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Entering September 2020, I decided to pick one major event from each month as a recap of the events that drastically changed our living conditions.
The following scenes take place from September 2019 till today.
Entering September 2020, I decided to pick one major event from each month as a recap of the events that drastically changed our living conditions.
The following scenes take place from September 2019 till today.
19 Sept 2019: Jammal Trust Bank was forced to liquidate itself after being hit by US sanctions for allegedly helping to fund Hezbollah. The bank had 25 branches in Lebanon & representative offices in Nigeria, Ivory Coast and Britain.
Huge blow to the Lebanese banking sector.
Huge blow to the Lebanese banking sector.
On October 17th, the Lebanese government announced the famous “WhatsApp tax”. Thousands went to the streets; the government scrapped the plans hours later amid clashes between security forces and protesters.
Many started to notice.
Many started to notice.
November 2019: Banks re-opened their doors with “temporary and exceptional” limits on USD withdrawals, setting artificial capital controls while the huge need of $ for imports & the risk of further depreciation of the lira lead to an excessive demand of dollars.
December 14 & 15, the weekend of violence.
Saturday and Sunday marked the most violent outburst in two months and signaled a growing willingness of security forces to use force to stop protesters from gaining the streets. Dozens were severely wounded.
Saturday and Sunday marked the most violent outburst in two months and signaled a growing willingness of security forces to use force to stop protesters from gaining the streets. Dozens were severely wounded.
06 January 2020: amid the protests, Hassan Diab was designated as the next Prime Minister of Lebanon succeeding Saad Hariri.
Diab's candidacy won the support of 69 members out of 128 of the Lebanese parliament
Diab's candidacy won the support of 69 members out of 128 of the Lebanese parliament
February 2020: Lebanon confirmed its first Corona virus case on February 21st. Since that date, the country hasn't been able to contain the spread of the virus.
#COVID19 cases are currently increasing exponentially, reaching 18,365 cases while 177 people lost their lives.
#COVID19 cases are currently increasing exponentially, reaching 18,365 cases while 177 people lost their lives.
March 7 – Financial resilience no more.
For the first time in its history, Hassan Diab announces Lebanon cannot repay its USD debt and calls for negotiations to restructure its debt.
Lebanon was supposed to cover $1.2bn Eurobond on the 9th of March.
For the first time in its history, Hassan Diab announces Lebanon cannot repay its USD debt and calls for negotiations to restructure its debt.
Lebanon was supposed to cover $1.2bn Eurobond on the 9th of March.
April: Banks stopped the withdrawal of USD banknotes from local dollar accounts.
On April 4, the Central Bank decided to issue a magical circular #148 allowing micro-depositors (<3000$ or 5 million LBP) to withdraw at BDL's market rate (was 2600/$).
Financial wizardry.
On April 4, the Central Bank decided to issue a magical circular #148 allowing micro-depositors (<3000$ or 5 million LBP) to withdraw at BDL's market rate (was 2600/$).
Financial wizardry.
May 2020: soaring costs & hyperinflation.
Lebanon signs a formal request for IMF assistance while the currency lost around 60% of its value.
Prices started to significantly rise while almost half the country’s population was living below the poverty line.
Lebanon signs a formal request for IMF assistance while the currency lost around 60% of its value.
Prices started to significantly rise while almost half the country’s population was living below the poverty line.
June: the fall of Lira value.
A meeting between Salame, Wazni & the Syndicate of exchange took place. Licensed exchange shops decided to end their strike with a “plan to decrease the rate towards 3200/$".
Result: total failure, the USD/LBP reached 8600 by the end of the month.
A meeting between Salame, Wazni & the Syndicate of exchange took place. Licensed exchange shops decided to end their strike with a “plan to decrease the rate towards 3200/$".
Result: total failure, the USD/LBP reached 8600 by the end of the month.
July: Negotiations with the IMF were suspended in the middle of the worst economic crisis.
“IMF representatives did not believe that the Lebanese delegation is serious enough. No one wants to reform, and every party is serving its own interest while letting the country burn.”
“IMF representatives did not believe that the Lebanese delegation is serious enough. No one wants to reform, and every party is serving its own interest while letting the country burn.”
04-August-2020, 06:08:18 PM, Beirut explosion:
We can still feel the pain of 300,000 homeless, of more than 6,000 injured, the tears from beyond the grave of around 200 dead - not to mention the missing persons.
They took our savings, our future, and our lives.
We can still feel the pain of 300,000 homeless, of more than 6,000 injured, the tears from beyond the grave of around 200 dead - not to mention the missing persons.
They took our savings, our future, and our lives.
The table below summarizes the cited events
September 2020 started with a visit from Macron, the designation of Adib as our PM & terrifying the population with the sound of aircraft
BDL reserves at risk of depletion; no signs of reforms, no signs of hope
A dark journey awaits.
September 2020 started with a visit from Macron, the designation of Adib as our PM & terrifying the population with the sound of aircraft
BDL reserves at risk of depletion; no signs of reforms, no signs of hope
A dark journey awaits.
