by arabnews.com -- NAJIA HOUSSARI -- BEIRUT: Many national celebrations for Lebanon’s 77th Independence Day on Sunday were canceled amid the coronavirus pandemic, the political divide, the economic downturn and the aftermath of Beirut’s port blast on Aug. 4. However, several wreaths were laid on the graves of several independence statesmen, while Army Commander in Chief General Joseph Aoun laid a wreath on the memorial statue of the Lebanese Army martyrs. The civil movement celebrated the day in a different way, suspending brooms and wreaths of basil on the walls of public institutions such as the headquarters of the government, the parliament, the Ministry of Economy, the Bank of Lebanon, the Ministry of Health, the Ministry of Finance, the Palace of Justice, the Ministry of Foreign Affairs, Electricity of Lebanon, the Association of Banks and the Port of Beirut. Basil wreaths are usually placed on the graves of the dead but these carried the demands of the protesters. “We chose this way of expression as we are unable to take to the streets again because of the COVID-19 pandemic. We are sending a clear message to officials that true independence will only be achieved by returning state institutions to the people who are the source of all powers. We wanted to mourn the corrupt authority,” activist Mahmoud Fakih told Arab News.

The Lebanese fear the collapse of their state in the light of corruption, the quotas that hinder the formation of the government and the failure to achieve the reforms required to support Lebanon from abroad. The chaos surrounding Lebanon’s economic crisis has deepened after international firm Alvarez & Marsal terminated its contract to audit the central bank’s accounts. On Sunday, the black market exchange rate for dollars in Lebanon soared to more than 8,400 Lebanese pounds to the dollar. Many activists expressed their indignation on social media. Lawyer and activist Nizar Siagha wrote on Twitter: “The independence of the people from the leaders that have transformed the state into a fiesta is the independence for which we are fighting today, the independence of equality, justice and solidarity without discrimination.” Dr. Suzanne Hosri, a researcher at the Issam Fares Institute for Public Policy and International Affairs at the American University of Beirut, wrote: “This year, I refuse to celebrate or even mention Independence Day. There is no independence before the liberation of the homeland from the corrupt and failed system. There is no sovereignty before holding leaders across the sectarian spectrum accountable for our fear, disease and death. There is no freedom before breaking the shackles of our intolerance and sectarianism toward an open and responsible citizenship capable of defending its dignity and rights. No to a fake and misleading Independence Day!”

by REBECCA ANNE PROCTOR -- .arabnews.com -- BEIRUT: In the Zero 4 shopping hub in Antelias, a small town just 5 kilometers outside Beirut, Elie Kesrouwany sits at a table sipping his morning coffee, surrounded by stacks of board games. With Lebanon’s economy on the rocks and the coronavirus outbreak forcing stores to close, Kesrouwany’s business, On Board, is one of the few here that remain open. Lying sprawled across the table is a deck of comically illustrated cards from his latest creation: Wasta. The board game, inspired by the anti-government protests that swept Lebanon in October 2019, is an exercise in witty seriousness and black humor. The illustrations, by popular cartoonist Bernard Hage, highlight what many Lebanese view as the bane of their lives: corruption, clientilism and nepotism. Elements of this entrenched culture have also been held responsible for the Beirut port blast on Aug. 4, when nearly 3,000 tons of improperly stored ammonium nitrate exploded, killing more than 200 people and leaving 300,000 homeless. “I wanted to criticize society, particularly present Lebanese society,” said Kesrouwany, who lost several friends in the blast. “We are in huge pain every day. My entire generation has been suffering from our present predicament and these warlords in the government have been there for years sucking the blood of this country.”

Wasta, which takes its name from an Arabic word for political and social influence or sway, is commonly used to denote an individual’s powerful connections used to rig opportunities in their favor. The game was first released in June, two months before the port explosion, and sold out its first batch of 500 units in just two weeks. It has been so popular, particularly among the Lebanese diaspora, that Kesrouwany is now creating an English-language version and an expanded second edition, with new illustrated characters to correspond with the country’s latest travails. Kesrouwany, who worked as a librarian for 17 years before establishing his business, says he has long been a lover of these humble tabletop games — a vanishing pastime in the age of smartphones and gaming consoles. “I began collecting board games in the trunk of my car and would go into coffee shops and offer games for people to play,” Kesrouwany told Arab News. “I then organized board game nights. It was a side gig at the time and one I was greatly passionate about.”

  by arabianbusiness.com — At a time when the economy appears to be falling apart around them, innovative family start-ups are thriving …

by By Tina Abou Rizk -- bytheeast.com -- Can the Banque du Liban really find a good solution to extinguish all the criticism? As part of a broader push to combat the financial crisis that has engulfed Lebanon, the country’s central bank aims to go high tech by adopting a digital currency. What’s in it for Lebanon? In 2021, Lebanon’s central bank plans on launching a new digital currency to combat the parallel economy as well mitigate issues arising out of the coronavirus-induced Covid-19 financial crisis that has piled on more pressure to Lebanon’s massive debt-piled economy. Addressing a gathering of officials, central bank governor Riad Salameh stated, “We must prepare a Lebanese digital currency project” as a means to shore up and build confidence in the country’s banking system. “As for the monetary supply in the Lebanese market, it is estimated that there are $10 billion stored inside homes,” reported state-run National News Agency quoting Salameh as saying. He went on to add, the digital currency project is scheduled to be launched in 2021 and is targeted at introducing a cashless economy and add resilience to the country’s financial system in order to support, strengthen and enhance the flow of money that flows in the local economy as well as remittances from abroad.

Much of Beirut’s foreign exchange comes from remittances from the country’s global diaspora. Case in point, in 2019, personal remittances represented nearly 14% of the country’s gross domestic product, according to a report from the World Bank. In 2004, it was as high as 26.4%. Lebanon will maintain its gold reserves as a hedge against a a turbulent market, said Salameh. In the event of a demand for liquidity, the central bank could liquidate its bullion on the forex market for immediate relief. “Lebanon doesn’t have any natural resources and we have to keep the gold because its an asset that could be liquidated in foreign markets if we face an inevitable, fateful crisis,” said Salameh to the state-run National News Agency. Incidentally, the plan to introduce a digital currency was in the pipelines since some time with Salameh unveiling the plan in mid-2019 that the monetary regulator was working on the project.