ALERT LEBANON IN CRISIS

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.@Reuters reporting #Lebanon's Prime Minister Saad al-Hariri is moving toward resigning, which he may announce on Tuesday or Wednesday.
 
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Arab News
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#BREAKING: Lebanese Prime Minister #SaadHariri resigns

https://bit.ly/336WedL
Arab News
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#BREAKING: #Hariri says his resignation is to meet the peoples' demands after protests #lebanonprotest

http://bit.ly/336WedL
Arab News
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#BREAKING: #Hariri says he has reached a dead end and called on all Lebanese to protect civil peace #lebanonprotest

http://bit.ly/336WedL
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#BREAKING: #Hariri's resignation makes the crisis in Lebanon "even more serious": France

http://bit.ly/336WedL
11:23 AM · Oct 29, 2019·
 
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#BREAKING #Jordan recalls its ambassador to #Israel in protest of the arrest of its two citizens
4:17 PM · Oct 29, 2019·
 
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https://www.reuters.com/article/us-...n-their-leaders-breaking-taboos-idUSKBN1X91PH

NEWSOCTOBER 30, 2019 / 10:06 AM / UPDATED 14 MINUTES AGO
Lebanon's protesters turn on their leaders, breaking taboos
Suleiman Al-Khalidi
5 MIN READ

NABATIYEH, Lebanon (Reuters) - In the protests sweeping Lebanon, nothing is sacred.

Political leaders, who a few weeks ago enjoyed the loyal support of core followers despite worsening economic conditions, are now the target of many of those people’s ire.

That show of irreverence toward senior figures who have long commanded respect has broken taboos, setting these demonstrations apart from previous waves of dissent.

Saad al-Hariri stepped down as prime minister on Tuesday in the face of mass protests fueled by resentment against the ruling elite, whom people blame for the dire state of the economy.

The son-in-law of President Michel Aoun, Gebran Bassil, who is also foreign minister, has become a figure of ridicule among many on the streets of the capital Beirut.

Hezbollah, the heavily armed Shi’ite group widely recognized as the most powerful force in the country, has not been spared. Chants against its leader Sayyed Hassan Nasrallah would have been unthinkable last month. Now they are common.


In Nabatiyeh, a mainly Shi’ite town in the south of the country, protesters have set their sights on Parliament Speaker Nabih Berri, one of Lebanon’s most powerful politicians whose Amal Movement dominates the area.

“I have come down to protest to bring down Berri who is a symbol of corruption,” said Koussay Charara, a Shi’ite teacher who was one of thousands of people occupying the town square and surrounding streets.

When hundreds of protesters chanted against Berri in one of the town’s main streets, residents say they were attacked by groups of baton-wielding mobs believed to be supporters of Amal and its ally Hezbollah.

At least eight people were hurt, some of whom were hospitalized.

In other places in Nabatiyeh and elsewhere in the south, posters of Berri that adorned government buildings were damaged by angry demonstrators.

The politician himself has sided with protesters, telling MPs from his party last week that the crowds had achieved some of the changes that Amal itself had been demanding for decades.


A source within Amal said the tens of thousands of people taking to the streets had made legitimate demands for greater transparency, accountability and action against corruption.

“The Amal movement and its leader were not surprised by the social explosion that took place,” he said.

That explosion is pitting people once aligned in a single faction against each other, adding to the sense of chaos in Lebanese towns and cities.

In Nabatiyeh, those backing Berri chanted their support.

“With our blood and lives we offer ourselves as a sacrifice for you Nabih,” they shouted.

New posters appeared of the smiling politician, accompanied by the words “We are With You”.

Slideshow (8 Images)
NORTH AND SOUTH IN TURMOIL
Some Amal and Hezbollah supporters wearing black clothes and carrying sticks and pipes attacked and destroyed the anti-government protest camp in Beirut, believing the protesters were tarnishing their leader Nasrallah.

It was the most serious strife in the capital since 2008, when Hezbollah fighters seized control in a brief eruption of armed conflict with Lebanese adversaries loyal to Hariri and his allies.

Analysts are taking particular note of dissent in the south of Lebanon, because of the political dominance long enjoyed there by Amal and Hezbollah.

“There are more daring voices in the south. Demonstrations were breaking the previous taboos in politics,” said Mohanad Hage Ali of the Carnegie Middle East Center.

