by arabnews.com — NAJIA HOUSSARI — BEIRUT: Lebanese authorities have ordered a crackdown on illicit foreign currency speculation as protests continue in Beirut. The Attorney General Judge Ghassan Oweidat directed the Lebanese security services, including the Military Intelligence, the Internal Security Forces, the General Security, the State Security and the customs officials, to pursue money-changers who tamper with the national currency and are involved in illicit foreign currency speculation. This move, not the first of its kind, is an attempt to dampen the widespread indignation that has continued for six days and intensified in street protests on Saturday and Sunday, which broke out after the dollar exchange rate hit 11,000 Lebanese pounds.

The protesters set up road blocks with rocks and burning tires on all major streets in Beirut and on the highways linking the regions. The Lebanese army reopened the blocked roads. Hundreds of people protested on Sunday night on motorcycles, roaming near the suburbs inhabited by a majority of Christians, which prompted the mobilization of security forces. A clash took place in Choueifat between the protesters and a driver who drove through a blocked road, injuring seven protesters. The security forces arrested him. The protests have moved from one area to the next without any visible leadership. During the weekend, they went into areas that were not usually affected by protests, including the southern suburbs, the southern road, which Hezbollah deems forbidden to be blocked, and the city of Hermel in northern Bekaa, where people staged a sit-in and burned tires to protest over the poor living conditions.

by arabnews.com — NAJIA HOUSSARI — BEIRUT: Lebanon’s caretaker Prime Minister Hassan Diab on Saturday threatened “to refrain” from exercising his duties in protest at politicians’ failure to form a new government. The country’s lawmakers have failed to agree on a new administration since the last one resigned after the devastating Aug. 4 port explosion in Beirut. There has also been a sharp increase in tension between President Michel Aoun and Prime Minister-designate Saad Hariri, as well as a currency collapse to contend with. Angry protesters took to the streets in various regions after the dollar exchange rate on the black market jumped to LBP10,450, directing their anger at banks and supermarkets. Diab, addressing the Lebanese in a televised speech, asked why people should “pay the price for political ambitions and maneuvers,” and warned that the country had “reached the brink of explosion” after the currency’s collapse. “Is it required to dissolve the state after it has become the weakest link?” he asked. “The current crisis is likely to worsen, and the scene of the race for milk in the supermarket should be an incentive for transcendence and forming a government. The situation may force me to refrain (from exercising caretaker duties) and I may resort to it, although it contradicts my convictions. Who can deal with the next dangerous repercussions and more suffering of people?”

Analysts feared that Diab’s retreat may lead to a further collapse of the Lebanese pound, with lawyer and former minister Rachid Derbas explaining what could happen. next. “Refraining means (the) complete paralysis of the caretaker government’s work,” he told Arab News. “The late Prime Minister Rashid Karami had previously refrained. But I think that Diab’s move is in response to the pressures exerted on him by the ruling authority to hold Cabinet sessions in violation of the constitution because they do not want to form a new government now.” He added that if Diab decided to refrain there would be more pressure on Aoun and the leader of the Free Patriotic Movement (FPM) Gebran Bassil, who were “obstructing” the formation of the government. “But I believe that Aoun and Bassil will not back down from imposing their conditions for the formation. Portraying the dispute as between Hariri and Aoun is absurd. Hariri will not give the ‘blocking third’ to Aoun or the FPM, as he is not ready to be another Hassan Diab.” He also forecast the trouble that lay ahead if Hariri walked away from forming a government. “This means that the exchange rate of the dollar will reach LBP20,000.”

By John Cookson — catholicherald.co.uk — — Baghdad — Pope Francis ended the first day of his historic trip to Iraq with hymn singing, clapping and white and yellow flowered-garland handed by well wishers shouting: “Long Live the Pope (Viva il papa! In Italian, localised in “Viva La Papa!)” as he entered the Cathedral of Our Lady of Salvation in the Iraqi capital, Baghdad. The joyous welcome came as he arrived to pray at Syriac Catholic cathedral in Baghdad’s Karrada district, the scene of one of the worst Al Qaeda atrocities in 2010, when suicide bombers gunned down members of the congregation and priests in an attack that left 58 people dead. Iraqi commandos stormed the church and bullets are still lodged in the sacristy. Forty-eight of the dead were Catholic, and senior Vatican officials are mulling their beatification as martyrs in the first step to possible sainthood. Survivors of the atrocity were among those who greeted Pope Francis, who referred to the church as having been “hallowed by the blood of our brothers and sisters who here paid the ultimate price of their fidelity to the Lord and His Church.”

