BREAKING: The interest rate on Lebanese pounds soared as high as 55% this week.
Banque du Liban is restricting local currency supply at banks to try to limit its depreciation.
BDL has also dropped the amount of dollars it pumps into the market.
Chaos.
Personal news:
I am delighted to announce that I will be joining Bloomberg next month as a Breaking News editor. I will be based in Abu Dhabi and mainly cover financial news in the Middle East. Really excited to start working with some of the most talented in the field
Good morning, nothing kills me on the inside more than these heroes who were sent to their graves. Nobody told them there was 2750 tons of ammonium nitrate inside the building.
My eyes tear up every time I read about it, I just can’t get over these pictures. سننتقم
After working for 5 and a half years in the world of money exchange, my shift came to an end. I am writing to inform you that I will be joining
@LOrientLeJour
English to report the latest updates & analysis related to the failure of the Lebanese political and economic system.
Personal news:
After a challenging and exciting year reporting on the failure of the Lebanese financial and political systems for
@lorienttoday
, I am thrilled to be starting a new journey with Forbes Middle East from Lebanon, where I will be contributing as a business writer
MTV decides to bully an old man because he’s genuine, spreading joyful vibes and enjoying his time on social media. Meanwhile, MTV gave a platform a serial killer who recently murdered his wife, just yo gain ratings and attention. This outlet does not get any lower.
I am taking a break from covering Lebanon's news and from Twitter to try to take care of what's left of my mental health. Your [mental] health is more important than anything else in this doomed world, give yourself permission to slow down.
It took Cyprus less than a week to impose capital controls in 2013, it took Russia a few days to do so after being hit hard by US and EU sanctions. Meanwhile, Lebanese Parliament is still working on a capital control draft, nearly three years into the unprecedented crisis.
“Life” in Lebanon is simply unbearable. Just went to the supermarket, with my car running on a quasi-empty tank, bought the cheapest essentials (without chicken and meat) and ended-up paying more than the minimum wage. Then you get home to find out that there is no electricity.
Dear Lebanese Army, we all saw the original picture before being cropped, which included a vest that had the Amal Movement logo on it.
Lesson of the day: what goes on the Internet, stays there.
وحدات الجيش المنتشرة في مختلف المناطق اللبنانية توقف عدداً من الشبان المتوجهين للمشاركة في الذكرى الاولى لانفجار مرفأ بيروت وبحوزتهم كميات من الاسلحة والذخائر.
#انفجار_مرفا_بيروت #الجيش_اللبناني
#BeirutBlast
Youssef Khalil, the architect of Banque du Liban's controversial financial engineering operations and the man in charge of issuing government debt, is Lebanon's new finance minister. Goodbye to any hope of restructuring the financial sector and fairly distributing losses
First you bullied an old man (Tony Kattoura) because he’s genuine, spreading joyful vibes and enjoying his time. Then you disrespected Dr
@DrSAtallah
for spreading knowledge and awareness. I think you should reconsider yourself and your show which belongs in the trash cannister.
How’s life in 🇱🇧?
- No electricity
- No fuel
- No water (unless poluted)
- No growth, no investments
- No jobs, no food, no medicine
- No social security
- Education system falling apart
- Poverty over 50%
- Unemployment over 30%
- Default & bankruptcy
- Rotten Chicken & meat.
How do I explain to people that Lebanon has two clock timings (one hour apart) and at least 7 exchange rates for its national currency, with the most used rate and clock not officially recognized by the government...
Day
#2
without diesel: we only had 1.5 hours of state power, my fridge is completely empty as I cannot store food, and I have to regularly buy ice packs to store my mother's insulin shots, which we only have a few more left as I can't find the medicine in pharmacies. Criminals.
The education sector in Lebanon collapsed. No power & extremely slow internet to remotely study. Meanwhile, with gasoline shortages, students can’t reach their schools & unis; while those institutions can’t find diesel to run generators. In addition to COVID-19 & hiking tuitions
I have been writing and deleting for past couple of hours. I just can’t find the right words to describe the current destruction. 2750 f*cking tons of ammonium nitrate have been present for 6 f*cking years in a warehouse FFS!
Just like their politicians stole our funds, Tayyar Moustaqbal account stole my hard work (research & calculations) and simply removed my name from the table. These parties can’t get any lower.
Anyone saw any member of the Municipality of Beirut cleaning or fixing anything? Or is just us, the taxpayers, doing all their work while we’re covering their salaries 🙂
Lebanon:
-Currency almost worthless
-Banking sector facing $70 billion in losses
-No government, no president, no governor
-Three quarters of population in poverty
-Annual inflation at 254%
Central bank governor ends 30-year tenure smoking a cigar - with music, drums & trumpets
Three times Prime Minister Saad Hariri' supporters, known as smurfs on Twitter, have installed an inflatable pool in Tarik El Jdideh to boycott the elections. This move is surely an effective tool to send a message. Masterminds.