The north has not been spared either.

In the mostly Sunni Muslim city of Tripoli, one of Lebanon’s poorest, protesters turned on their leaders by burning tyres near a villa owned by former Sunni prime minister Najib Mikati.

“You are one of them!” they chanted, referring to the political elite they despise.


Ali Omar, a Sunni university teacher, said that a brief walk around Tripoli was more than enough proof that parliamentarians and Sunni leaders had done nothing for the city over the years.

“Go look in the city and see the unemployment rate, look at the electricity ... go to the social security offices, look at the roads with their potholes, at the oppression.”

Tripoli has seen some of the biggest, liveliest demonstrations of the past two weeks. People have gathered daily in the city square, chanting and dancing deep into the night.

Omar said people were sick of spending their lives asking for favors or begging officials for their basic rights.

“Where are all these taxes going? Into their bank accounts,” he said. “For 30 years we’ve been screaming ... that half the youth are unemployed. What do we have to do for you to hear us?”

Editing by Tom Perry, Samia Nakhoul and Mike Collett-White

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https://www.reuters.com/article/us-...e-banks-re-open-after-two-weeks-idUSKBN1XB3F2

Queues but no panic as Lebanese banks re-open after two weeks
Ellen Francis, Eric Knecht
5 MIN READ

BEIRUT (Reuters) - Lebanese banks opened on Friday for the first time in two weeks after protests that prompted the prime minister’s resignation, with queues building and customers encountering new curbs on transfers abroad and withdrawals from U.S. dollar accounts.

An hour after doors opened, dozens people of people were waiting at some banks in Beirut and other cities, Reuters witnesses said. At others, fewer were waiting.

The Association of Banks in Lebanon praised the public for acting “responsibly”. The Lebanese pound strengthened against the dollar on a parallel market that has emerged in recent months, three dealers said.

The central bank had promised not to impose capital controls when banks re-opened, measures that could hamper the currency inflows and investment Lebanon badly needs to weather its worst economic crisis since its 1975-90 civil war.

Though no formal controls were imposed, banks were telling customers they could not transfer funds abroad unless they were for paying loans, education, health, family support or commercial commitments, a customer and banking sources said.

Customers also encountered new limits on the amount of dollars they could withdraw from U.S. dollar accounts.


Walid Iskandarani, who was trying to cash a cheque for $4,538 at a branch of Blom Bank in the Hamra area, said he had been told he could only receive $2,500 of the amount immediately. “The situation is not normal,” he said.

One customer was told a letter would be needed from an overseas bank for a mortgage payment to be transferred abroad.

Another said he was charged $5 for withdrawing $1,000 from his dollar account with Blom Bank and was told the weekly withdrawal limit from the account had been capped at $2,500.

At two other banks, employees said customers seeking to withdraw a couple of thousand dollars would not encounter issues but those seeking to withdraw larger amounts would have to show it was for needs such as tuition or importing goods.

In the Corniche al-Mazraa of Beirut, Rana Sherif said she had been waiting at a branch of Bank Audi for an hour to withdraw money to pay her 13 employees. “I’m worried they won’t let me withdraw the full amount,” she said.

Several customers said they had expected the situation to be worse.

There is not a lot of panic. I thought it was going to be more,” said a customer who was holding a ticket showing he was 17th in line outside a branch of Byblos Bank in Zouk Mosbeh, north of Beirut, where 20 people were waiting at opening time.

POUND STRENGTHENS ON PARALLEL MARKET
“The public is acting responsibly and in a civilized manner, and the sense of patriotism was clear in people’s desire to protect the national economy,” Salim Sfeir, the chairman of the Association of Banks in Lebanon, said in a statement.

Banks had cited security concerns for staff and customers in their decision to stay closed for the last two weeks. Bankers and analysts had also cited worries about a rush by savers to withdraw funds or to transfer them abroad once banks re-opened.

Banking sources said on Thursday that commercial banks would try to restrict transfers abroad. At another bank, a bank employee was overheard offering higher interest rates to another customer.

A slowdown in capital inflows to Lebanon has led to financial pressures unseen since the 1975-90 civil war. A parallel market has emerged for the Lebanese pound, which has been pegged at 1,507.5 to the dollar for two decades.

