What Are The Region's Billions Doing In Lebanon's Banks?

[yota691]

 

Officially.. the government of Lebanon announces the bankruptcy of the state and the central bank

 

 2022-04-04 09:11

 

Shafaq News/ The Deputy Prime Minister of the Lebanese Government, HE Al-Shami, announced today, Monday, "the bankruptcy of the state and the Central Bank of Lebanon."

 

Al-Shami said in an interview with the Lebanese “Al-Jadeed” channel, that “the losses will be distributed to the state, the Banque du Liban, the banks and the depositors, and there is no specific percentage. The loss will be much greater."

 

Al-Shami added that "there is a fact that cannot be ignored, and we cannot live in a state of denial, and we cannot open (banking) withdrawals to all people, and I wish that if we were in a normal state."

 

Regarding the negotiations with the International Monetary Fund, he said, "We are in the midst of negotiations with the International Monetary Fund and are in daily contact with the IMF. For the first time, this large mission has come and we have made great progress with the IMF negotiations."

 

Al-Shami expressed the hope that he would “reach an agreement in this round or in another round,” explaining that “the negotiations are currently focusing on several topics, namely, reforming and restructuring the banking sector, a balanced fiscal policy to service the public debt, reforming the public and electricity sector, unifying the exchange rate, and politics.” monetary policy and inflation.

 

He pointed out that KPMG is auditing the Banque du Liban, and that the bank is undertaking an inventory of the quantities of gold in its possession, and has already begun the inventory process.

[yota691]

An Economist Reviews Lebanon's "Bankruptcy"... And Aims At Billions Of Iraqi Dollars

04/04/2022

1

 

Earth News/ Economist Nabil Al-Marsoumi confirmed today, Monday, that there are billions of dollars in Lebanese banks, amid the official announcement of the bankruptcy of the state and the Central Bank of Lebanon.

Al-Marsoumi said in a clarification seen by Ers News, "The Central Bank of Lebanon is carrying out an inventory of the amount of gold in its possession after His Excellency Al-Shami, Vice President of the Lebanese government, declared the bankruptcy of the state and the Central Bank of Lebanon, and said that the losses would be distributed to the state, the Banque du Liban, banks and depositors."

He added, "There are no accurate figures for Iraqi deposits in Lebanese banks, but their amounts are large and may exceed several billion dollars, and they belong to individuals and companies."

Al-Marsoumi quoted private sources as saying that “most of the Iraqi funds deposited in Lebanon resulted from corruption operations that took place in Iraq, as Lebanese banks facilitated deposit and transfer operations for Iraqis in the past years, and it represented a financial center for companies, officials and politicians.”

His Excellency Al-Shami, Deputy Prime Minister of the Lebanese Government, declared “the bankruptcy of the state and the Central Bank of Lebanon,” and said that the losses would be distributed to the state, the Banque du Liban, banks and depositors. 

Al-Shami said in a television program broadcast by the local "Al-Jadeed" channel, on Sunday, that "there is no conflict of views about the distribution of losses, and they will be distributed to the state, the central bank, banks and depositors."

The Lebanese official also confirmed that "the state went bankrupt, as well as the central bank, and the loss occurred, and we will seek to reduce the losses for the people."

While there was no other official comment on Al-Shami's statements, which indicate a deeper financial and economic crisis in Lebanon, and may lead to sharp disputes between depositors and banks.

The government official added: "There is a fact that cannot be ignored... We cannot open (bank) withdrawals to all people. I wish that if we were in a normal situation."

Financial and economic collapse 

For nearly two years, the country's banks have imposed restrictions on depositors' money in foreign currency, especially the US dollar, and placed severe ceilings on withdrawing money in Lebanese pounds (depending on the value of the deposit and the bank), following a severe economic and financial crisis.

Also, in May 2021, the Central Bank launched a “exchange” platform, to complete the sale and purchase of foreign currencies, specifically the dollar, at a moving price determined by supply and demand, provided that it intervene when necessary to control fluctuations in the prices of the banking market.

While the value of the lira against the dollar has been stable for more than a quarter of a century at the borders of 1515, it has gradually deteriorated since late 2019, affected by a severe economic crisis afflicting the country, to an average of 23,000 currently.

While the World Bank described the crisis, last June, as "the most severe and severe in the world", and classified it among the three most difficult crises recorded in history since the mid-nineteenth century.

Central bank corruption 

On Friday, April 1, the Lebanese Public Prosecutor submitted a request to freeze European bank accounts belonging to Central Bank Governor Riad Salameh, days after five European countries confiscated assets in connection with investigations into embezzlement crimes.

Salame faces investigations in Beirut and at least five European countries into allegations that he embezzled about $330 million in public funds with the help of his brother, Raja, accusations both denied.

Meanwhile, the European Criminal Judicial Cooperation Agency announced, on Monday, March 28, the freezing of 120 million euros of Lebanese assets in France, Germany, Luxembourg, Monaco and Belgium, in connection with an investigation into embezzlement. German prosecutors said the move was linked to the investigation into Salameh.

A senior judicial source also confirmed to Reuters that Public Prosecutor Ghassan Oueidat sent a letter to the Ministry of Justice informing it that he had requested the freezing of assets owned by Salama and his partners in the banks of Switzerland, France, Belgium, Germany and Luxembourg.

[yota691]

The Lebanese government announces the bankruptcy of the state and the Central Bank

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•  Today, 13:31

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Today, Monday, the Lebanese Deputy Prime Minister, His Excellency Al-Shami, announced the bankruptcy of the state and the Central Bank of Lebanon.

Al-Shami said in a press statement that “the losses will be distributed to the state, the Banque du Liban, banks and depositors, and there is no specific percentage,” expressing his regret for “the bankruptcy of the state and the Banque du Liban, as we want to come out with a result, and the loss occurred due to policies for decades, and if we did not do Something the loss would be much greater."

Al-Shami continued: "There is a fact that cannot be ignored, we cannot live in a state of denial, and we cannot open (banking) withdrawals to all people, and I wish that if we were in a normal state."

Regarding the negotiations with the International Monetary Fund, he said, "We are in the midst of negotiations with the International Monetary Fund and in daily contact with the IMF, and for the first time this large mission has come and we have made great progress in the IMF negotiations."

Al-Shamy said, "We hope to reach an agreement in this round or the other. The negotiations are currently focusing on several topics, namely, reforming and restructuring the banking sector, a balanced fiscal policy to serve the public debt, reforming the public sector and electricity, unifying the exchange rate, monetary policy and addressing inflation."

He pointed out that "KPMG is auditing the Banque du Liban, and that the bank is undertaking an inventory of the quantities of gold in its possession, and has already begun the inventory process."

