Dollar exchange rate reaches 14,000 Lebanese pounds on black market

Dollar exchange rate reaches 14,000 Lebanese pounds on black market
A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon. (REUTERS file photo)
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Updated 09 June 2021

Dollar exchange rate reaches 14,000 Lebanese pounds on black market

Dollar exchange rate reaches 14,000 Lebanese pounds on black market
  • Lebanese in several regions are taking to the streets to protest living conditions

BEIRUT: The Lebanese pound hit a new low on the black market, reaching 14,000 for $1 after it had been somewhat stable in recent weeks at 12,000.
This coincided with a new circular from the Banque du Liban (BDL) instructing commercial banks to gradually repay foreign currency deposits from July. The circular comes into effect as of June 30 for one year, subject to change or renewal.
Under the circular, a depositor can withdraw $400 per month either in banknotes, by transferring it abroad or via bank card transactions that can be used in Lebanon and abroad.
The circular also stipulates that a depositor can withdraw in parallel the equivalent of $400 in Lebanese pounds per month at the prevailing exchange rate on Sayrafa, BDL’s official platform.
Commercial banks have yet to reveal whether their financial capabilities will allow them to implement the circular.
Meanwhile, the Capital Control bill to control the movement of dollars and prevent their transfer outside Lebanon, except in exceptional cases that do not harm the public interest, was approved by Parliament’s budget and finance committee.
“The BDL circular and the approval of the Capital Control draft bill are long overdue,” Dr. Ahmed Al-Lakkis, director general of the Administrative and Financial Affairs Department in Parliament, told Arab News.

HIGHLIGHTS

• Lebanon’s central bank said depositors will be allowed to withdraw limited monthly amounts from their foreign currency accounts.

• Depositors will be allowed to withdraw up to $400 a month in cash and another $400 in local currency at a rate eight times higher than the official rate.

“Lebanon may experience the same scenario as Greece, which had around 400 banks before the (financial) crisis but ended up with six afterward. Some banks in Lebanon can handle the new situation, but some may not be able to do so,” he added.
“The fact that the exchange rate has risen by 1,000 Lebanese pounds against the dollar within two days may be caused by the anticipation of the money that will enter the market in light of BDL’s circular. However, I believe that those who’ll be able to withdraw dollars won’t spend them … but rather hide them at home because they trust neither the state nor the banks.”
Meanwhile, people are taking to the streets to protest living conditions, blocking roads in several regions. The Lebanese Army is working to reopen them.

The General Labor Union is expected to carry out a comprehensive strike on June 15. It condemned “all parties obstructing the formation of the government because this is a betrayal of the homeland and the interests of the people.”


Lebanon stops Syrians attempting illegal sea crossing

Lebanon stops Syrians attempting illegal sea crossing
Updated 6 min 51 sec ago

Lebanon stops Syrians attempting illegal sea crossing

Lebanon stops Syrians attempting illegal sea crossing

BEIRUT: The Lebanese army on Sunday said it intercepted a small boat carrying 11 people, mostly Syrians, attempting an illegal sea crossing out of the crisis-hit country.
A statement said a naval force spotted the boat off the northern port city of Tripoli and that its passengers were all detained and referred for investigation, the army added.
The boat was carrying “10 people of Syrian nationality and a Lebanese national,” it said.
Their journey’s end was not specified but neighboring Cyprus, a member of the European Union, has been a popular sea smuggling destination in recent months.
In May, the Lebanese army intercepted a boat near Tripoli carrying 60 people, including 59 Syrians.
Lebanon, home to more than six million people, says it hosts more than a million Syrian refugees.
They have been hit hard by widening poverty rates and growing food insecurity brought on by the country’s economic crisis.
In a report released this month, the World Bank warned that Lebanon’s economic collapse is likely to rank among the world’s worst financial crises since the mid-19th century.