The pound strengthened on the parallel market on Friday. Two dealers said a dollar cost 1,700 pounds on Friday compared with 1,800 on Tuesday, when Saad al-Hariri resigned as prime minister. A third dealer said the dollar cost 1,650 pounds.

Slideshow (6 Images)
Hariri’s resignation met the demands of protesters, who were demonstrating against politicians they accused of rampant corruption

On Thursday night, President Michel Aoun signaled support for the formation of a government of technocrats, suggesting room for compromise toward setting up a new administration that could enact badly needed reforms.

Reporting by Eric Knect, Imad Creidi, Ellen Francis, Samia Nakhoul, Issam Abdallah; writing by Tom Perry; editing by Christian Schmollinger, Larry King

Our Standards:The Thomson Reuters Trust Principles.
 
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https://www.reuters.com/article/us-...ecurity-aid-for-lebanon-sources-idUSKBN1XA2QX

NEWSOCTOBER 31, 2019 / 6:17 PM / UPDATED 3 HOURS AGO
Exclusive: U.S. withholding $105 million in security aid for Lebanon - sources
Patricia Zengerle, Mike Stone
3 MIN READ

WASHINGTON (Reuters) - U.S. President Donald Trump’s administration is withholding $105 million in security aid for Lebanon, two U.S. officials said on Thursday, two days after the resignation of Lebanese Prime Minister Saad al-Hariri.


The State Department told Congress on Thursday that the White House budget office and National Security Council had decided to withhold the foreign military assistance, the two officials said, speaking on condition of anonymity.


The officials did not say why the aid was blocked. One of the sources said the State Department did not give Congress a reason for the decision.

The State Department declined to comment.

The administration had sought approval for the assistance starting in May, arguing that it was crucial for Lebanon, an important U.S. partner in the volatile Middle East, to be able to protect its borders. The aid included night vision goggles and weapons used in border security.

But Washington has also repeatedly expressed concern over the growing role in the Beirut government of Hezbollah, the armed Shi’ite group backed by Iran and listed as a terrorist organization by the United States.

Following Hariri’s resignation on Tuesday amid huge protests against the ruling elite, U.S. Secretary of State Mike Pompeo urged Lebanon’s political leaders to help form a new government responsive to the needs of its people and called for an end to endemic corruption.

FILE PHOTO: Demonstrators wave Lebanese flags during a protest in Beirut, Lebanon, October 31, 2019. REUTERS/Goran Tomasevic/File Photo
One U.S. official told Reuters he believed the security assistance was necessary for Lebanon, as it struggles with instability not just within its own government but in a turbulent region and houses thousands of refugees from war in neighboring Syria.

The official said it was especially important to strengthen Lebanon’s military, which he deemed one of the most capable institutions in the country now, largely because of support from Washington.

The official said drawing aid away from Lebanon could pave the way for Russia to move in. Russia has expanded its influence in Syria since Trump announced he was withdrawing U.S. forces from the northeastern part of the country.

Lebanon has been arguing with foreign donors over international aid for months. Before he resigned, Hariri failed to convince foreign donors to release $11 billion in assistance pledged at a Paris conference last year.

Reporting by Patricia Zengerle and Mike Stone; Editing by Mary Milliken and Daniel Wallis

Our Standards:The Thomson Reuters Trust Principles.
 
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Anti-government protesters continued blocking roads and filling the streets of Beirut on Thursday, despite the resignation of the prime minister earlier this week. https://abcn.ws/2Wwr8ti
 
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Protesters Block Roads across Lebanon after President Speech
by Naharnet Newsdesk 1 hour ago
Comment0W460
Protesters blocked several key roads across Lebanon on Thursday evening shortly after a televised address by President Michel Aoun.

The protesters first blocked the vital Ring highway in central Beirut. Road-blocking action later spread to the highway that links Beirut to the South with protesters blocking it in the Naameh area.

Roads were also blocked in Tripoli’s al-Qobbeh, central Bekaa and al-Beddawi.

The army meanwhile prevented protesters from blocking the road near the presidential palace in Baabda.

In his speech, Aoun blamed the delay in forming a new government on Lebanon’s “contradictions,” as he re-invited protesters to dialogue with him, noting that he wants to “closely explore their actual demands and means to implement them.”