 

 

[yota691]

An economist explains the repercussions of Lebanon's bankruptcy on Iraqi deposits

2022.04.04 - 15:43

 

Baghdad - people  

The economic expert and professor of economics at Basra University, Nabil Al-Marsoumi, spoke on Monday about the repercussions of Lebanon's bankruptcy on Iraqi deposits in Lebanese banks.  

  

  

Al-Marsoumi said in a clarification seen by “Nass” (April 4, 2022), “The Central Bank of Lebanon is carrying out an inventory of the amount of gold in its possession, after His Excellency the Deputy Prime Minister of the Lebanese Government, His Excellency Al-Shami, announced the bankruptcy of the state and the Central Bank of Lebanon, and said that the losses would be distributed to the state and the Central Bank of Lebanon. Lebanon, banks and depositors.  

  

He added, "There are no accurate figures about Iraqi deposits in Lebanese banks, but their amounts are large and may exceed several billion dollars, and they belong to individuals and companies, and some private sources indicate that most of the Iraqi funds deposited in Lebanon are caused by corruption operations that took place in Iraq, as Lebanese banks facilitated Deposit and transfer operations for Iraqis in the past years, and it was a financial center for companies, officials and politicians.  

  

  

His Excellency Al-Shami, Deputy Prime Minister of the Lebanese Government, declared "the bankruptcy of the state and the Central Bank of Lebanon", and said that the losses would be distributed to the state, the Banque du Liban, banks and depositors.  

 

Al-Shami said in a television program broadcast on the local "Al-Jadeed" channel, on Sunday, that "there is no conflict of views about the distribution of losses, and they will be distributed to the state, the central bank, banks and depositors."    

 

 

The Lebanese official also confirmed that "the state went bankrupt, as did the central bank, and the loss occurred, and we will seek to reduce the losses for the people."    

  

 

While there was no other official comment on Al-Shami's statements, which indicate a deeper financial and economic crisis in Lebanon, and may lead to sharp disputes between depositors and banks.    

  

The government official added: "There is a fact that cannot be ignored... We cannot open (bank) withdrawals to all people. I wish that if we were in a normal situation."    

  

Financial and economic collapse  

For about two years, the country's banks have imposed restrictions on depositors' money in foreign currency, especially the US dollar, and placed severe ceilings on withdrawing money in Lebanese pounds (according to the value of the deposit and the bank), following a severe economic and financial crisis.    

  

Also, in May 2021, the Central Bank launched a “exchange” platform, to complete the sale and purchase of foreign currencies, specifically the dollar, at a moving price determined by supply and demand, provided that it intervene when necessary to control fluctuations in the prices of the banking market.    

  

While the value of the lira against the dollar has been stable for more than a quarter of a century at the borders of 1515, it has gradually deteriorated since late 2019, affected by a severe economic crisis afflicting the country, to an average of 23,000 currently.    

  

While the World Bank described the crisis, last June, as "the most severe and severe in the world", and classified it among the three most difficult crises recorded in history since the mid-nineteenth century.    

  

 

 

Central bank corruption  

On Friday, April 1, the Lebanese Public Prosecutor submitted a request to freeze European bank accounts belonging to Central Bank Governor Riad Salameh, days after five European countries confiscated assets in connection with investigations into embezzlement crimes.    

  

Salame faces investigations in Beirut and at least five European countries into allegations that he embezzled about $330 million in public funds with the help of his brother, Raja, accusations both denied.    

  

Meanwhile, the European Criminal Judicial Cooperation Agency announced, on Monday, March 28, the freezing of 120 million euros of Lebanese assets in France, Germany, Luxembourg, Monaco and Belgium, in connection with an investigation into embezzlement. German prosecutors said the move was linked to the investigation into Salameh.    

  

A senior judicial source also confirmed to Reuters that Public Prosecutor Ghassan Oueidat sent a letter to the Ministry of Justice informing it that he had requested the freezing of assets owned by Salama and his partners in the banks of Switzerland, France, Belgium, Germany and Luxembourg.    

 

 

 

"Araby Post" 

[yota691]

Faiq Sheikh Ali comments on Lebanon's declaration of bankruptcy.. What about the Iraqis' money?

2022.04.04 - 18:21

 

Baghdad - people  

The former deputy in the Iraqi parliament, Faeq Al-Sheikh Ali, commented, on Monday, on the declaration of Lebanon's bankruptcy, indicating that the news hurt him and made him equally happy.  

 

Sheikh Ali wrote in a tweet on "Twitter", followed by "Nas" (April 4, 2022): "The news of Lebanon's bankruptcy pained me as much as it made me happy!"  

  

He explained, "It hurt me because the deposits of the poor and middle-income Lebanese and Iraqis have evaporated... and this is forbidden.  

  

He added, "And if you say to yourselves that we will make up for it...I give you good news that it will also evaporate!"  

  

  

Earlier, a member of the Iraqi Parliament, specialized in economics, Nermin Maarouf, explained the most important reasons that led to Lebanon's bankruptcy and its repercussions on the Beirut government.  

  

Nermin Maarouf said in an interview with "Nass" (April 4, 2022), that "the state's bankruptcy means that it is no longer able to pay its external debts, and it cannot obtain new loans, but unlike the bankruptcy of individuals and companies, the bankruptcy of the state does not have Legal punishment, and does not lead to the destruction of state property.    

  

The economic expert indicated that "the most important reasons for the state's bankruptcy are the rise in borrowing, the rise in the bank interest rate, the lack of public income, price inflation, and the collapse of the value of the national currency."    

  

And she continued, "In Lebanon's situation, there are a number of factors, such as the mistakes of the country's economic policies, especially the financial and monetary policies, the artificial support for the value of the lira, the instability of the exchange rate against the dollar, financial and political corruption, the smuggling of state-supported goods, and the American blockade of the activities of banks Lebanon, which has a relationship with Iran.    

  

Maarouf continued, “Also, the decrease in remittances from abroad, the decline in Gulf aid to the Beirut government, the weakness of the tourism sector and its revenues due to the impact of the Corona virus, and the continuation of political conflicts between the various components of Lebanon are also added.”    

[yota691]

Because of Murtaza Lakhani of Pakistan

Iraqi money in Beirut's coffers.. the full story of freezing $ 650 million after Lebanon's "bankruptcy"

2022.04.05 - 11:54

 

  

Baghdad - people  

Parliament member of the Kurdistan Region, Ali Hama Saleh, revealed that nearly $650 million of Kurdistan funds were frozen in Beirut after the Lebanese government declared the state bankrupt.  

