Experts from the International Monetary Fund (IMF) warn against Lebanon's overly optimistic stance, particularly as more Lebanese expatriates in the Gulf are being threatened by the economic crisis and might face short term layoffs, pay cuts, or extended periods of underemployment. This study takes...
People walk past a closed store in Beirut, Lebanon, on Jan. 10, 2022. Lebanon's merchants took a hit in 2021 by the country's unprecedented economic and financial crisis with 35 percent of them shutting down their stores or some branches, according to the Beirut Traders Association. (Xinhua...
BEIRUT, Feb. 20 (Xinhua) -- Lebanese Prime Minister Hassan Diab headed a meeting with experts from the International Monetary Fund (IMF) on Thursday to discuss solutions to Lebanon's financial and economic crisis, the National News Agency reported. Finance Minister Ghazi Wazne said that the mee...
The Global Financial Crisis refers to a major economic downturn that occurred worldwide, comparable to the impact of events like September 11, 2001, and the COVID-19 pandemic. It led to significant economic, financial, and social shocks in the 21st century. ...
Since summer, these bank heists have become a reality for the Mediterranean country. Lebanese have been dealing with a financial and economic crisis, one of the world’s worst since the 1850s, according to the World Bank. When it started in 2019, banks imposed capital controls overnight that...
As Lebanon plunged into crisis, depositors - many of whom had dollar accounts - were locked out of their savings and only allowed to withdraw them in Lebanese pounds at a rate that was far below the unofficial exchange rate on the street. Last week, the central bank said d...
The U.N. special coordinator for Lebanon, Jan Kubis, said last week the discrepancy between the government and central bank figures, along with other factors, "only weaken" the country's position in the IMF talks which began last month. Lebanon is grappling with a financial crisis ...
(redirected fromGreat Crisis) Dictionary Thesaurus Encyclopedia Great Depression theDEPRESSIONthat was experienced by many countries in the decade 1929–39. The Great Depression was associated with very highUNEMPLOYMENTlevels and low production andINVESTMENTlevels in North America and Europe, and with falli...
Lebanon's very large banking system has inhibited the emergence of capital markets. The country's licensing regime grants banks ipso facto authorization to engage in the full range of capital market activities. The authorities have embarked on developing new capital market channels for intermediating ...
Salameh attributed this crisis to the panic caused in the market by the attacks against Aramco facilities, U.S. Treasury's measures against Jammal Trust Bank, in addition to the Israeli drone that attacked Beirut southern suburbs. Salameh said he expects liquidity in Lebanese banks to drop fur...