Addressing the armed forces, he added: “You must protect the freedom of citizens who want to express their opinion through demonstrations and you also have to protect the freedom of movement of citizens who want to go to their work or home.”

Protesters have repeatedly rejected calls for talks with the president, noting that their demands are well-known.

Lebanon's unprecedented protest movement, which broke out on October 17, has been calling for a complete overhaul of a political elite accused of inefficiency and corruption.

After the government stepped down on October 29, protesters demanded a fresh cabinet composed of experts not affiliated with any of the traditional political parties.

But Aoun in a recent interview argued that a government made up solely of independent technocrats would not represent the people or be able to set policies.

"Where should I look for them? On the moon?" he said, arguing true independents were scarce in a country where most people follow a specific political party. https://t.co/RaWob6sIfa?amp=1
 
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#Lebanon now detaining children for tearing down a political poster. Because in a country on the verge of economic collapse, this is the priority.
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Kareem Chehayeb | كريم
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· 1h
Updates: Prominent lawyer @nsaghieh said 5 minors were arrested in Hammana and are being held there, and that the banner they tore down of the Free Patriotic Movement - not of President Aoun himself.

#Lebanon https://twitter.com/chehayebk/status/1198352100448722944
Show this thread
5:42 PM · Nov 23, 2019·
 
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Security forces fire tear gas to disperse supporters of Hezbollah militia
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الحدث
@AlHadath
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#لبنان — قوات الأمن تطلق الغاز المسيل للدموع لتفريق أنصار ميليشيا حزب الله
7:58 PM · Nov 24, 2019·
 
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Pictures of Hezbollah supporters attempting to advance on their motorcycles downtown Beirut
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صور لمحاولة أنصار حزب الله التقدم على متن دراجاتهم النارية وسط بيروت #العربية_عاجل https://alarabiya.net
7:36 PM · Nov 24, 2019·
 
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A motorcycle belonging to a Hezbollah supporter is set on fire in downtown Beirut
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إضرام النار بدراجة نارية تابعة لأحد أنصار حزب الله وسط بيروت #العربية_عاجل https://alarabiya.net
7:58 PM · Nov 24, 2019·
 
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https://www.zerohedge.com/economics...ting-back-bank-cards-vendors-demand-cash-only

ATMs Spitting Back Bank Cards In Lebanon As "Dollars Have Virtually Disappeared"
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by Tyler Durden
Mon, 11/25/2019 - 04:15
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Though banks reopened this week in Lebanon, with the country's financial institutions remaining front and center in massive anti-government protests amid accusations of corruption and wild mismanagement, withdrawal limits have now been made official by the country's Banks Association — previously unofficially enforced.

The formal controls now include limiting withdrawals to $1,000 per week, with transfers abroad only ambiguously defined necessary for “urgent matters”.

Yet the collective panic, driven by fears patrons won't be able to retrieve their deposits from banks, has only compounded, as now The Washington Post reports “Dollars have virtually disappeared.”

Over recent weeks, ATMs in Lebanon have been spitting back bank cards, refusing to provide dollars to those who ask for them, though people here have long used the American currency alongside the Lebanese pound,” the WaPo reported.

Protest-racked Lebanon over the past month has seen its banks opened for only half that time. Given that most of the country's debt is held by local banks, and with the scene of police literally standing at teller windows having to enforce controls and restrain patrons from removing all of their own money, the vicious cycle continues hurtling the $86 billion indebted country toward economic collapse.

First, the deteriorating security situation since Oct. 17 forced their prior closure for two weeks, with the country's association of banks then fearing a run on deposits, and after a brief opening staff went on strike, citing personal safety at the hands of angry citizens demanding their cash from the "thieving" banks (literally in some cases involving clients with guns).

The crisis continues to be felt across multiple sectors and in citizens' daily lives, as the Post report continues:

“Panicked tenants have begun asking to pay their rent in pounds, but landlords are refusing to accept them as the local currency hemorrhages value.”

And further: “Some restaurants and bars have stopped taking credit cards, instead requiring cash to pay vendors. Other eateries have limited their menus, unable to pay for imported goods in dollars.”

At the heart of the banking crisis, which predates the latest record million-strong protests which were sparked in mid-October by a proposed tax on WhatsApp and other popular Voice over IP services, remains extreme lack of confidence in the local currency and corrupt officials which oversee the depleted system. This alongside a years-long severe slowdown in capital inflows, vital for financing the state deficit and pay for imports, fueling an ongoing liquidity crisis.