 

  

  

Hama Saleh said in a blog post followed by “Nass” (April 5, 2022), “In 2015 I sent a letter to the President of the Kurdistan Regional Government, in which I indicated that the sale of oil through Murtada to my Pakistani brother is dangerous, but they did not listen to me, and as a result, what was frozen was frozen. Nearly $650 million in Lebanon.  

  

He added, "The frozen funds are the revenues of the Kurdistan region's oil in the account of the Cypriot company, especially Mortada."  

  

[yota691]

The deputy prime minister of the Lebanese government clarifies his intention from “the bankruptcy of the state and the bank”

2022.04.04 - 22:22

 

Baghdad - people  

The Lebanese Deputy Prime Minister, His Excellency Al-Shami, in an exclusive interview with Sky News Arabia, responded to the statements attributed to him, which raised a fuss about the "bankruptcy" of Lebanon.  

 

  

In his interview with Sky News Arabia, Al-Shami said that "what was attributed to him was partial from a television interview conducted with him during his response to a question about the possibility of the contribution of the Lebanese state and the Central Bank of Lebanon to bridge the gap of losses in the country."  

Al-Shami revealed that he specifically said, "The state can help with a small amount... and I used this expression, by which I mean that the state does not have sufficient financial capabilities."  

He said: "Who am I to declare the state bankrupt?", expressing his astonishment at the news headline that caused confusion in Lebanon and the region.  

Al-Shami considered that "such a headline is ridiculous, and what was taken in this news is absolutely not true."  

Confused statements  

The news of Lebanon's bankruptcy, which was spread by the Deputy Prime Minister of Lebanon, His Excellency Al-Shami, caused confusion over the past hours, knowing that experts from the specialists explained to Sky News Arabia that Al-Shami's words do not mean the bankruptcy of the state.  

In this context, former MP Mustafa Alloush told Sky News Arabia: "There is no doubt that the state is not bankrupt, as it has property and other things that it can use to bridge losses, but the major problem is that the economic situation is "bankrupt", and economic prospects are politically and security closed."  

He added, "Practically, the Lebanese economy is bankrupt, even if the state is not bankrupt, and the Banque du Liban has the problem of reserve money, which has become limited."  

For his part, Riad Salameh, Governor of the Central Bank of Lebanon, said on Monday that the bank is still exercising its role entrusted to it by law, and that what is being circulated about the bank’s bankruptcy is incorrect.  

The Governor of the Banque du Liban denied what was reported by Arab news websites, about the Central Bank of Lebanon’s declaration of “bankruptcy”.  

Salameh added: "Despite the losses that afflicted the financial sector in Lebanon, which are being addressed in the recovery plan that is currently being prepared by the Lebanese government in cooperation with the International Monetary Fund, the Banque du Liban is still exercising its role entrusted to it under Article 70 of the Monetary and Credit Law. And it will continue to do so.”  

The repercussions of the statements  

Jassem Ajaqa, an expert in economic affairs, told Sky News Arabia: "Such statements harm the economic situation, Lebanon's position, and people's confidence, whether in the political or monetary authority, so they should immediately move to an agreement with the IMF so that people feel absolute comfort."  

He added, "The Banque du Liban is still, until this moment, financing the market with dollars, and of course this is not a case of bankruptcy, but rather a liquidity crisis, because the Banque du Liban cannot go bankrupt and has the return of tax money and sovereign money."  

metaphor  

The writer and economic analyst, Mounir Younes, told Sky News Arabia: "What the Deputy Prime Minister, His Excellency Al-Shami, announced is a metaphor, and has no legal meaning because the Lebanese state has stopped paying foreign debts since March 2020, during the government of President Hassan Diab."  

He added: "The legal meaning of the word is that the Lebanese state is faltering and has stopped paying bonds to external creditors. If what is meant are creditors, then we have stopped paying since the era of Prime Minister Diab's government, and what the Deputy Prime Minister said in the context in which he wrote, is illegal, because the countries It does not go bankrupt and it is not a company, and if a company goes bankrupt, it is liquidated and the license given to it is canceled, and it no longer exists in the legal sense of the word, and therefore he uses a metaphor.  

Younes continued: "Lebanon is not a bankrupt country, but rather a faltering country, and the difference is large, and when the deputy prime minister says that the central bank is also bankrupt, the words have no legal meaning, because central banks can always print currency and continue, even with difficulty, even if they lose all the assets and money they have."  

He concluded by saying: "What the Deputy Prime Minister said is a metaphor that lacks legal support, and he intended to say that there is a loss of $73 billion in deposits for depositors, and it is not known who will bear this loss."  

  

"Sky News"

[yota691]

Lebanon is not bankrupt... but stolen!

internationals

2022-04-04 | 09:08

 

 

 

 

Source:

Sumerian

 

2,984 views

 

 

The news of the Lebanese Deputy Prime Minister His Excellency Al-Shami's announcement of the state's bankruptcy filled public opinion, politicians and art in Beirut and the Arab world.

And the banner of the tweet of the Lebanese artist, Ragheb Alama, via "Twitter", in which he considered that "Lebanon is not bankrupt, but rather stolen." 
Alama saw that "the people of the government, their groups and their masters stole him, plundered him, raped him and destroyed him, and if society did not agree with them, they would not have been able to do that to the Lebanese people."

 

 

 

 

 

He emphasized that "if the great powers wanted to return the looted funds and hold the thieves to account, then Lebanon can rise from this disaster."

 

 

Lebanon is not bankrupt! Lebanon is happy. The rulers, their groups, and their masters stole it, plundered it, raped it, and destroyed it.
If society did not agree with them, they would not have been able to do that to the Lebanese people!
If the great powers wanted to return the looted money and hold the thieves to account, then Lebanon can rise from this disaster

— RaghebAlama (@raghebalama)April 4, 2022

 

 

After the news of the bankruptcy was announced, the hashtag #Lebanon topped the trend on Twitter Iraq, where the Lebanese and the Arab brothers expressed their deep sorrow for what happened to brother Lebanon, which was the Switzerland of the East, bearing the full responsibility of the ruling class.
Among the most prominent comments was what the Egyptian program presenter Youssef Al-Hussein wrote in a sarcastic manner, according to which "after 30 years of looting, theft and corruption, the Lebanese government announced that there is nothing yet in Lebanon to steal, so it declared its bankruptcy."

 

After 30 years of looting, theft and corruption, today the Lebanese government announced that there is no need to steal in me#Lebanon..and declared bankruptcy!!# افلاس_لبنان

— Joe (@youssef_hussen)April 4, 2022

 

 

Likewise, the Syrian journalist Faisal al-Qasim asked: " Why do some people forget that the Lebanese regime has been corrupt for decades and decades and played a subversive role in the collapse of Lebanon, and that America also has a major role in the Lebanese banking crisis? "

 

 

I do not know why some people forget that the Lebanese system has been corrupt for decades and decades and played a subversive role in the collapse of Lebanon, and that America also has a major role in the crisis of Lebanese banks?

