts to squash the expat vote fail spectacularly.

The Constitutional Council failed to gather a majority vote on an appeal of amendments made to the upcoming parliamentary elections law, and filed by the Free Patriotic Movement.

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