And per WaPo, the Lebanese lira which is officially supposed to be pegged to the dollar, continues to weaken at an alarming rate: “The black market exchange rate has now soared to 1,900 pounds to the dollar, 26 percent higher than the official rate.”

Though Lebanon can boast it's never defaulted on its sovereign debt — now standing at about 150% of GDP and with the finance ministry vowing it can pay off a $1.5bn bond maturing this month — it's never seen a crisis of this magnitude, causing economists to urge Beirut to pursue a debt restructuring plan as the default risk worsens.
 
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#Lebanon Caretaker Prime Minister Saad Hariri says his choice of premiere will be announced during parliamentary consultations
 
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Lebanese army clashes with supporters of Hezbollah, Amal in Beirut

Lebanese troops lobbed tear gas on Tuesday to disperse supporters of Shi'ite groups Hezbollah and Amal who tried to storm a square in Beirut in response to a video that purportedly offended Shi'ite figures, witnesses and media reports said.
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NEWS
DECEMBER 16, 2019 / 6:06 PM / UPDATED 19 HOURS AGO
Lebanese army clashes with supporters of Hezbollah, Amal in Beirut


3 MIN READ

BEIRUT (Reuters) - Lebanese troops lobbed tear gas on Tuesday to disperse supporters of Shi’ite groups Hezbollah and Amal who tried to storm a square in Beirut in response to a video that purportedly offended Shi’ite figures, witnesses and media reports said.

Hundreds of youths on motorcycles waving their party and religious flags gathered in downtown Beirut chanting “Shi’ites, Shi’ites” and setting fire to tires. They hurled stones and fireworks at security forces standing nearby, witnesses said.
Ignoring calls for restraint by politicians, the youths tried to break a security cordon to storm the square where demonstrators have set up tents as part of an anti-government protest that has been going on for weeks.
In the vicinity of the area close to a main road that links the capital’s eastern and western sections, scores of youths had burnt tires, smashed office buildings and torched several cars, live coverage by local television stations showed.

The protesters camped in the square have been targeted by Shi’ite groups in the past angered by chants against their political leaders, although Tuesday’s violence was of an overtly sectarian nature.
The video, which inflamed passions in a country where sectarian divisions run deep, was purportedly made by an expatriate Lebanese Sunni from the northern city of Tripoli and released on social media.
In the predominately Sunni populated city of Saida in southern Lebanon, groups of masked youths stormed into a main square where they set ablaze several tents set up by demonstrators who have camped for weeks, local television stations said.
Lebanon has been gripped by a historic wave of protests since Oct. 17 leading to the resignation of Saad al-Hariri as prime minister, amid anger at the government’s failure to address the country’s worst economic crisis since the 1975-1990 civil war.

More than seven weeks since Hariri quit, politicians have been unable to agree on a new administration despite the deepening financial crisis.
The impasse took a violent turn at the weekend when Beirut was clouded in tear gas as security forces clashed with protesters who blame the ruling elite for corruption and bad governance. Dozens were wounded.
Reporting by Suleiman Al-Khalidi; Editing by Dan Grebler and Stephen Coates
Our Standards:The Thomson Reuters Trust Principles.
 
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Report: Clashes between security forces and demonstrators in Beirut

Daniel Salami|
Published: 01.14.20 ,
Lebanon media reported on Tuesday clashes between protesters and security forces in front of Lebanon's Central Bank headquarters in Beirut.
Security forces reportedly took control of the protest, during which tear gas was fired at protesters.
At the same time, there were spotted protests in several other locations in the Lebanese capital.
First published: 21:08 , 01.14.20
www.ynetnews.com

Report: Clashes between security forces and demonstrators in Beirut

www.ynetnews.com www.ynetnews.com
 
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Facing humiliating controls, Lebanese focus fury on banks

Facing humiliating controls, Lebanese focus fury on banks
By A.J. NADDAFF
January 22, 2020 GMT

BEIRUT (AP) — Before picking up cash from a downtown bank in Lebanon’s capital, Mey Al Sayegh mentally braces herself for what would have been a routine trip before the country’s crippling cash crunch.
For starters, it will be at least an hour’s wait in line before her turn comes. And if she’s lucky, she’ll be able to withdraw $300 — the weekly limit on dollar withdrawals imposed by banks to preserve liquidity — without having to bargain with the teller.