— Faisal Al Qasim (@kasimf)April 4, 2022

 

In practice, the state's bankruptcy means its inability to pay its debts or obtain funds from external parties to pay for the goods and commodities it imports. 
This has consequences for the national economy and the money of depositors in banks, as well as for the national currency, and consequently a significant increase in prices.
It should be noted that Lebanon has been witnessing a stifling economic crisis since October 2019, which the World Bank ranked among the 3 worst crises in the world this century.

[yota691]

 

Iraq refuses to be compared to Lebanon "financially" and reveals international cooperation to control currency smuggling abroad

 

 2022-04-05 06:20

 

 

Shafaq News / The financial advisor to the Prime Minister, Mazhar Muhammad Salih, refused, on Tuesday, to compare Iraq with Lebanon politically and financially, considering the comparison "false and a confusion of papers." To counter the smuggling of currency abroad.

 

Saleh said in an interview with Shafaq News Agency, "What is rumored about comparing Iraq with Lebanon is false and vague and incorrect. It is a mixture of papers and part of the political noise at the present time," noting that "the political and financial conditions in Lebanon cannot resemble Iraq."

 

Saleh added that "the Iraqi economy has large and enormous cash flows, and the Central Bank is fortified with good reserves, and it is in a very good position," stressing that "the monetary policy of the Central Bank is a strict and stable policy at the present time and is concerned with economic stability and therefore financial and banking stability, and this is what it seeks It also manages its foreign reserves supporting the Iraqi dinar in the best way.

 

The financial advisor to the Prime Minister stressed that "any smuggling of currency abroad falls under the door of money laundering, crime and terrorism," noting that "the law against money laundering, crime and terrorism funds is a valid law, and there is regional and international cooperation in this matter."

 

Saleh pointed out that "some violations and crimes may occur, but they are few and do not amount to the issue of sabotaging the national economy, which is small and occurs here and there. A Supreme Council for Combating Money Laundering also issues instructions in this regard, and Iraq is a member of the International Financial Action Organization, whose function is international cooperation and information exchange to combat money laundering.

 

Yesterday, Monday, April 4, 2022, the Deputy Prime Minister of Lebanon, His Excellency Al-Shami, announced the bankruptcy of the state and the Central Bank of Lebanon, while some specialists considered that Iraq will have the same Lebanese scenario due to the similarity of the political and sectarian situations in it.

[yota691]

Mazhar Muhammad Salih: The Iraqi economy has huge cash flows and cannot be compared to Lebanon

 

Material uses Economy News - Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, refused, on Tuesday, to compare Iraq with Lebanon politically and financially, and considered the comparison “false and a confusion of papers.” .   In an interview with "Shafaq News", Saleh said, "What is rumored about comparing Iraq with Lebanon is false and vague and incorrect. It is a mixture of papers and part of the political noise at the present time," noting that "the political and financial conditions in Lebanon cannot resemble Iraq ."   Saleh added that "the Iraqi economy has large and enormous cash flows, and the Central Bank is fortified with good reserves, and it is in a very good position," stressing that "the monetary policy of the Central Bank is a strict and stable policy at the present time and is concerned with economic stability and therefore financial and banking stability, and this is what it seeks It also manages its foreign reserves supporting the Iraqi dinar in the best way .   The financial advisor to the Prime Minister stressed that "any smuggling of currency abroad falls under the door of money laundering, crime and terrorism," noting that "the Anti-Money Laundering Law, Crime Funds and Terrorism is an effective law, and there is regional and international cooperation in this matter ."   Saleh pointed out that "some violations and crimes may occur, but they are few and do not amount to the issue of sabotaging the national economy, which is small and occurs here and there. A Supreme Council for Combating Money Laundering also issues instructions in this regard, and Iraq is a member of the International Financial Action Organization, whose function is international cooperation and information exchange to combat money laundering .   Yesterday, Monday, April 4, 2022, the Deputy Prime Minister of the Lebanese Government, His Excellency Al-Shami, announced the bankruptcy of the state and the Central Bank of Lebanon, while some specialists considered that Iraq will have the same Lebanese scenario due to the similarity of the political and sectarian situations in it .

Views 101   Date Added 05/04/2022

[yota691]

After (announcing bankruptcy) an expert talks about the volume of Iraqi deposits in Lebanese banks

 

Material uses Economy News - Baghdad Economist Nabil Al-Marsoumi confirmed, on Monday, that there are no accurate figures for Iraqi deposits in Lebanese banks, but indicated that they "may exceed several billion dollars."   Al-Marsoumi wrote on his Facebook page, "The Central Bank of Lebanon is carrying out an inventory of the amount of gold in its possession, after His Excellency the Deputy Prime Minister of the Lebanese Government, His Excellency Al-Shami, announced the bankruptcy of the state and the Central Bank of Lebanon, and said that the losses would be distributed to the state, the Banque du Liban, banks and depositors."   He added, "There are no accurate figures about Iraqi deposits in Lebanese banks, but their amounts are large and may exceed several billion dollars, and they belong to individuals and companies, and some private sources indicate that most of the Iraqi funds deposited in Lebanon are caused by corruption operations that took place in Iraq, as the banks facilitated Lebanese deposit and transfer operations for Iraqis in the past years, and it was a financial center for companies, officials and politicians.   And the Deputy Prime Minister in the Lebanese government, His Excellency Al-Shami, announced, earlier today, Monday, "the bankruptcy of the state and the Central Bank of Lebanon."   Al-Shami said: "There is a fact that cannot be ignored and we cannot live in a state of denial and we cannot open (banking) withdrawals to all people, and I wish that if we were in a normal state."   He explained, "There are absolutely no restrictions on internal bank transfers and withdrawals from bank to bank in the Capital Control Law."

Views 181   Date Added 04/04/2022

[yota691]

 

The deposits of the Iraqis reached 50 billion dollars.. The Central Bank of Lebanon concerns Shafak News with the details of the "crisis"

 

 2022-04-06 07:20

 

Shafaq News/ The statements of the Deputy Prime Minister of the Lebanese Government, His Excellency Al-Shami, caused a lot of confusion and anxiety among Iraqis who have deposits estimated at tens of billions of dollars in Lebanese banks, but a spokesperson for the Central Bank of Lebanon, gave assurances that talking about the “bankruptcy” of the Central Bank, “is not True".

