The demonstrators demanded an end to unfair official exchange rates and an easing of capital controls that have left Lebanese residents unable to access their savings while politicians move their assets overseas (Al Jazeera)
Protesters Attack Banks in Beirut
Protesters on the outskirts of Beirut vandalized several banks after being denied access to their money and criticized alleged corruption in the country’s financial system; the protests began less than a day after parliament failed to elect a president for the twelfth time (Arab News)
Legislators Fail to Elect President
Divisions in Lebanon’s legislature blocked a vote today in its twelfth attempt to elect a new president; the country has lacked a head of state for seven months (AP, Times of Israel)
Lebanese Military Court Charges Men for Killing UN Peacekeeper
An unnamed senior judicial official said the five men who committed the killing last December were linked to the militant group Hezbollah; one of the five men is in custody, while the other four remain at large (AP)
World Bank Approves New Loan for Lebanon
The World Bank approved a new $300 million loan for cash payments to poor households amid Lebanon’s economic crisis (AP)
Financial Crime Watchdog Set to Add Lebanon to Gray List
The Financial Action Task Force, an international financial crime watchdog, is preparing to add Lebanon to a “gray list” of countries at risk of money laundering and terrorism financing, Reuters reported (Reuters)
France Issues International Arrest Warrant for Central Bank Head
A French judge issued an international arrest warrant for Lebanon’s central bank chief in connection to a probe of his alleged misuse of Lebanese public funds, AFP reported (AFP)
Judge Dismissed by Lebanon Legal Council
The Lebanese judiciary’s disciplinary council dismissed the judge who brought charges against the country’s central bank governor and commercial banks after a corruption investigation; the judge said the disciplinary council accused her of bias (Reuters)
Lebanon Increases Deportations
Lebanese authorities have reportedly begun raiding refugee camps and setting-up checkpoints to review the documentation of non-Lebanese citizens; numerous Syrians without legal residency have been detained and deported, according to refugees and humanitarian groups (AP)
Iranian Foreign Minister Visits Lebanon
Iranian Foreign Minister Hossein Amirabdollahian visited the Lebanese-Israeli border during his state visit to Lebanon and expressed solidarity with the Lebanese militant Hezbollah group in its struggle against Israel; Amirabdollahian further stated that Iran was prepared to assist in the construction of power plants to address Lebanon’s electricity crisis (AP)
Inflation Crisis Worsens
Lebanon’s official currency devaluation in February caused inflation to more than double since the end of 2022; according to the official Central Administration of Statistics, inflation surged to an annual 264% in March (Bloomberg)
EU and Lebanese Officials Coordinating Corruption Probes
Lebanese authorities and European investigators agreed to swap information about their ongoing corruption probes regarding Lebanon’s central bank governor; critics have accused the official of precipitating the financial crisis that has plagued Lebanon since 2019 (AP)
Parliament Extends Terms of Local Officials
Lebanon’s parliament voted to extend the terms of local officials, delaying municipal elections for the second time amid an economic downturn; concerns over securing funding for a poll prompted the decision to postpone municipal elections for up to a year (AP)
U.S. Imposes Sanctions Over Corruption
Two Lebanese brothers and a number of their businesses are under new sanctions from the United States, which alleged that the brothers participated in corrupt activities that have contributed to the breakdown of the rule of law in Lebanon (Reuters)
IMF Warns Lebanon as Reforms Remain Stalled
One year since promising to reform its economy, the International Monetary Fund cautioned that Lebanon was in a “very dangerous situation” after it has failed to implement changes; the IMF also urged the Lebanese government to cease borrowing from the central bank (Reuters)
Protesters Take to Streets in Beirut
Lebanese officers fired tear gas at hundreds of people protesting the ongoing economic crisis; most protestors were retired members of security forces (Al Jazeera)
Lebanon to Sell Unlimited US Dollars
According to the Governor of the Bank of Lebanon, in an attempt to halt the continual devaluation of the Lebanese pound, the bank will begin to sell unlimited amounts of U.S. dollars; since 2019, the Lebanese pound has lost more than 98% of its value (Reuters)
Lebanese Banks Resume Strike As Currency Drops
Bank workers resumed a strike today as Lebanon’s currency hit a new low of one hundred thousand Lebanese pounds to the U.S. dollar; the bankers oppose lawsuits that ruled in favor of depositors demanding savings that banks have been unable to provide (AP)
Civil War Photo Archive Stolen From National News Agency
Unknown assailants broke into the headquarters of Lebanon’s state news agency and stole five computers and a server that contained a photo archive of images from the 1975-1990 civil war (BBC)
Following corruption charges against Central Bank Governor Riad Salameh, Switzerland’s financial regulator launched enforcement proceedings against two of the twelve banks it investigated (Reuters)
Central Bank Governor Faces Corruption Charges
Riad Salameh has been charged with money laundering, embezzlement, and illicit enrichment following an eighteen-month investigation into allegations of embezzlement between 2002 and 2015 (BBC)
Central Bank Head Announces July Departure
Central Bank Governor Riad Salameh said he would leave his post when his term ends in July, regardless of proposals to extend his current term (Reuters)
World Bank Expresses Concern For Lebanon
The World Bank’s vice president for the Middle East and North Africa region said the organization is most concerned about debt levels and high inflation in Lebanon and Tunisia (Reuters)
Bank Workers Initiate Open-Ended Strike
Bank workers announced that they will launch an open-ended strike, but keep ATMs in service, in an effort to press the government to pass a capital control law and other measures to ease the country’s financial crisis (Reuters)
Lebanon Devalues Currency by 90 Percent to Meet IMF Demands
The new official rate of fifteen thousand Lebanese pounds to the dollar aims to stabilize the country’s falling currency and fulfill an International Monetary Fund (IMF) requirement for a bailout package (AP)
Lebanon Charges Seven People In Death of Irish UN Peacekeeper
A military court charged seven people for an attack that killed a UN peacekeeper from Ireland last month (AP)