Banks in Lebanon reopen amid security increase

Protesters shout slogans outside Lebanon’s Central Bank in Beirut. (Reuters/File)
Updated 19 November 2019

Banks in Lebanon reopen amid security increase

  • Two security guards will be placed in front of each bank, and security patrols will be conducted in cities

BEIRUT: Banks in Lebanon will reopen on Tuesday after the Association of Banks in Lebanon approved measures to ease the anger of depositors and customers. 

More than 3,000 members of Beirut’s police, the regional gendarmerie, the judicial police, and the information division of the Internal Security Forces will provide protection to banks and their employees, who carried out an open strike for a week.

They did so due to customers’ anger over measures applied by banks on withdrawals and transfers amid Lebanon’s severe political and economic crisis, which sparked mass protests that have been ongoing for 33 days.

Two security guards will be placed in front of each bank, and security patrols will be conducted in cities.

The Association of Banks in Lebanon decided on Sunday to “stop restrictions on new funds transferred from abroad, provided that remittances abroad only cover urgent personal expenses.”

It also decided to lift restrictions on the circulation of checks, transfers, and the use of credit cards in Lebanon. 

As for the use of credit cards abroad, ceilings are determined by agreements between banks and customers.

The association has determined a maximum cash withdrawal rate of $1,000 per week for holders of current accounts in dollars, while checks issued in foreign currencies will be transferred into their account.

It has also urged customers to “use their credit cards, especially in Lebanese pounds, to buy their needs.”

Meanwhile, protesters are preparing to block roads leading to Parliament in the heart of Beirut on Tuesday, to prevent a legislative session from taking place. The session had already been postponed for a week.

In an attempt to placate protesters, the presidential palace’s media office said the president has ordered investigations into “financial crimes, waste, forgery, money laundering and suspicious transactions,” as well as “negligence at work, promotion of counterfeit medicines and suspicious reconciliation contracts.”

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Dick Cheney: Upcoming decade bleak if US adopts ‘disengagement’ policy

Updated 10 December 2019

Dick Cheney: Upcoming decade bleak if US adopts ‘disengagement’ policy

  • Former US vice president sounds warning during panel discussion on ‘The global order 2030’
  • Remarks seen as indirect criticism of President Trump’s pledge to pull forces out of Syria

DUBAI: Dick Cheney, one of the most influential vice presidents in US history, has warned that “American disengagement” from the Middle East would only benefit Iran and Russia.

The 78-year-old politician’s warning came during a speech at the Arab Strategy Forum (ASF) in Dubai, an annual event in which the world’s leading decision-makers address global challenges and opportunities in “a precise, balanced and politically scientific manner.”

Cheney’s remarks could be seen as indirect criticism of US President Donald Trump’s pledges to pull forces out of northern Syria.

Addressing conference delegates, he cited the withdrawal of US troops from Syria and the 2015 lifting of sanctions against Iran during Barack Obama’s presidency, as events that amplified instability in the region.

“Our allies were left abandoned, and no one wants to feel that way again,” said Cheney, who was chief executive of Halliburton between 1995 and 2000 and held high posts in several Republican administrations.

The former VP’s remarks came during the forum’s concluding session titled, “The global order 2030: The Unites States and China,” which was attended by Dubai’s ruler Sheikh Mohammed bin Rashid Al-Maktoum.

Joined by Li Zhaoxing, a former Chinese foreign minister, in a candid panel discussion, Cheney offered his views on the world order in the next decade within the context of Iran’s regional ascendancy, China’s rise and Russian ambitions in the Middle East.

“I am not here to speak on behalf of the US government, or to speak to it,” Cheney said, adding that his talking points reflected concerns he suspected everyone shared.

“For decades, there’s been a consensus of America’s influence in the world and how to use it,” he said, citing instances where US disengagement had caused the political situation in the Middle East to implode.

“Humanity has benefited from America’s protectionism of the world and its relationship with its allies in the region.”

According to him, the upcoming decade would be bleak should the US adopt a disengagement policy, with the pressures most felt by supporters and partners in the Middle East.

Turning to the role that the US and China would play in the global status quo by 2030, Cheney said there were still concerns over China’s reputation.

“We had hoped that there would be a political evolution in China, but that hasn’t happened yet,” he added.

Li said: “China will never learn from a world superpower and will never try to be hegemonic,” citing as examples China’s strong relations with the UAE and the wider Arab world, and the impact of the Belt and Road Initiative (a global development strategy) on Chinese foreign policy.

“History is the best teacher, but the US has forgotten its own history. You don’t keep your promises,” added Li, directing his statement at Cheney.

Cheney said that since the end of the Cold War, the US had expected that its policy toward China would have had a beneficial effect on its behavior and helped to deepen bilateral relations.

“It was disappointing to see that these expectations were not borne out – China has only grown richer, the regime has become more oppressive, and instead of evolving, it became more assertive,” he said.

In a separate ASF meeting at the Ritz-Carlton, Dubai International Financial Center, Karim Sadjadpour, senior fellow at the Carnegie Endowment for International Peace think tank, discussed Iran’s policies in a session titled, “The race for relevance and influence in the region: GCC, Iran, Turkey and Russia.”

Sadjadpour said he expected in the next 10 years to see the arrival of “an Iranian Putin” with a military background as the country’s next leader.

“After 40 years of a clerical regime and a military autocracy, there is now a rise of Persian nationalism. This is a shift from the sheer revolution ideology,” he said.

Sadjadpour said there had been an evolution of “Shiite Arab” identity during the past two decades, with the focus more on religion than nationality.

Under the circumstances, he noted that Sunni Arab powers had an important role to play in welcoming Shiite Arabs into their fold “and luring them away from Iran.”

The analyst added that the future of the Arab world could not be explored and forecast without considering a growing mental health crisis. “Today, hundreds of millions of people in the region suffer from PTSD (post-traumatic stress disorder), and the effects of this will be with us for decades to come, resulting in issues like radicalism.”

He said there was a need for training thousands of counselors in the field of mental health in order to reach out to those whose lives had been robbed by extreme violence and conflicts.