 

There are no official estimates for the volume of deposits of Iraqis, from ordinary citizens, businessmen and politicians, in Lebanon, but according to estimates obtained by Shafak News Agency, Iraqis' deposits far exceed the deposits of Syrians, which were officially announced by officials in Damascus, estimated at about 20 billion dollar.

According to the sources, Iraqi deposits could reach 50 billion dollars.

 

According to the Lebanese sources, a large part of these funds are major laundering operations that took place during the past two decades, and Iraqi depositors receive facilities from Lebanese banks, to enter these funds without the usual checks.

 

In this regard, the media official of the Central Bank of Lebanon, Halim Berti, told Shafak News Agency, "What is being circulated about the bankruptcy of the Central Bank is incorrect."

 

In response to a question about whether the Iraqis' deposits have vanished because of this talk of "bankruptcy", Berti reminded of the banking secrecy adopted in Lebanon, and indicated in his speech to Shafaq News Agency, that the procedures related to deposits are still the same as they are currently.

 

He explained that "despite the losses that afflicted the financial sector in Lebanon, which are being addressed in the recovery plan that is currently being prepared by the Lebanese government in cooperation with the International Monetary Fund, the Banque du Liban is still exercising its role entrusted to it under Article 70 of the Monetary and Credit Law, and it will It continues."

 

After the Deputy Prime Minister’s statements, Prime Minister Najib Mikati hastened to clarify that “what was taken from Al-Shami’s speech was fragmentary, and he meant what he said was liquidity, not solvency,” which means that the state is already facing a problem with the abundance of financial liquidity to make the payments due on it, but it is still It owns many properties and assets that can insure reducing the financial losses gap.

 

 

In the same context, the American “CNN” network quoted a Lebanese government source as saying that Al-Shami’s statements about “bankruptcy” come from the negotiations with the International Monetary Fund, which he is conducting, according to which Lebanon requests the assistance of the Fund to help fulfill its obligations, and therefore this statement “ It is not an official announcement of Lebanon's bankruptcy.

 

The source explained that a government position in this regard is first presented to the Council of Ministers and announced by Prime Minister Mikati, who represents the government and speaks on its behalf. The source added that al-Shami's statements "do not bear any official status and do not express the government's opinion."

[yota691]

Expert on Iraqi deposits in Lebanon: $20 billion and what is hidden is greater

2022.04.06 - 19:43

 

  

Baghdad - people  

The economic expert and professor at Basra University, Nabil Al-Marsoumi, revealed, on Wednesday, the volume of Iraqi deposits in Lebanese banks, describing them as “large.”  

 

  

  

Al-Marsoumi said in a clarification followed by “Nass” (April 6, 2022), that “in practice, Lebanon is considered bankrupt, even if the statements of Lebanese officials differ, because Lebanon is unable to pay its sovereign debts and its currency is collapsing, and it does not allow depositors to withdraw their deposits amounting to 100 billion dollars, as well as The Lebanese banking sector owes about $90 billion.  

  

He added, "What we should focus on is the size of the large Iraqi deposits in Lebanese banks, which some estimate at about 20 billion dollars, as well as 650 million dollars belonging to Kurdistan, and what was hidden was greater."  

  

Earlier, the parliament member of the Kurdistan Region, Ali Hama Saleh, revealed that nearly $650 million of Kurdistan’s money was frozen in Beirut after the Lebanese government declared the state bankrupt.  

  

Hama Saleh said in a blog post followed by “Nass” (April 5, 2022), “In 2015 I sent a letter to the President of the Kurdistan Regional Government, in which I indicated that the sale of oil through Murtada to my Pakistani brother is dangerous, but they did not listen to me, and as a result, what was frozen was frozen. Nearly $650 million in Lebanon.    

  

He added, "The frozen funds are the revenues of the Kurdistan region's oil in the account of the Cypriot company, especially Mortada."    

  

  

  

  

Murtaza Lakhani, is a Pakistani businessman, whose name appeared in light of the economic blockade imposed on Iraq in the nineties of the last century during the rule of Saddam Hussein.    

  

And in an investigation conducted by Bloomberg Agency, "Lakhani was using his company's account in Lebanon's Bank Med, as a clearinghouse for the new oil wealth in Kurdistan."    

  

"Through his company, IMMS, Lakhani dealt with financial payments from the Russian company Rosneft, and oil traders such as Vitol Krupp and Trafikura Krupp. He also made payments to foreign companies that the Kurdistan Regional Government owes money to, and transferred hundreds of millions of dollars to the Ministry of Finance in the Kurdistan Region itself." , says Bloomberg.    

  

  

And the international auditing company, Deloitte, published a report on the region’s oil exports for the year 2021 stating that more than 152 million barrels of oil were exported through the Turkish port of Ceyhan, at an average price of $59.4.  

  

The report, which was monitored by "Nass" on Thursday (March 31, 2022), indicated that the oil revenues sold amounted to 9 billion dollars, more than 5 billion dollars went to oil expenditures, while the total revenues amounted to about four billion dollars.      

  

The report showed that $294 million and 310 million euros of the region's oil revenues are being held in Lebanon.      

  

Here is the text of the details:    

  

  

  

  

  

Earlier, a member of the Iraqi Council of Representatives, specialized in economics, Nermin Maarouf, explained the most important reasons that led to Lebanon's bankruptcy and its repercussions on the Beirut government.  

  

Dr. said. Nermin Maarouf told "Nass" (April 4, 2022), that "the bankruptcy of the state means that it is no longer able to pay its foreign debts, and it cannot obtain new loans, but unlike the bankruptcy of individuals and companies, the bankruptcy of the state has no punishment. legal, and does not lead to the destruction of state property.      

  

The economic expert indicated that "the most important reasons for the state's bankruptcy are the rise in borrowing, the rise in the bank interest rate, the lack of public income, price inflation, and the collapse of the value of the national currency."      

  

And she continued, "In Lebanon's situation, there are a number of factors, such as the mistakes of the country's economic policies, especially the financial and monetary policies, the artificial support for the value of the lira, the instability of the exchange rate against the dollar, financial and political corruption, the smuggling of state-supported goods, and the American blockade of the activities of banks Lebanon, which has a relationship with Iran.      

  

Maarouf continued, “Also, the decrease in remittances from abroad, the decline in Gulf aid to the Beirut government, the weakness of the tourism sector and its revenues due to the impact of the Corona virus, and the continuation of political conflicts between the various components of Lebanon are also added.”      

  

And the Governor of the Central Bank of Lebanon, Riad Salameh, had said last Monday that the bank is still exercising its role entrusted to it by law, and that what is being circulated about the bank’s bankruptcy is incorrect.  