“I tell my family ‘I’m going to the bank, but I don’t know when I’ll return,’” said the communications manager. “It’s very unpleasant. You see people’s expression — worried, confused, they’re scared that they’re going to lose their deposits.”
For years, many Lebanese have lived beyond their means, supporting their out-sized spending with loans and generous remittances from diaspora relatives scattered across the globe, including family members working in oil-rich Arab Gulf countries.

A severe financial crisis and unprecedented capital controls have put an end to this, uniting both rich and poor in anger against corrupt politicians who have brought the country to the brink of economic collapse, and a banking system they accuse of holding their deposits hostage.

In recent days, some protesters have taken out their ire on the banks, destroying ATMs, smashing bank windows and clashing with tellers behind the counter.

Dozens of protesters have held sit-ins at banks against the fiscal policies, forcing tellers on more than one occasion to give them more than the weekly limit. Demonstrators routinely gather in front of the country’s Central Bank, jeering and hurling expletives at its governor, Riad Salameh, who was once ranked among the world’s top central bank governors.
“You go to a bank, get a ticket, and there are at least 50-60 people in front of you,” said Mahmoud Sayida, a tour guide whose money is trapped with one of the country’s largest lenders. “It’s as though you are lining up for bread in the war days.”

The crisis in Lebanon, one of the most heavily indebted nations in the world, is rooted in decades of state corruption and bad management, and the tiny Mediterranean country’s economy had been in steady decline for years. The local currency, pegged to the dollar for more than two decades, has lost more than 50% of its value in recent weeks on the black market.
Fearing a crisis, depositors in the past year had been quietly withdrawing their money, changing it from the local currency to dollars, or funneling it to bank accounts abroad.

At the onset of nationwide protests that broke out in mid-October, banks closed their doors for 12 working days. When they reopened, they faced an unprecedented rush to withdraw dollars, resulting in the limits on withdrawals and foreign transfers.

But there was no legal basis for such actions, leaving it up to the banks to implement their own controls on a case-by-case basis. Meanwhile, ATM machines have mostly stopped dispensing dollars and daily limits on credit card use have been implemented. Many restaurants and shops, strapped for cash, are refusing card payments.
People say they are being subjected to humiliation by the banks and their managers who ultimately have the power to decide who gets how much.

People with children studying abroad need to offer proof before they are allowed to transfer their tuition money. Patients are required to produce paperwork proving they need money for surgery before they can withdraw cash from their accounts. To get credit card limits temporarily increased, customers are asked by some banks to produce a plane ticket and documentation proving a stay abroad longer than two weeks.

The measures are forcing families to limit expenditures and prioritize daily necessities. Simple activities, such as going to a cafe or a restaurant, are now considered luxuries, even for those with money or jobs.

Sullen moods have overcome depositors and lenders alike, whose employees say they are afraid to show up at work because of fights breaking out inside banks and people cursing them every day.

Among those protesting recently was 23-year-old student Mariam Ayyad whose family — like many other Lebanese — relies on remittances to finance expenses.

“My dad lives in Saudi (Arabia) and used to send dollars to pay for my tuition here. But Western Union was giving us the price from the Central Bank at a terrible rate, so now I had to withdraw from spring classes because I can’t afford it,” said Ayyad, who was demonstrating for the second time since the start of the nationwide protests. “My rent is in dollars and I can’t pay it.”

Mohammed, who runs a toy shop, normally sends money to his son in Paris to pay his university tuition through the Online Money Transfer, or OMT — an agent of Western Union in Lebanon. But the last time he tried, three weeks ago, he was rejected and told to bring proof of his son’s enrollment at the university.

“Now, you have to make a demand and prove that you have a son who is studying there,” he said, asking to be identified only by his first name so he could speak freely.

Customers requesting dollars must wait in long bank lines.
At 11 a.m. on a recent day, the line at a private bank in Beirut’s Salim Salam district was at customer 189. Some customers reported having to bargain with employees at the desk after being told they could not receive their allotted $300, or only part of it.

Al Sayegh, the communications manager, receives her salary in dollars from a bank. She said her branch initially told her they did not have enough money.