More than half of MPs in Akkar are affiliated with the Future Movement, while Hassan Koraytem, the general manager of the Beirut port, is also connected to your party.
BREAKING: importers and shops in Lebanon are now raising their prices, with some shutting down their stores
Multiple money exchangers halted selling US dollars
The lira is crashing to a fresh record low for the fifth day
The minimum wage is now worth less than $24. Depression.
Dear
@AUB_Lebanon
students,
You have the right to request your university to post their last 5 years audited annual reports (financial statements, including management remuneration). Since they claim to be transparent, you should have a look at their books first 👀
While parents of students studying abroad are protesting & requesting to be able to transfer 10,000$ from their OWN DEPOSITS, the French government is refunding Lebanese students' inscription costs and is allocating 500€ to help them cover their living expenses. The difference.
While you're sitting at home, unemployed, using your computer to desperately find a job; there's a large group of unqualified incompetent individuals out there, employed, getting paid using tax payers' income & savings, enjoying their lives at your expense. Have a good day.
Had Lebanon implemented the Financial Recovery Plan, prepared with Lazard, the price of 20 liters of 95-octane gasoline would have been about LL60,000 (instead of LL302,700).
But Speaker Nabih Berri, banks, Riad Salameh and Parliament Finance & Budget Committee had another say.
I tested COVID-19 negative but I will remain at home today as I am feeling a bit sick and do not want to risk myself and others. It might be just a flu, tiredness or a false negative. If you are not feeling well please do not go out and endanger others. Happy New Year.
Billionaire businessman PM Najib Mikati's net worth stands at $3 billion as of Thursday, Forbes estimates. He is the second richest Lebanese, after his brother Taha, whose fortune is $3.1 billion.
Najib told the Lebanese to "bear each other" over restrictions on their savings.
I really do not understand all the fuss by local and international media over EDL’s power plants shutting down. We literally went from zero hours of state electricity per day to zero.
Many are asking me what happened for the lira to sharply deteriorate over the last couple of days. Here’s what happened: NOTHING. That’s the problem. We are ruled by clowns & incompetent criminals. Oh if I were you, I would be more afraid of medicine shortages than lira devaluing
THREAD ALERT!! Your dream might end up being a nightmare 🚨
Fasten your seatbelts, it’s time to wake up and realize that our dream of immigration isn't as easy as we all want to believe.
Each person has his own circumstances, but most of us are affected by the following 👇
Reasons I use Anghami instead of Spotify:
1- Wonderful application, they keep on improving it on a daily basis.
2- Very low cost.
3- It’s a lebanese product with large growth potential.
4- Their founder is an amazing man tbh, he deserves all the best.
Combining both LAU elections, the independent candidates won the popular vote, taking 52% of the vote compared to the Lebanese Forces' 33% of the vote, and Amal standing at 8%.
I won’t be greeting anyone this Eid, as I am sure residents in Lebanon are either barely sleeping from the heat due to power outages, and/or suffering from mental health problems. So I will take the opportunity to كسم every political leader that brought the country to the abyss
THREAD ALERT 🚨
Fasten your seatbelts, it’s time to put an end to blaming the revolution on the dollar crisis.
The following scenes take place from the beginning of 2019 till today.
[Exchange rates are based on wholesalers’ rates.]
In any other country, this guy would be under investigation and in prison right now. In Lebanon, he goes out on media outlets to say this bullsh*t!
UNBELIEVABLE, UNACCEPTABLE, WHAT A F*CKING DISGRACE THIS COUNTRY IS!
Lebanon in numbers:
- 23.20% of the population is extremely poor
- 32% is poor
- Lira lost 80% of its value
-Unemployment over 30%
- Less than 2 bn$ left for fuel, wheat & meds
- Around 10 bn$ losses due to the explosion
- 186 TRILLION lira losses in the banking sector
Strength.
It's not about "هربان الاكل" it's all about bad management and lack of trust in the authorities. These people are currently living in 'survival mode' and you should know that. Instead of criticizing them, you should be pointing the figures on those who led us to this misery
Just a reminder that Lebanon's subsidized fuel supply is being used to pump up these boats, at a price ten times lower than the market value
The subsidy program mainly benefits the wealthy who have more spending power than the poor. This is just an example out of many
- Nestle pricing at 4000/$.
- 30% of registered companies have closed (Coca Cola one of many).
- Salaries reduced by half.
- Lira lost 60% of its value.
- Unemployment reaching 50%.
- 45% of the population under poverty line.
- Empty Shelves at supermarkets.
- Corona virus.
You know what’s funny? No one in the parliament mentioned the currency’s deterioration during Friday’s parliament session. As if that subject didn’t deserve few minutes to discuss. They know really well what needs to be done and they’ll never do it. This is a nationwide crime.