  

The Governor of the Banque du Liban denied what was reported by Arab news websites, about the Central Bank of Lebanon’s declaration of “bankruptcy”.    

  

Salameh added: "Despite the losses that afflicted the financial sector in Lebanon, which are being addressed in the recovery plan that is currently being prepared by the Lebanese government in cooperation with the International Monetary Fund, the Banque du Liban is still exercising its role entrusted to it under Article 70 of the Monetary and Credit Law. And it will continue to do so.”    

  

Media statements issued by the Deputy Prime Minister, His Excellency Al-Shami, sparked widespread controversy in the country, after he said that "the state is bankrupt, as well as the Bank of Lebanon, and the loss occurred."     

  

No official statement was issued by the government or republic presidencies to clarify Al-Shami's words in this regard.     

  

The media and news websites reported a sentence uttered by the Deputy Prime Minister of Lebanon, during a local television interview, in which he said: “The state is bankrupt, and so is the Banque du Liban.”    

  

Al-Shami indicated that the losses will be distributed to everyone: "the state, the (Central) Bank of Lebanon, the banks and the depositors."    

  

The statement of state bankruptcy comes in an interview with the minister via Al-Jadeed channel to confirm what is known, but he did not explicitly announce it through any government official before, and in the context of answering a question about how to calculate the percentage of losses on depositors’ money, according to “Sky News.”  

  

  

And earlier, His Excellency Al-Shami, Deputy Prime Minister of the Lebanese government, announced “the bankruptcy of the state and the Central Bank of Lebanon,” and said that the losses would be distributed to the state, the Banque du Liban, banks and depositors.    

  

Al-Shami said in a television program broadcast on the local "Al-Jadeed" channel, on Sunday, that "there is no conflict of views about the distribution of losses, and they will be distributed to the state, the central bank, banks and depositors."        

  

 

And the government official added: "There is a fact that cannot be ignored... We cannot open (bank) withdrawals to all people. I wish that if we were in a normal situation."        

  

Financial and economic collapse  

For about two years, the country's banks have imposed restrictions on depositors' money in foreign currency, especially the US dollar, and placed severe ceilings on withdrawing money in Lebanese pounds (according to the value of the deposit and the bank), following a severe economic and financial crisis.        

  

His Excellency Al-Shami reveals the conditions of the IMF required from Lebanon during the negotiations
16,187 views Apr 3, 2022

 

Also, in May 2021, the Central Bank launched a “exchange” platform, to complete the sale and purchase of foreign currencies, specifically the dollar, at a moving price determined by supply and demand, provided that it intervene when necessary to control fluctuations in the prices of the banking market.        

  

While the value of the lira against the dollar has been stable for more than a quarter of a century at the borders of 1515, it has gradually deteriorated since late 2019, affected by a severe economic crisis afflicting the country, to an average of 23,000 currently.        

  

While the World Bank described the crisis, last June, as "the most severe and severe in the world", and classified it among the three most difficult crises recorded in history since the mid-nineteenth century.          

  

 

Central bank corruption  

On Friday, April 1, the Lebanese Public Prosecutor submitted a request to freeze European bank accounts belonging to Central Bank Governor Riad Salameh, days after five European countries confiscated assets in connection with investigations into embezzlement crimes.        

  

Salame faces investigations in Beirut and at least five European countries into allegations that he embezzled about $330 million in public funds with the help of his brother, Raja, accusations both denied.        

  

The real Lebanon..hungry
5,092 views Feb 26, 2021

 

Meanwhile, the European Criminal Judicial Cooperation Agency announced, on Monday, March 28, the freezing of 120 million euros of Lebanese assets in France, Germany, Luxembourg, Monaco and Belgium, in connection with an investigation into embezzlement. German prosecutors said the move was linked to the investigation into Salameh.        

  

A senior judicial source also confirmed to Reuters that Public Prosecutor Ghassan Oueidat sent a letter to the Ministry of Justice informing it that he had requested the freezing of assets owned by Salama and his partners in the banks of Switzerland, France, Belgium, Germany and Luxembourg.    

[yota691]

Bankruptcy in Beirut and anxiety in Damascus and Baghdad

A sensation sparked by the announcement of the Lebanese Deputy Prime Minister, His Excellency Al-Shami, in a television interview, about the bankruptcy of the Lebanese state and the Central Bank.

Egyptian Awab

Association of Banks in Lebanon (Others)

 

 

Despite Prime Minister Najib Mikati’s attempts to downplay the importance of this announcement, sometimes claiming that al-Shami’s words were misunderstood, and at other times that it was cut short, most economic experts confirmed the correctness of what the Deputy Prime Minister said, and praised his courage in frankness with the Lebanese about the economic reality.

The state and its central bank are unable to pay depositors' money withheld in banks, and the Lebanese authority is escaping forward by avoiding frankness with the Lebanese to escape popular discontent, at least until the parliamentary elections scheduled for the middle of next month. Noting that the clearest indicator of bankruptcy was revealed more than two years ago, when the previous government headed by Hassan Diab refrained from repaying the Eurobonds without negotiation, communication, or indulgence from the creditor.

In contrast to this bleak picture, another picture emerges for some optimists, who assert that bankruptcy, if it occurs, is supposed to be accompanied by a complete collapse of the state’s administrations, institutions, and security and administrative agencies, which did not happen despite the passage of nearly two years since the start of the economic and monetary crisis. According to them, it is a positive indicator that indicates that Lebanon was able to avoid collapse, and the Central Bank succeeded in avoiding bankruptcy, after matters are on the way to a solution, and the next stage heralds the improvement of conditions and the provision of services, and the launch of the path out of the current crisis, especially if the International Monetary Fund begins to provide its assistance. Lebanon's finances. But others underestimated the delay in declaring bankruptcy as an indication of overcoming the collapse, and considered that it was not based on sound economic and financial foundations, but rather came as a result of the authority’s stubbornness, and its neglect of the remaining financial reserve capabilities of the Banque du Liban.

The seriousness of the economic collapse in Lebanon, whose effects are not limited to the Lebanese on its land, but extend to those outside it. What contributed to this, is that much of the money deposited in Lebanese banks does not belong to residents, but to Arab and foreign businessmen, who were attracted by the banking secrecy that the banking sector enjoys. Another factor that contributed to attracting capital and deposits, especially Lebanese expatriates, is the high interest rate offered by banks, at rates that exceed what banks outside Lebanon offer in the countries where the expatriates live.