Vatican spokesperson Matteo Bruni said this week the Pope had come to Iraq as an: “act of love” and it was clear from the faces of the faithful that they adored him, although they were few in number inside the church due to social distancing restrictions. Earlier the Pope touched down in Baghdad to a red carpet welcome and a greeting from Iraq’s Prime Minister Mustapha Al-Khadimi, who escorted Francis to his armour-plated limousine. The pair walked down more red carpet flanked by dancers performing and musicians playing. The Pope clearly enjoyed the moment and clapped to the beat although he was visibly limping from a recent flare up of sciatica which seemed worsen during the day. But if he was in pain he didn’t show it. After a twenty-minute drive to Baghdad’s secure Green Zone, the Pope arrived for a more formal ceremony at the Presidential Palace – a building with a chequered pedigree: It was built for Saddam around 30 years ago, but has been bombed by US Cruise missile strikes and rebuilt at least twice, although a casual observer today would not have known by looking at it.

by english.aawsat.com — Protesters in Lebanon burned tires and closed several major roads on Thursday in a third day of demonstrations as the severe economic crisis gripping the country continued to spiral out of control. The new wave of protests began on Tuesday after the Lebanese pound plunged to record lows on the black market, […]

by arabnews.com — BASSAM ZAAZAA — BEIRUT: A judge has ordered the Lebanese health ministry to vaccinate an 80-year-old man against coronavirus disease (COVID-19) after members of parliament jumped the queue to receive the jab. Joseph Al-Hajj registered in January for a vaccination along with other elderly Lebanese after they were asked to do so […]

By NAJIA HOUSSARI — arabnews.com — BEIRUT: Lebanese President Michel Aoun asked Central Bank Gov. Riad Salameh about the reason for the rise of the dollar exchange rate after exceeding 10,000 Lebanese pounds on Tuesday, which sparked protests across the country. Aoun also called for an investigation into the “speculative operations on the national currency […]

by english.aawsat.com — Protesters blocked some roadways in Lebanon for a second day on Wednesday after the currency’s fall to a new low further enraged a population long horrified by the country’s financial meltdown. In the past year, Lebanon has been through a popular uprising against its political leaders, the bankruptcy of the state and banking system, a COVID-19 pandemic and, in August, a huge blast that killed 200 people and destroyed parts of Beirut. The financial crisis has wiped out jobs, raised warnings of growing hunger and locked people out of their bank deposits.

Lebanese President Michel Aoun said in a tweet that he had asked the central bank governor for an inquiry into the reasons behind the country’s latest currency tumble and stressed that returning access to deposits was a leading goal. “The main priority remains refunding depositors’ money …illicit and suspect practices are the main reason behind the loss of a large sum of deposits,” a statement said. The collapse of the Lebanese pound, which fell to 10,000 to the dollar on Tuesday, slashed about 85% of its value in a country relying heavily on imports. It was the last straw for many who have seen prices of consumer goods such as diapers or cereals nearly triple since the crisis erupted. Demonstrators burnt tires and rubbish containers across many parts of Lebanon to block roads on Tuesday night.

by middleeastmonitor.com — Lebanon’s pound tumbled on Tuesday towards 10,000 to the dollar, a record low for a currency battered by a financial meltdown that has fuelled poverty and unrest, reports Reuters. The collapse, on a scale Lebanon has never seen, has slashed about 85% of the currency’s value in a country relying heavily on imports. The cost of scarce dollars hit 10,000 Lebanese pounds on Tuesday, said three currency dealers on the informal market, a main source of cash since banks stopped dispensing dollars. Two other dealers said earlier the greenback had traded at 9,900. That makes Lebanon’s minimum wage worth about $68 a month. Dozens of protesters blocked roads with burning tyres in central Beirut, on the road to the airport, and near the city of Baalbek. Others shut down a foreign exchange bureau in the southern city of Sidon, local media said. “We can’t bear it anymore… The dollar is going up and they don’t care about us. They’re still dividing up their gains,” Rabih Khaled, who has been unemployed for months, said at one of the protests.