“I argued with them until they accepted,” she said. “I told them this is my right and I don’t have time to return since I am taking care of my dad, I work and I can’t wait another two hours in the queue.”

Some have resorted to creative solutions to circumvent the controls, including sending debit cards by courier to friends and relatives abroad to withdraw dollars and bring them home. Travelers coming from abroad carry large amounts of cash with them.

Maha Halabi doesn’t work, but counts on the salary of her husband, who is a landscape engineer based in Saudi Arabia.
“He stopped sending money because I can’t withdraw here, so now he brings the cash with him every other week when he visits,” she said
 
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Lebanon Economy 2019

Lebanon Economy 2023, CIA World Factbook

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SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES
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Page last updated on February 08, 2019
Economy - overview:
Lebanon has a free-market economy and a strong laissez-faire commercial tradition. The government does not restrict foreign investment; however, the investment climate suffers from red tape, corruption, arbitrary licensing decisions, complex customs procedures, high taxes, tariffs, and fees, archaic legislation, and inadequate intellectual property rights protection. The Lebanese economy is service-oriented; main growth sectors include banking and tourism.

The 1975-90 civil war seriously damaged Lebanon's economic infrastructure, cut national output by half, and derailed Lebanon's position as a Middle Eastern banking hub. Following the civil war, Lebanon rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily, mostly from domestic banks, which saddled the government with a huge debt burden. Pledges of economic and financial reforms made at separate international donor conferences during the 2000s have mostly gone unfulfilled, including those made during the Paris III Donor Conference in 2007, following the July 2006 war. The "CEDRE" investment event hosted by France in April 2018 again rallied the international community to assist Lebanon with concessional financing and some grants for capital infrastructure improvements, conditioned upon long-delayed structural economic reforms in fiscal management, electricity tariffs, and transparent public procurement, among many others.

The Syria conflict cut off one of Lebanon's major markets and a transport corridor through the Levant. The influx of nearly one million registered and an estimated 300,000 unregistered Syrian refugees has increased social tensions and heightened competition for low-skill jobs and public services. Lebanon continues to face several long-term structural weaknesses that predate the Syria crisis, notably, weak infrastructure, poor service delivery, institutionalized corruption, and bureaucratic over-regulation. Chronic fiscal deficits have increased Lebanon’s debt-to-GDP ratio, the third highest in the world; most of the debt is held internally by Lebanese banks. These factors combined to slow economic growth to the 1-2% range in 2011-17, after four years of averaging 8% growth. Weak economic growth limits tax revenues, while the largest government expenditures remain debt servicing, salaries for government workers, and transfers to the electricity sector. These limitations constrain other government spending, limiting its ability to invest in necessary infrastructure improvements, such as water, electricity, and transportation. In early 2018, the Lebanese government signed long-awaited contract agreements with an international consortium for petroleum exploration and production as part of the country’s first offshore licensing round. Exploration is expected to begin in 2019.
GDP (purchasing power parity):
$88.25 billion (2017 est.)
$86.94 billion (2016 est.)
$85.45 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 92
[see also: GDP country ranks ]
GDP (official exchange rate):
$54.18 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
1.5% (2017 est.)
1.7% (2016 est.)
0.2% (2015 est.)
country comparison to the world: 172
[see also: GDP - real growth rate country ranks ]
GDP - per capita:
$19,600 (2017 est.)
$19,500 (2016 est.)
$19,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 91
[see also: GDP - per capita country ranks ]
Gross national saving:
-0.7% of GDP (2017 est.)
0.7% of GDP (2016 est.)
4.5% of GDP (2015 est.)
country comparison to the world: 181
[see also: Gross national saving country ranks ]
GDP - composition, by end use:
household consumption: 87.6% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.3% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.8% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 23.6% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -46.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
GDP - composition, by sector of origin:
agriculture: 3.9% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13.1% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 83% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
Agriculture - products:
citrus, grapes, tomatoes, apples, vegetables, potatoes, olives, tobacco; sheep, goats
Industries:
banking, tourism, real estate and construction, food processing, wine, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating
Industrial production growth rate:
-21.1% (2017 est.)
country comparison to the world: 201
[see also: Industrial production growth rate country ranks ]
Labor force:
2.166 million (2016 est.)
note: excludes as many as 1 million foreign workers and refugees
country comparison to the world: 123
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 39% NA (2009 est.)
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA
[see also: Labor force - by occupation - industry country ranks ]
services: NA
[see also: Labor force - by occupation - services country ranks ]
Unemployment rate:
9.7% (2007)
country comparison to the world: 138
[see also: Unemployment rate country ranks ]
Population below poverty line:
28.6% (2004 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
Budget:
revenues: 11.62 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 15.38 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
Taxes and other revenues:
21.5% (of GDP) (2017 est.)
country comparison to the world: 136
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-6.9% (of GDP) (2017 est.)
country comparison to the world: 193
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
146.8% of GDP (2017 est.)
145.5% of GDP (2016 est.)
note: data cover central government debt and exclude debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment
country comparison to the world: 4
[see also: Public debt country ranks ]


