BEIRUT: Lebanon’s parliament Monday approved a bill that suspends banking secrecy laws for one year to allow for a forensic audit of the central bank, a key demand of international donors, state media said.
“Parliament approved a draft law... that suspends banking secrecy for one year,” the official National News Agency reported.
The vote came in inaccordance with a November decision by parliament to clear hurdles obstructing a forensic audit of the central bank and public institutions, the NNA added.
The International Monetary Fund and France are among creditors demanding the audit as part of urgent reforms to unlock financial support, as the country faces a grinding economic crisis.
But the central bank has claimed that provisions including Lebanon’s Banking Secrecy Law prevent it from releasing some of the necessary information.
“After approving a law that lifts banking secrecy... we can begin a forensic audit,” said Hasan Fadlallah, a lawmaker affiliated with the powerful Shiite Hezbollah movement.
But lawyer and activist Nizar Saghieh argued that Monday’s decision would only be “window dressing” in the absence of a clear intention from government to carry out the audit.
“Implementation is a whole sperate matter,” he told AFP.
New York-based Alvarez and Marsal, a consultancy firm formerly tasked with the audit, scrapped its agreement with the government in November because the central bank had failed to hand over required data.
The move sparked widespread criticism of Lebanon’s authorities.
The country, which defaulted on its debt this year, is experiencing its worst economic crisis in decades and is still reeling from a devastating explosion at Beirut’s port that gutted entire neighborhoods of the capital on August 4.
The dire economic straits and the explosion have both been widely blamed on government corruption and incompetence.
Lebanon parliament clears way for forensic audit of central bank
https://arab.news/8twyg
Lebanon parliament clears way for forensic audit of central bank
- The IMF and France are among creditors demanding the audit as part of urgent reforms to unlock financial support
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