The repercussions of monetary bankruptcy in Lebanon were not confined to individual account holders, Lebanese or foreigners, but went beyond that to affect countries whose economy intersects with the Lebanese economy, and at the forefront of these countries is Syria. In November 2020, Syrian President Bashar al-Assad said that billions of dollars in deposits of Syrians were being held in the Lebanese financial sector, and that this was a major reason behind the deepening economic crisis. Al-Assad considered that between 20 billion and 42 billion dollars in deposits may have been lost in the Lebanese banking sector. In his speech - after being sworn in for a fourth presidential term in July of last year, the Syrian president reiterated that the biggest obstacle to investment in Syria is the frozen funds in troubled Lebanese banks. He considered that some estimates indicate that there are between 40 billion and 60 billion dollars of frozen Syrian funds in Lebanon. Bankers also confirm that a large number of Syrian companies have been circumventing Western sanctions imposed on the Syrian state since the beginning of the crisis, by using the Lebanese banking system to import unauthorized goods to reach Syria by land. Syrian businessmen have also previously deposited sums in Lebanese banks since 2011, to ensure that they are not affected by security and economic events, and to protect them from the domination of the Syrian regime. All of this money may be lost in Lebanese banks if the latter declares bankruptcy, and this will exacerbate the Syrian economic crisis.

[yota691]

Kurdish calls to investigate the file of Iraqi Kurdistan funds frozen in Lebanon

 

 

1,370 Policy 2022/04/05 12:17 Baghdad today -

Sulaymaniyah Today, Tuesday, the leader of the New Generation Movement, Hamdad Shaheen, demanded the opening of an investigation into the file of freezing the funds of the Kurdistan region in Lebanese banks. In an interview with (Baghdad Today), Shaheen said, "An investigation must be opened into the file of freezing the funds and why they were deposited in Lebanese banks years ago, and whether they belong to the regional government or to officials in the ruling parties and ruling families." He added that "the families of the authority control the region's money and oil revenues, and an investigation must be opened by the federal government and the judiciary to find out the fate of those funds."

[DoD]

4 hours ago, yota691 said:

Kurdish calls to investigate the file of Iraqi Kurdistan funds frozen in Lebanon

Can’t you just hear the Barzani family crying in their beer today about all those millions of dollars they just lost to a bankrupt country. LMAO…..

[yota691]

The Lebanon crisis topples the money of corrupt Iraqis

Saturday 09 April 2022 388

 

 Baghdad: Omar Abdul Latif

 

Experts in the field of anti-corruption described the Lebanese financial crisis as a "mercy bullet" for the corrupt in Iraq and their money deposited there. With the money smuggled by the corruption mafias from Iraq, it constitutes a new scandal that reveals the extent of rampant corruption in the country.

The head of the "Al-Nahrain Network to support Integrity and Transparency" Muhammad Rahim Al-Rubaie, a member of the United Nations Convention Against Corruption coalition, told Al-Sabah: "The financial crisis that Lebanon has suffered three years ago, constituted a major blow to all the corrupt who smuggled their money from Iraq and put it there. ".

He added that "most of the money belongs to corrupt Iraqis who have held sensitive positions over the past period, or political parties that smuggled oil and natural resources and the like, and that money was deposited in Lebanese banks."

Al-Rubaie indicated that "the issue also included junior employees who deposited hundreds of thousands of dollars as a result of suspicious operations in these banks," noting that "the corruption mafias worked to blackmail those banks after they were closed completely to no avail, and like the Lebanese government's announcement of such decisions ( Mercy bullet) on the corrupt Iraqis and their money in Lebanese banks.

As for the economist, Mustafa Akram Hantoush, he attributed the reasons for depositing the money of Iraqi politicians and merchants in Beirut to "the ease of smuggling and laundering."

Hantoush told Al-Sabah: "The adoption of the principle of non-accountability for money laundering in Lebanese banks motivated politicians and merchants to deposit their money there, and made Lebanon the lion's share of those funds."

As for the Lebanese financial expert Nassib Jibril, head of the economic research and analysis department at the Byblos Bank Group, he indicated that all depositors, whether Lebanese or foreigners, were affected by the crisis that occurred in September 2019 due to the lack of liquidity in Lebanese banks and the restrictions placed on the use of deposits and withdrawals.

Jibril told "Al-Sabah": "The failure to pay the foreign currency obligations of sovereign bonds has increased the scarcity of liquidity and restrictions on bank withdrawals."

He added, "There is a responsibility to recapitalize the Banque du Liban according to the country's monetary and credit law, and the authorities cannot bear the depositor in the Lebanese banking sector part of these losses regardless of his nationality."

Reports published by Arab and international agencies estimated the volume of Iraqi funds unofficially deposited in Lebanese banks at nearly $18 billion, while other reports raised the estimates to more than $50 billion.

[yota691]

19 hours ago, DoD said:

Can’t you just hear the Barzani family crying in their beer today about all those millions of dollars they just lost to a bankrupt country. LMAO…..

I don't believe it just the Barzani Family..It talks about others as well...ie...Iraqi Politicians...

[64jaguar]

Thanks Master Yota, Have to wonder whether an RV in Iraq could have saved the Lebanese Bankster's If they had held Iraqi Dinar instead of Dollars which may have come from the Iraqi Central Bank auctions coming back to bite em... 

And I rather think Potato Head sent all his billions to Europe... All speculation of course!

[screwball]

this is where most of warkas money went too! when they opened up this Warka branch in lebanon! convenient?

[yota691]

The United Nations Convention: Lebanon's Bankruptcy Is A Mercy Bullet For The Corrupt Iraqis

 

LAST UPDATE 04/09/2022 | 11:05 AM

The Information/Baghdad…
The head of the “Al-Nahrain Network to support Integrity and Transparency”, a member of the United Nations Convention against Corruption coalition, Muhammad Rahim Al-Rubaie, confirmed, on Saturday, that the financial crisis that Lebanon is suffering from represented a mercy bullet for all the corrupt who smuggled their money from Iraq and put it there.
Al-Rubaie said in an interview seen by "The Information", that "the financial crisis that Lebanon has suffered three years ago, constituted a major blow to all the corrupt who smuggled their money from Iraq and put it there."
He added, "Most of the money belongs to corrupt Iraqis who have held sensitive positions over the past period, or political parties that smuggled oil and natural resources and the like, and that money was deposited in Lebanese banks."
Al-Rubaie indicated that “the issue also included junior employees who deposited hundreds of thousands of dollars as a result of suspicious operations in these banks,” noting that “the corruption mafias worked to blackmail those banks after they were completely closed to no avail, and like the Lebanese government’s announcement of such decisions ( Mercy bullet) on the corrupt Iraqis and their money in Lebanese banks. finished/25

[screwball]

13 hours ago, yota691 said:

"Most of the money belongs to corrupt Iraqis who have held sensitive positions over the past period, or political parties that smuggled oil and natural resources and the like, and that money was deposited in Lebanese banks."

warka execs where part of this

[dinarham]

It brings to mind  the oligarchs and what's happening to them  . a worldwide shift towards the Good is entirely possible.

