@FinancialEng2
Joined September 2024
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17Media
One must wonder whether the strategy of confining a portion of circular 158/166 payments only to bank cards is a pilot scheme for the mechanisms of payment in the future financial gap law. It resolves the major issue of capital flight, either abroad or under the pillows.
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Bank Audi expects annual imports to approach US$20 billion this year, which would be amongst the highest levels ever recorded. For the record, the 2019 figure was US$19.3 billion. A putative economic recovery, albeit one afflicted with doubling down on a disastrous path again.
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Short Term Priorities for Economic Recovery in Lebanon. An illuminating piece on the exigent constraints facing Lebanon's economy, alongside recommendations for their amelioration in the short-term (as structural reforms are of longer duration) ifipolicyblog.com/1/post/202…
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The gold reserves, valued at $35.17 billion, belong to all Lebanese citizens. Therefore, selling the gold for deposit repayment constitutes an encroachment on public wealth. Let's put the matter to a democratic referendum; if the public acquiesces, then morally it can be used.
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Do central banks really have more gold than US Treasury bonds? on.ft.com/46dMhN6

Do central banks really have more gold than US Treasury bonds?

Someone on the internet is . . .  right?

ft.com
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ft.com/content/f1a72fa9-103e…

Gold and the US mess

Is the yellow metal seeing what other assets ignore?

ft.com
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economist.com/finance-and-ec…

The deeper reason for banking’s retreat

Why bankers no longer play golf at 3pm

economist.com
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BdL 2024 Annual Report says that BdL received revenues equal to 167k USD from leasing its properties in addition to receiving 54.57 million USD as profits distributed by MEA. At 3% cap rate, the leased properties would be worth only 5.5 million. Not billions as has been claimed.
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The Banking Resolution Law Draft has been approved by the Finance and Budget Committee. The next step will be approval in the General Assembly in Parliament on Thursday. lapoleb.com/uploads/law_proj…
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Audi Q2 Economic Report adeptly describes the current monetary environment. LBP is an "idle" currency. LBP did not regain its role as a Medium of Exchange or Unit of Account, as most transactions are not undertaken in local currency. It is not used as a Store of Value, savings /1
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Its role as a Standard of Deferred Payment (loans) is nonexistent. Fiscally, the primary balance has been in surplus for three years, towards the end of 2025. A surplus that is utilized for the futile endeavor of sterilizing the LBP supply to artificially fix the exchange rate./2
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Why are we imposing fiscal austerity on a battered economy to stabilize a rate that has no functional effect on the actual inflation rate measured in USD? Perhaps it's time to consider official full dollarization, which is already de facto in place; the LBP is a dead currency. /3
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Given Circulars 166, 158, and 169, all decisions made by the official monetary authority, it is outlined that banks are not allowed to withdraw, transfer, or withdraw deposits for the benefit of their clients for any deposits instituted before November 17, 2019.
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Additionally, these circulars specify the acceptable caps and limits on the withdrawal of these deposits in foreign currency. My question to you, Mr. Nabil, is that this isn't merely a resemblance to capital controls; in fact, it is officially a capital control? @SNHM085
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If it was considered unofficial before, it is now completely official, especially with Circulars 158 and 166, which define monthly caps. The last decision confirms that it is functionally equivalent to a capital control law. Would you agree with this assessment?
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Asset managers have it easy. The parties, the money, the spreadsheets, oh my! However, to keep the show running you need to win clients. Annoying. But what if you just .... bought them? Here Alphaville peers deep into the private equity-insurance nexus 👉on.ft.com/4kd077o

Inside the private equity-insurance nexus

When the world’s dullest industry gets very exciting

ft.com
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Nominal $ GDP for Lebanon increased by more than 30% from 2023 to 2024. This is due to: 1. An increase in the GDP deflator (high inflation at 45.7%). 2. The stabilization of the exchange rate since Aug 2023 meant that any increase in LBP GDP corresponds to an equal rise in $ GDP
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The BdL has increased the monthly payments for beneficiaries of Circulars 158 and 166, raising the amounts to $ 800 and $ 400, respectively. Importantly, BdL has opted not to solely utilize its reserves to cover the increase, but rather to share the responsibility with the banks.
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Banks will be permitted to dip into the 3% external liquidity ratio for funding (3% of FX deposits in correspondent banks) as per Circular 154. Noting that many banks have never implemented the circular. Nonetheless, requiring the banks to contribute is a welcome decision.
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Why can't Lebanon, for once, use hedging and oil futures to lock in an attractive price for fuel? You'd think a country with such a large financial sector would know a thing or two about derivatives!
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