 
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Fiscal year:
calendar year
Inflation rate (consumer prices):
4.5% (2017 est.)
-0.8% (2016 est.)
country comparison to the world: 167
[see also: Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
10% (31 December 2017)
10% (31 December 2016)
country comparison to the world: 22
[see also: Central bank discount rate country ranks ]
Commercial bank prime lending rate:
8.29% (31 December 2017 est.)
8.35% (31 December 2016 est.)
country comparison to the world: 103
[see also: Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$7.047 billion (31 December 2017 est.)
$6.739 billion (31 December 2016 est.)
country comparison to the world: 90
[see also: Stock of narrow money country ranks ]
Stock of broad money:
$7.047 billion (31 December 2017 est.)
$6.739 billion (31 December 2016 est.)
country comparison to the world: 92
[see also: Stock of broad money country ranks ]
Stock of domestic credit:
$108.2 billion (31 December 2017 est.)
$104 billion (31 December 2016 est.)
country comparison to the world: 55
[see also: Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$11.22 billion (30 December 2014 est.)
$10.54 billion (30 December 2013 est.)
$10.42 billion (28 December 2012 est.)
country comparison to the world: 73
[see also: Market value of publicly traded shares country ranks ]
Current account balance:
-$12.37 billion (2017 est.)
-$11.18 billion (2016 est.)
country comparison to the world: 193
[see also: Current account balance country ranks ]
Exports:
$3.524 billion (2017 est.)
$3.689 billion (2016 est.)
country comparison to the world: 123
[see also: Exports country ranks ]
Exports - partners:
China 13%, UAE 9.9%, South Africa 7.5%, Saudi Arabia 6.5%, Syria 6.5%, Iraq 5.8%, Turkey 4.6% (2017)
Exports - commodities:
jewelry, base metals, chemicals, consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper
Imports:
$18.34 billion (2017 est.)
$17.71 billion (2016 est.)
country comparison to the world: 81
[see also: Imports country ranks ]
Imports - commodities:
petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco, electrical machinery and equipment, chemicals
Imports - partners:
China 10.2%, Italy 8.9%, Greece 7%, Germany 6.6%, US 6.3%, Turkey 4.5%, Egypt 4.2% (2017)
Reserves of foreign exchange and gold:
$55.42 billion (31 December 2017 est.)
$54.04 billion (31 December 2016 est.)
country comparison to the world: 37
[see also: Reserves of foreign exchange and gold country ranks ]
Debt - external:
$39.3 billion (31 December 2017 est.)
$36.6 billion (31 December 2016 est.)
country comparison to the world: 76
[see also: Debt - external country ranks ]
Stock of direct foreign investment - at home:
$61.02 billion (2016)
$58.46 billion (2015)
country comparison to the world: 56
[see also: Stock of direct foreign investment - at home country ranks ]
Stock of direct foreign investment - abroad:
$13.46 billion (2016)
$12.69 billion (2015)
country comparison to the world: 61
[see also: Stock of direct foreign investment - abroad country ranks ]
Exchange rates:
Lebanese pounds (LBP) per US dollar -
1,507.5 (2017 est.)
1,507.5 (2016 est.)
1,507.5 (2015 est.)
1,507.5 (2014 est.)
1,507.5 (2013 est.)



NOTE: 1) The information regarding Lebanon on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Lebanon Economy 2019 information contained here. All suggestions for corrections of any errors about Lebanon Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order


Lebanon Economy 2023, CIA World Factbook

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