The Ministry of Public Health announced on Sunday that 7 new Coronavirus cases were reported today, bringing the total number of cases to 527 in Lebanon. The ministry added that the number of tests conducted during the past 24 hours reached 389 tests. This as 1 new death was registered ... Read More »
Global cases of the new coronavirus have shot past 1 million with more than 53,000 fatalities, a Reuters tally showed on Friday, as death tolls soared in the United States and western Europe while the world economy nosedived. In the space of just 24 hours, 6,095 infected people died – ... Read More »
The Central Bank Friday instructed commercial banks to allow customers with deposits of not more than LL5 million to withdraw their money after converting them to the current dollar market exchange rate based on the prices of an electronic platform that will be created soon. Central Bank Gov. Riad Salameh ... Read More »
Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output. The coronavirus pandemic has meant countries have effectively had to shut down, with many ... Read More »
World leaders deliver joint statement seeking to calm fears of global depression The world’s seven key western economies have sought to calm mounting fears of a global depression by pledging to do whatever it takes to get through the coronavirus pandemic, after early warning signs showed the steepest plunge in ... Read More »
The Finance Ministry announced on Monday that Lebanon is going to “suspend” payments on all its Eurobond in foreign currency after defaulting on its $1.2 billion March 9 debt to safeguard dwindling foreign currency reserves. The Ministry said in an English-language statement released today: “On March 7, 2020, Lebanon announced ... Read More »
Banque du Liban on Monday called on Lebanon’s banks and financial institutions to grant extraordinary Lebanese lira or US dollar loans to clients already benefitting from loans granted in the past, in light of the new economic strains inflicted by the coronavirus crisis. The central bank said the new loans ... Read More »
The world will take years to recover from the coronavirus pandemic, the Organisation for Economic Co-operation and Development has warned. Angel Gurría, OECD secretary general, said the economic shock was already bigger than the financial crisis. He told the BBC it was “wishful thinking” to believe that countries would bounce ... Read More »
Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here. “We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer ... Read More »
Finance Minister Ghazi Wazni said the cabinet will likely approve the capital control law during its next meeting, with emphasis on protecting the rights of depositors, al-Joumhouria daily reported on Wednesday. “There is a high possibility that the cabinet is to approve on Thursday the capital control law,” he said, ... Read More »
Lebanese Ministry of Information