Israel to swear in government, ending Netanyahu’s long rule

Israel to swear in government, ending Netanyahu’s long rule
Updated 13 June 2021

Israel to swear in government, ending Netanyahu’s long rule

Israel to swear in government, ending Netanyahu’s long rule
  • The Knesset vote will either terminate the hawkish premier’s uninterrupted 12-year tenure or return Israel to a stalemate

JERUSALEM: Israeli lawmakers are to vote Sunday on a “change” coalition government of bitter ideological rivals united by their determination to banish Prime Minister Benjamin Netanyahu from power.
The crunch Knesset vote will either terminate the hawkish premier’s uninterrupted 12-year tenure or return Israel to a stalemate likely to trigger a fifth general election since 2019.
Netanyahu, who is battling a clutch of corruption charges in an ongoing trial he dismisses as a conspiracy, has pushed Israeli politics firmly to the right over the years.
On Saturday night, around 2,000 protesters rallied outside the 71-year-old’s official residence to celebrate what they believe will be his departure from office.
“For us, this is a big night and tomorrow will be even a bigger day. I am almost crying. We fought peacefully for this (Netanyahu’s departure) and the day has come,” said protester Ofir Robinski.
A fragile eight-party alliance, ranging from the right-wing Jewish nationalist Yamina party to Arab lawmakers, was early this month cobbled together by centrist politician Yair Lapid.
On Friday, all coalition agreements had been signed and submitted to the Knesset secretariat, Yamina announced, a moment party leader Naftali Bennett said brought “to an end two and a half years of political crisis.”
But the ever-combative Netanyahu has tried to peel off defectors that would deprive the nascent coalition of its wafer-thin legislative majority.
If the new government is confirmed, Bennett, a former defense minister, would serve as premier for two years.
Coalition architect Lapid, who heads the Yesh Atid party and is a former television presenter, would then take the helm.
The anti-Netanyahu bloc spans the political spectrum, including three right-wing, two centrist and two left-wing parties, along with an Arab Islamic conservative party.
The improbable alliance emerged two weeks after an 11-day war between Israel and Hamas, the Islamist group that rules the Palestinian enclave of Gaza and following inter-communal violence in Israeli cities with significant Arab populations.
“We will work together, out of partnership and national responsibility — and I believe we will succeed,” Bennett said Friday.
Sunday’s crucial Knesset session is due to open at 4:00 p.m. local time (1300 GMT), with Bennett, Lapid and Netanyahu all set to speak before the vote.
Netanyahu has heaped pressure on his former right-wing allies to defect from the fledgling coalition while attacking the legitimacy of the Bennett-Lapid partnership.
He has accused Bennett of “fraud” for siding with rivals, and angry rallies by the premier’s Likud party supporters have resulted in security being bolstered for some lawmakers.
Netanyahu’s bombastic remarks as he sees his grip on power slip have drawn parallels at home and abroad to former US president Donald Trump, who described his election loss last year as the result of a rigged vote.
The prime minister has called the prospective coalition “the greatest election fraud in the history” of Israel.
His Likud party said the accusations refer to Bennett entering a coalition that “doesn’t reflect the will of the voters.”
Sunday’s vote arrives hot on the heels of police crackdowns on Palestinian protests over the threatened eviction of families from homes in Israeli-annexed east Jerusalem to make way for Jewish settlers, a month after similar clashes fueled the latest war between Israel and Hamas.
It also comes amid right-wing anger over the postponement of a controversial Jewish nationalist march.
Netanyahu favored finding a way to allow the so-called “March of the Flags,” originally scheduled to take place last Thursday, to proceed as planned.
He took that position despite the original route envisaging the march unfolding close to flashpoint areas including the Al-Aqsa mosque compound, where clashes last month triggered the Gaza conflict.
The premier’s insistence saw his opponents accuse him and his allies of stoking tensions to cling onto power via a “scorched-earth” campaign.
If Netanyahu loses the premiership, he will not be able to push through changes to basic laws that could give him immunity in regard to his corruption trial.
The controversial flag march is now slated for Tuesday and ongoing tensions surrounding it could represent a key initial test for any approved coalition.


