BEIRUT (Reuters) – Lebanese parliament speaker Nabih Berri has warned that removing the central bank governor would send the currency tumbling and threaten deposits, after the prime minister slammed Riad Salameh for the pound’s fall. Prime Minister Hassan Diab on Friday cast Salameh as responsible for a currency crisis that has threatened to further destabilise a country already in dire financial straits. The pound, which has lost more than half its value since October, slid to record lows on a parallel market last week, nearing 4,000 to the dollar before currency dealers on Friday went on strike. The official pegged pound rate of 1,507.5 to the dollar is available only for certain vital imports. In comments carried by Sunday’s An-Nahar newspaper, Berri said Lebanon could not afford to remove Salameh just as it was entering negotiations with foreign bondholders after defaulting on debt obligations last month. “Lebanese will wake up to the price of the dollar at 15,000 pounds,” he said. “I am not defending Salameh or anyone, I am defending Lebanon. And if the central bank of Lebanon does not remain, then everyone knows that depositors’ funds are gone forever.”

The politically influential Maronite Catholic Cardinal patriarch said criticism of Salameh would only hurt Lebanon. “We ask: who benefits from the destabilisation of the central bank governorship?” said Patriarch Bechara Boutros Al-Rai. “We know the dire outcome, which is eliminating the confidence of the Lebanese people and (foreign) states in the constitutional foundations of the state.” Lebanon is governed according to a sectarian system that parcels out state positions according to religious group. The central bank governor is always a Maronite Christian while the premier is always a Sunni Muslim. Diab’s government was formed in January with the support of the powerful Iranian-backed Shi’ite movement Hezbollah, and has struggled to enact the economic reforms demanded by foreign donors.

قال البطريرك مار بشاره بطرس الراعي أثناء القاء عظته في الأحد الثاني بعد القيامة بلبنان، اليوم
“سَارَ يَسُوعُ مَعَهُمَا، واستَمَعَ لَهُمَا، ثُمَّ فَسَّرَ لَهُمَا الكُتُب، فَاضْطَرَمَ قَلْبُهُمَا”، تحت صدمة الصَّلب، غادر تلميذان منهم أورشليم بعد ظهر الأحد عينه، على الرَّغم من تسرُّب خبر قيامة يسوع، وفيما هما يسيران مكتئبَين، ويتحادثان بشأن الحكم عليه بالموت صلبًا، وتحطيم رجاء الشَّعب كلّه،إذا بيسوع الحيّ الدَّائم، يقترب منهما ويَسير معهما. ومن بعد أن استمع لهما، وهما يَسرُدان سبب غمِّهما بشأن صلب يسوع، “الرَّجل النبيّ القدير بالقول والفعل قدَّام الله والشَّعب كلّه” (الآية 19)، راح يفسِّر لهما ما يتعلَّق به في كلِّ الكتب من موسى إلى جميع الأنبياء”. ومن بعد أن عرفاه عند “كسر الخبز” وغاب عنهما، قال الواحد للآخر: أمَا كان قلبُنا مضطرمًا فينا، حين كان يُكلِّمنا في الطَّريق ويشرح لنا الكتب؟ وللحال رجَعَا إلى أورشليم لينقُلا بُشرى قيامته (الآيات 27-32).

by ibtimes.com — Assailants lobbed an explosive device at a bank in Lebanon Saturday, in the latest attack on financial institutions in a country facing its worst economic crisis in decades. The official National News Agency said the night-time assault targeted a branch of Fransabank in the southern port city of Sidon, damaging its glass facade. There were no immediate reports of any casualties. The attack came a day after Prime Minister Hassan Diab said Lebanese bank deposits had plunged $5.7 billion in the first two months of the year, despite curbs on withdrawals and a ban on transfers abroad.