[yota691]

'Wipe your hands against the wall'

The appearance of Muhammad Salih decides the fate of “Iraqi politicians’ money” deposited in Lebanese banks

2022.04.11 - 11:41

 

Baghdad - people  

Mazhar Muhammad Salih, the financial advisor to the Prime Minister, said that politicians who have deposits in Lebanese banks should "wipe their hands against the wall," as he put it.  

  

  

  

Saleh said in an interview with colleague Iyad Fadel, followed by “Nass” (April 11, 2022), in response to “the fate of Iraqi politicians’ money deposited in Lebanese banks after the latter declared the state’s bankruptcy”: “The money deposited by some politicians in Lebanese banks will not return. to its depositors (let them wipe their hands against the wall)," he added, adding that "the money in Lebanese banks has gone and there is no hope for it to return."  

  

He continued, "They will not receive 10 fils from the Lebanese."  

  

On Monday, Nermin Maarouf, a member of the Iraqi Parliament, who specializes in economics, explained the most important reasons that led to Lebanon's bankruptcy and its repercussions on the Beirut government.  

  

Nermin Maarouf said in an interview with "Nass" (April 4, 2022), that "the state's bankruptcy means that it is no longer able to pay its external debts, and it cannot obtain new loans, but unlike the bankruptcy of individuals and companies, the bankruptcy of the state does not have Legal punishment, and does not lead to the destruction of state property.    

  

The economic expert indicated that "the most important reasons for the state's bankruptcy are the rise in borrowing, the rise in the bank interest rate, the lack of public income, price inflation, and the collapse of the value of the national currency."    

  

And she continued, "In Lebanon's situation, there are a number of factors, such as the mistakes of the country's economic policies, especially the financial and monetary policies, the artificial support for the value of the lira, the instability of the exchange rate against the dollar, financial and political corruption, the smuggling of state-supported goods, and the American blockade of the activities of banks Lebanon, which has a relationship with Iran.    

  

Maarouf continued, “Also, the decrease in remittances from abroad, the decline in Gulf aid to the Beirut government, the weakness of the tourism sector and its revenues due to the impact of the Corona virus, and the continuation of political conflicts between the various components of Lebanon are also added.”  

 

  

On Monday, the economic expert and professor of economics at Basra University, Nabil Al-Marsoumi, spoke about the repercussions of Lebanon's bankruptcy on Iraqi deposits in Lebanese banks.  

  

Al-Marsoumi said in a clarification seen by “Nass” (April 4, 2022), “The Central Bank of Lebanon is carrying out an inventory of the amount of gold in its possession, after His Excellency the Deputy Prime Minister of the Lebanese Government, His Excellency Al-Shami, announced the bankruptcy of the state and the Central Bank of Lebanon, and said that the losses would be distributed to the state and the Central Bank of Lebanon. Lebanon, banks and depositors.    

  

He added, "There are no accurate figures about Iraqi deposits in Lebanese banks, but their amounts are large and may exceed several billion dollars, and they belong to individuals and companies, and some private sources indicate that most of the Iraqi funds deposited in Lebanon are caused by corruption operations that took place in Iraq, as Lebanese banks facilitated Deposit and transfer operations for Iraqis in the past years, and it was a financial center for companies, officials and politicians.    

  

  

His Excellency Al-Shami, Deputy Prime Minister of the Lebanese Government, declared "the bankruptcy of the state and the Central Bank of Lebanon", and said that the losses would be distributed to the state, the Banque du Liban, banks and depositors.  

 

Al-Shami said in a television program broadcast on the local "Al-Jadeed" channel, on Sunday, that "there is no conflict of views about the distribution of losses, and they will be distributed to the state, the central bank, banks and depositors."      

 

 

The Lebanese official also confirmed that "the state went bankrupt, as did the central bank, and the loss occurred, and we will seek to reduce the losses for the people."      

  

 

While there was no other official comment on Al-Shami's statements, which indicate a deeper financial and economic crisis in Lebanon, and may lead to sharp disputes between depositors and banks.      

  

The government official added: "There is a fact that cannot be ignored... We cannot open (bank) withdrawals to all people. I wish that if we were in a normal situation."      

  

Financial and economic collapse  

For about two years, the country's banks have imposed restrictions on depositors' money in foreign currency, especially the US dollar, and placed severe ceilings on withdrawing money in Lebanese pounds (according to the value of the deposit and the bank), following a severe economic and financial crisis.      

  

Also, in May 2021, the Central Bank launched a “exchange” platform, to complete the sale and purchase of foreign currencies, specifically the dollar, at a moving price determined by supply and demand, provided that it intervene when necessary to control fluctuations in the prices of the banking market.      

  

While the value of the lira against the dollar has been stable for more than a quarter of a century at the borders of 1515, it has gradually deteriorated since late 2019, affected by a severe economic crisis afflicting the country, to an average of 23,000 currently.      

  

While the World Bank described the crisis, last June, as "the most severe and severe in the world", and classified it among the three most difficult crises recorded in history since the mid-nineteenth century.      

  

 

 

Central bank corruption  

On Friday, April 1, the Lebanese Public Prosecutor submitted a request to freeze European bank accounts belonging to Central Bank Governor Riad Salameh, days after five European countries confiscated assets in connection with investigations into embezzlement crimes.      

  

Salame faces investigations in Beirut and at least five European countries into allegations that he embezzled about $330 million in public funds with the help of his brother, Raja, accusations both denied.      

  

Meanwhile, the European Criminal Judicial Cooperation Agency announced, on Monday, March 28, the freezing of 120 million euros of Lebanese assets in France, Germany, Luxembourg, Monaco and Belgium, in connection with an investigation into embezzlement. German prosecutors said the move was linked to the investigation into Salameh.      

  

A senior judicial source also confirmed to Reuters that Public Prosecutor Ghassan Oueidat sent a letter to the Ministry of Justice informing it that he had requested the freezing of assets owned by Salama and his partners in the banks of Switzerland, France, Belgium, Germany and Luxembourg.      

[yota691]

'Dangerous scenario'

The full story of “Lebanon’s bankruptcy” .. conflicting statements that open wounds

2022.04.12 - 11:15

 

  

Baghdad - people   

Lebanon has been experiencing a stifling economic crisis for 3 years, while the Lebanese government recently announced the state's bankruptcy, which practically means its inability to pay its internal and external debts.