Oman reports spike in COVID-19 cases amid mass vaccination campaign

Oman reports spike in COVID-19 cases amid mass vaccination campaign
Updated 13 June 2021

Oman reports spike in COVID-19 cases amid mass vaccination campaign

Oman reports spike in COVID-19 cases amid mass vaccination campaign
  • A total of 338 patients are in intensive care rooms, according to a June 11, 2021 report by the country’s Ministry of Health
  • Tens of thousands of people in the Sultanate have been vaccinated in private hospitals, as part of the country’s inoculation effort

DUBAI: Oman has reported an increase in daily coronavirus cases amid the start of mass vaccination campaign in the Sultanate.
Hospitals have exceeded the limit allocated to coronavirus patients in Intensive Care Units, reaching 157 percent in two hospitals, local daily Times of Oman reported.
A total of 338 patients are in intensive care rooms, according to a June 11, 2021 report by the country’s Ministry of Health.
Oman’s daily infection rate has more than tripled in the past 30 days, with the number of people testing positive with COVID-19 approaching 2,000 this week.
“The indicators of this wave are very worrisome, and this recent spike in numbers is because of gatherings that took place during Eid,” Dr Faryal Al-Lawati, a Senior Consultant in Infectious Diseases at the Royal Hospital, told local radio station Shabiba FM.
Meanwhile, tens of thousands of people in the Sultanate have been vaccinated in private hospitals, as part of the country’s inoculation effort.
Private hospitals and clinics have contributed to the campaign against COVID-19 by offering vaccinations to walk-in patients and those who have registered in advance.
“Those who wish to get vaccinated at private hospitals will need to pay a fee, which depends on the type of vaccine they choose to take,” the report said.
A doctor at Badr Al-Sama’a Hospital, a private medical center that is taking part in the immunization campaign, said: “the cost of the vaccine will be borne by patients. Those who want to take the vaccine can walk in to any of our clinics, where they will be administered a vaccine of their choice, provided it is in stock.”
After taking the vaccine, patients will be required to wait 15 minutes at the hospital, where they will be examined for any symptoms.


Election for ‘new Algeria’ gets low turnout amid opposition boycott

Election for ‘new Algeria’ gets low  turnout amid opposition boycott
Updated 13 June 2021

Election for ‘new Algeria’ gets low turnout amid opposition boycott

Election for ‘new Algeria’ gets low  turnout amid opposition boycott
  • A huge number of candidates — more than 20,000 — vied for the 407-seat legislature, once dominated by a two-party alliance considered unlikely to maintain its grip on parliament

 

ALGIERS: Voter turnout was low midway through the day as Algerians voted on Saturday for a new parliament in an election with a majority of novice independent candidates running under new rules meant to satisfy demands of pro-democracy protesters and open the way to a “new Algeria.”

Tension surrounded the voting in the gas-rich North African nation. Activists and opposition parties boycotted the election.

Authorities have tightened the screws on the Hirak protest movement in recent weeks, with police stopping weekly marches and arresting dozens, the latest a Hirak figure and two journalists. The three prominent opposition figures, including journalist Khaled Drareni, a press freedom advocate, were freed early Saturday, three days after their arrests.

The early election is supposed to exemplify President Abdelmadjid Tebboune’s “new Algeria,” with an emphasis on young candidates and those outside the political elite.

A huge number of candidates — more than 20,000 — are running for the 407-seat legislature, once dominated by a two-party alliance considered unlikely to maintain its grip on parliament. Islamist parties all offered candidates.

FASTFACT

The three prominent opposition figures, including journalist Khaled Drareni, were freed early on Saturday, three days after their arrests.

It’s the first legislative election since former President Abdelaziz Bouteflika was forced from office in 2019 after 20 years in power. Tebboune was elected eight months later, vowing to remake Africa’s largest country but with no sign of abandoning the preeminent though shadowy role of the army in governance.