by thearabweekly.com — Samar Kadi —  BEIRUT – Lebanon is bracing for a more painful and restive post-COVID-19 phase marred by social unrest amid deteriorating living conditions, skyrocketing prices and a nosediving devaluation of the Lebanese pound, analysts say. Anti-government protesters have taken to the streets in different parts of Lebanon despite a nationwide lockdown enforced since March 15 to stem the spread of the deadly coronavirus. Protesters blocked highways and gathered in squares and outside the Central Bank in Beirut in defiance of confinement restrictions. In the Bekaa town of Taalabaya, in east Lebanon, the army used force to disperse demonstrators, causing minor injuries to 40 protesters. “There is no doubt that people are full of anger. Recent polls indicated that the percentage of those frustrated with the ruling class is much higher than it was when the anti-government protests first began in October last year,” said political analyst Johnny Mounayar. “More people are getting hungry, losing their income and jobs and the pound continues its downward spiral against the dollar, unabated,” said Mounayar.

by newsweek.com — North Korean supreme leader Kim Jong Un missed another national holiday on Saturday, fueling rumors and reports of his health. But U.S. intelligence sees no sign of unusual military activity that would suggest something amiss. “Regional militaries in the Western Pacific and Asia, including those of our partner nations, remain at readiness levels consistent with historical norms,” a senior Pentagon official told Newsweek because they were not authorized to speak on the matter. “We have observed no indications or received any additional information to make a conclusive assessment on the status of North Korean leadership or health of Kim Jong-un,” the official added. “We continue to monitor the situation.”

But Kim Jong Un, believed to be 36 and usually the center of his society, was still nowhere to be seen Saturday as his country commemorated Military Foundation Day. The Stimson Center’s 38 North monitor shared satellite imagery showing that a roughly 820-feet long train has appeared at the North Korean head of state’s compound in the east coast city of Wonsan in recent days. The supreme leader has not appeared in public since his country’s closely-controlled media published photos of him two weeks ago attending aerial exercises and presiding over a politburo meeting of the ruling Korean Workers’ Party Central Committee. His failure to appear days later at Day of the Sun celebrations dedicated to his grandfather, national founder Kim Il Sung, first sparked speculation regarding his well-being that the official told Newsweek may not be unfounded. “With the presence of the train and his absence from two major events, there is certainly credibility to report that KJU is either in a serious health condition or potentially deceased,” the official said. “Since he is perceived as a deity in NK, his death would instantly trigger nationwide indications, so there is potential that the government had delayed an announcement in order to have everything in place to maintain security across the country,” the official added.

by naharnet — Al-Mustaqbal Movement leader ex-PM Saad Hariri lashed out Friday at Prime Minister Hassan Diab and the rival political parties, accusing them of seeking revenge against “an entire era” while attempting to destroy “the free economic system.” In a strongly-worded statement responding to Diab’s speech earlier in the day, Hariri accused the PM of delivering an “uncalculated” address and declaring a “coup” with a “military language.” “These are dangerous remarks seeking to manipulate people’s sentiments and their social concerns and fear for their livelihood with the aim of distancing himself from the government’s blatant dereliction,” Hariri charged. “This is the phase of revenge against an entire era and they have tasked the premiership with leading the attack,” the ex-PM said. He added: “Bravo, Hassan Diab. You did a good job. Here you are fulfilling their dreams in destroying the free economic system. They are clapping for you at the (presidential) palace.” “How can you ignore the party responsible for half of the public debt through subsidizing electricity and seven years of paralyzing state institutions? How can you not ask about the policies that harmed Lebanon’s Arab and international ties? How can you disregard the responsibilities that should be borne by those practicing a new tutelage over the premiership? Is the central bank governor to blame for all of this?” Hariri asked, addressing Diab.

In his speech, Diab said he is holding Central Bank Governor Riad Salameh responsible for the downward spiral of the national currency, accusing him of pursuing “opaque” policies that sent the pound crashing against the dollar. The government has agreed with Lebanon’s president to hire an independent international auditing company to review the Central Bank’s performance, Diab said. The move, and the premier’s speech, were an indication of a widening rift with the country’s longtime chief financial decision-maker. Diab urged Salameh to speak openly to the public about the financial crisis, hinting that the governor has intentionally engineered the crash of the pound.