Political leaders have failed to agree on a rescue plan since the crisis, rooted in decades of state graft, erupted in late 2019 as dollar inflows dried up. At the time, protests had gripped the country, fuelled by anger over economic hardship and new tax plans, including a daily 20-cent fee on Whatsapp calls. Prices of many consumer goods such as diapers or cereals have nearly tripled since then. Charities warn of rising hunger. The currency last touched lows close to 10,000 in the summer of 2020, weeks before the huge August port blast that devastated much of Beirut.

By FRANCESCO BONGARRÀ — arabnews.com — ROME: International media are following the pope’s visit to Iraq with enormous interest. Seventy-five journalists will travel aboard the special flight that will take the leader of the Catholic Church from Rome to Baghdad — almost double the number normally allowed on a papal flight. In addition, hundreds of reporters and camera crews will follow his visit on the ground. “This is certainly a historic journey. Francis is the first pope to go to Iraq, and he’ll be the first head of the Christian Church to enter the house of Abraham in Ur, where the history of Christianity began,” Manuela Tulli, Vatican correspondent for ANSA — Italy’s main news agency — told Arab News. She has been covering Pope Francis since he was elected in 2013. Though this will be her first visit to Iraq, it will be her sixth trip as an embedded reporter following him.

This journey “could change the history of interreligious dialogue,” and “may represent a historic turning point for Iraq,” she said. “The pope will go to that country in the middle of the second wave of the COVID-19 pandemic. Then, of course, there’s the problem of security in Iraq.” Pope Francis has expressed an interest in visiting the country and the Christians who live there since he was elected. “The pope wants to go. He wants to send a message of peace to a land tormented by war and divisions,” Tulli said. “He wants to go and say ‘basta’ (‘enough’) of war and violence. He isn’t afraid of the pandemic or any security issue.”

By Osama Habib — dailystar.com.lb — BEIRUT: Most Lebanese banks might be able to increase their capital by 20 percent on Feb. 28 and may partially be able to repatriate part of the 3 percent liquidity from abroad, but the challenges that lie ahead may be difficult to absorb in the future. All or most banks have apparently increased their capital by 20 percent, although many of them have not secured the 3 percent liquidity requirement, which could prompt the Central Bank to either put these lenders under its direct control or negotiate with them individually. Bankers interviewed by The Daily Star have warned that 2021 may be one of the biggest tests they will face as the lenders will be obliged to increase their capital adequacy ratio (Basel III requirement) by 8.5 percent before the end of 2021.

The Central Bank Thursday said that the Feb. 28 deadline for all banks to increase their capitals and repatriate 3 percent of the liquidity from correspondent banks will not be extended. “Contrary to what is circulated in many articles and analyses, Banque du Liban stresses that banks must comply with all the deadlines stipulated in its circulars to increase capital and secure external liquidity without any modification,” BDL said in a statement. BDL also stressed that after Feb. 28, 2021, banks must send all their data to the Banking Control Commission, which in turn checks them and sends the relevant reports to the Banque du Liban. “BDL also affirms that, according to the text of Article 70 of the Monetary and Credit Law, the stability of the banking sector is one of its duties and priorities, and therefore its approach will aim to take all measures aimed at addressing the situation of banks, leading to strengthening the stability of the banking situation and ensuring the funds and rights of depositors,” BDL added. Rami Nemer, the chairman of First National Bank, said his bank was able to increase the capital and secure at least 99 percent of the 3 percent liquidity requirement. “We already have over 9 percent of the capital adequacy ratio which is more than Basel III requirement. We did all these things to maintain our operations but I am still worried about the future if things in Lebanon continue to deteriorate like that,’ Nemer said. But many small and medium size banks were compelled to buy dollar banknotes from the black market in large volumes to secure part of the 3 percent requirement.