“We are looking for change,” voter Mohammed Touait said at a polling station. “I am 84 years old, and today I woke up at 8 a.m. because I still have hope for change.”

The Constitutional Council announced on Saturday that it would be 15 days before results of the balloting are known because of the number of candidates and the need to ensure against fraud, which marked past elections.

The participation rate among Algeria’s 24 million voters was 10 percent midway through the day, the electoral authority announced.

The president, at the start of the day, brushed off as irrelevant the number of people who vote.

“What is important is that those the people vote for have sufficient legitimacy,” Tebboune said after casting his ballot in Algiers.


Lebanon’s Sunni leaders renew support for Hariri

Lebanon’s Sunni leaders renew support for Hariri
During the session, chaired by the Grand Mufti, Sheikh Abdul Latif Derian, Saad Hariri discussed the obstacles to forming the government. (Supplied)
Updated 13 June 2021

Lebanon’s Sunni leaders renew support for Hariri

Lebanon’s Sunni leaders renew support for Hariri
  • Supreme council meeting warns of ‘suffocating crisis’ facing the country

BEIRUT: The Supreme Islamic Sharia Council, which represents the Sunni community and its leaders in Lebanon, has renewed its support for Saad Hariri, the prime minister-designate, amid an escalating dispute over the failure to form a government in the country.

After a lengthy meeting on Saturday, in which Hariri participated, the council warned that “any quest for new definitions regarding the constitution or the Taif Agreement is not acceptable under any of the arguments.”
It was earlier reported that Hariri might announce during the meeting that he was stepping down from the task of establishing a new government entrusted to him by parliament last October.
The French initiative and the mediation of Parliament Speaker Nabih Berri so far have failed to help form a government because of an escalating dispute between Hariri and President Michel Aoun, together with his political team represented by his son-in-law Gebran Bassil, head of the Free Patriotic Movement.
The meeting, which was held in Dar Al-Fatwa and attended by former prime ministers, said that the blame for delaying the formation of the government lies with those “who are trying to invent ways and methods that nullify the content of the National Accord Document, which enjoys the consensus of Lebanese leaders who are keen on Lebanon’s independence, unity, sovereignty and pan-Arabism.”
During the session, chaired by the grand mufti, Sheikh Abdul Latif Derian, Hariri discussed the obstacles to forming the government and steps he has taken to overcome them.
Those present at the meeting expressed their fear that “the suffocating crisis facing Lebanon will deteriorate into an endless abyss amid the indifference and random confusion that characterizes the behavior and actions of leaders who control citizens.”

BACKGROUND

The French initiative and the mediation of Parliament Speaker Nabih Berri so far have failed to help form a government because of an escalating dispute between Hariri and President Michel Aoun.

The dispute over the formation of the government is a “futile debate,” they added.
Hariri later described the discussion as constructive.
“The country is witnessing a political and economic deterioration every day,” he said. ” What matters to us is the country at the end of the day.”
One of the participants in the meeting, who declined to be named, told Arab News that “Hariri presented the options before him, including resignation, but the attendees rejected the matter and pressured him to adhere to his constitutional powers and wait to see what Berri’s mediation might result in.”
The source said that “the importance of the statement issued by the meeting should not be underestimated because it is a statement issued by Dar Al-Fatwa and condemns the president and his son-in-law.”
Fouad Siniora, a former prime minister, said that the problem of forming the government is internal, and Aoun must respect the constitution. “Aoun violates the constitution every day and does not act as the one who unites the Lebanese,” he said.
Siniora said that “Hezbollah is hiding behind the president and MP Gibran Bassil. It wants the government-formation paper to remain in its hands to use as a negotiating card. Hezbollah is a major problem and a source of pain.”
Mustafa Alloush, vice president of the Future Movement, said that “there is pressure from the Sunni community on Hariri not to quit his assignment and not to hand over the government formation to people working as proxies.”
He added: “Dar Al-Fatwa’s statement gave a clear sign of support to Hariri, and dialogue is continuing between Hariri and former prime ministers.”