BEIRUT: Ziad Abdallah has watched with growing alarm as Lebanon’s financial meltdown has threatened the savings he spent 25 years building up in his dollar account. First his Lebanese bank reduced dollar withdrawals, then it stopped them entirely. Now the central bank has issued rules saying any withdrawals must be in the collapsing Lebanese pound at a rate likely to mean he will face a loss. “This is appropriation of wealth,” said the shop owner who returned to Lebanon from abroad after the 1975-90 civil war, joining a call to rebuild a nation that had long prided itself on offering banking stability even in the most turbulent times. This cornerstone of Lebanon’s economy has now been shaken to its core, as long-brewing economic troubles and the country’s mounting national debt spilled over into a full-blown banking crisis even before the coronavirus outbreak added a fresh blow.

Lebanon’s fixed exchange rate has been a major casualty. The Lebanese pound has been pegged at 1,500 to the dollar since 1997, a guarantee that meant pounds and dollars were both widely used. It gave Lebanon’s diaspora the confidence to repatriate capital, building deposits that helped finance the state. The official peg remains for some essential goods, but the currency has plunged to about 3,500 on the unofficial market. From this month, banks began allowing small depositors to cash out dollar savings, but at a rate of 2,600 pounds.

by gulftoday.ae — Lebanon has detained a man over the killing of 10 people including his wife, two brothers and two Syrian children, a judicial source said on Thursday, in a crime that shocked the country. The case has stirred public opinion since the discovery on Tuesday of the first nine bodies near the village […]

by aawsat.com — Lebanon’s government needs to enact a rescue plan that rebuilds confidence in the economy and tackles root causes behind the country’s financial crisis, a senior International Monetary Fund official said in comments published on Wednesday. “The priority for the IMF is the need for the government to approve a rescue plan that […]

by arabnews.com — NAJIA HOUSSARI — BEIRUT: The Lebanese Parliament convened for the third time this week on Wednesday as dozens of protestors again took to the streets in their cars to raise their concerns about rising poverty and hardships amid the COVID-19 lockdown. Parliament dropped the expedited status of a proposed law to waive the immunity of presidents and ministers and returned it to parliamentary committees “for further study, to secure the independence of the judiciary and its constitutional right to trial.” Parliament also rejected a bill proposing that — in line with demands of protestors for the past six months — the current parliamentary term be shortened and elections held as soon as possible, and another bill proposing the suspension of public works in order to focus on the construction of the Bisri Dam. The dam has been strongly opposed by the civil movement, residents of mountainous areas, and environmental activists. Parliament did approve a proposed law put forward by MP Paula Yacoubian to ban pictures and posters of political leaders, officials, and employees in public places. Prime Minister Hassan Diab announced his approval of this move, while Progressive Socialist Party bloc MP Hadi Abou Hassan said, “It is implementation that matters.”

Independent MP Michel Moawad suggested that the law should also apply to “posters of religious figures and party flags,” referring to Hezbollah. A number of MPs attempted to address Lebanon’s ongoing economic and social crisis, which has been exacerbated by the COVID-19 pandemic. They warned of possible civic unrest and of the possibility of a greater collapse of the Lebanese lira against the dollar. A number of MPs also enquired about the fate of misappropriated funds. Parliament Speaker Nabih Berri responded that the government “has completed its promised economic plan, and Parliament will soon discuss it.” After the legislative session, Diab said the government’s reform plan would be discussed next week.

The civil movement continued its car-bound protests for the second day in succession — obeying the social-distancing guidelines — but protestors were unable to get close to where the legislative session was held. The Ministry of Health reported five new COVID-19 cases, including two in Rayak in the Bekaa Valley, which brought the total number of cases in Lebanon to 682. One patient from Dinniyeh in northern Lebanon with underlying health issues died bringing the number of COVID-19-related deaths to 22.

by AP — BEIRUT: A gunman shot dead nine people Tuesday, including five Syrians, and left their bodies in several locations in a mountain village southeast of the capital Beirut, the prime minister and state news and said. A motive for the killings was not immediately known, said the state-run National News Agency. It said […]