Lebanese currency reaches record-low value

A money exchange vendor counts US dollar banknotes at his shop in Beirut, Lebanon January 19, 2023. (Reuters/File)
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Updated 01 February 2023
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Lebanese currency reaches record-low value

  • Official exchange rate changed from 1,505 LBP/USD to 15,000 LBP/USD, reaching over 60,000 LBP/USD on black market
  • Council of Maronite Bishops: Lebanon on the verge of complete collapse

BEIRUT: After being pegged at 1,505 pounds to the US dollar 25 years ago, the Lebanese pound’s official exchange rate changed to 15,000 pounds to the dollar as of Wednesday.
The previous exchange rate lasted from 1998 until 2019, when the financial crisis erupted and the Lebanese currency began to gradually collapse, losing about 97 percent of its value by 2023.
The Lebanese Ministry of Finance has started charging value-added tax based on the new rate, causing confusion in the markets, as all official and unofficial transactions changed. Meanwhile, the black-market exchange rate ranges between 59,000 and 61,000 Lebanese pounds to the dollar, in the absence of any solutions by the Central Bank or the government.
Almost all services and products are now priced in US dollars: foodstuffs, medicine, gasoline, the Internet, and private generator bills. Security services seem to have given up on pursuing illegal money changers, who are now operating using secret social media groups or personally making home visits to practice their illegal exchanges.
During its monthly meeting on Wednesday, the Council of Maronite Bishops warned against the dangerous manipulation of the exchange rate on the black market, which leads to extreme price hikes, preventing most of the Lebanese people from securing their needs.
The council urged Parliament to convene and elect a new Lebanese president to end the four-month presidential vacuum.
The council further warned that Lebanon is on the verge of a complete catastrophic collapse and blamed the MPs’ reluctance to elect a president for this worsening collapse.
Over the past two days, Lebanon’s parties have been intensifying their meetings to come to an agreement on a new presidential candidate, form a government and appoint a governor for the Central Bank.
Parliament Speaker Nabih Berri is yet to set a new date for the presidential election session after the Progressive Socialist Party’s MPs threatened to stop attending voting sessions if Hezbollah’s MPs and their allies insist on casting blank votes.
A spiritual summit was held that included the Catholic and Orthodox patriarchs, dedicated to discussing a way to resolve the presidential crisis.
Head of the Progressive Socialist Party Walid Jumblatt said after his meeting with Berri on Tuesday evening that he is trying to find common denominators with all the parties to finally elect a new president.
“The country is abandoned, the economic situation is deteriorating, and the judicial situation is collapsing as well,” he said.
Among the candidates being discussed is Army Commander Gen. Joseph Aoun, but agreeing to elect him requires amending the constitution.
So far, no presidential candidate has the support of 65 MPs. The Free Patriotic Movement and the Lebanese Forces party oppose the candidacy of Suleiman Frangieh, an ally of Syrian President Bashar Assad. However, Hezbollah supports him.
MP Michel Moussa, a member of the Parliamentary Development and Liberation Bloc, said: “The election of a president is still hampered by the vertical division in Parliament, as none of the two opposing poles is able to rally votes for its candidate.”
Moussa noted: “Berri knew from the start that this would happen, and this is why he called for dialogue, but no one responded, although everyone is well aware that the only way to start solving Lebanon’s crises is to elect a new president and form a new government that would implement reforms according to a recovery plan.”


US-UK forces launch strikes on Yemen’s Hodeidah and Kamaran Island: Houthi-run Al Masirah TV

Updated 7 sec ago
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US-UK forces launch strikes on Yemen’s Hodeidah and Kamaran Island: Houthi-run Al Masirah TV

CAIRO: Al-Masirah TV, the main television news outlet run by Yemen’s Houthi movement, said on Monday that US and British forces have carried out at least six airstrikes on Yemen’s Hodeidah International airport and four strikes on Kamaran Island near the port of Salif off the Red Sea.

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Displaced Lebanese return to southern border to mourn, pray over Eid

Updated 17 June 2024
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Displaced Lebanese return to southern border to mourn, pray over Eid

  • Israel and Hezbollah have traded near-daily cross-border fire since Hamas’ Oct. 7 attack

NAQURA, Lebanon: Some displaced residents of southern Lebanon returned Monday to their towns for a key Muslim holiday to pray and mourn loved ones killed in months of cross-border violence between Israel and Hezbollah.
“Today is Eid Al-Adha, but it’s completely different this year,” said teacher Rabab Yazbek, 44, at a cemetery in the coastal town of Naqura, from which many residents have fled.
Every family has lost someone, “whether a relative, friend or neighbor,” Yazbek said, adding that two people she had taught had been killed.
Israel and Hezbollah, a powerful Lebanese movement allied with Hamas, have traded near-daily cross-border fire since the Palestinian militant group’s October 7 attack on Israel which triggered war in the Gaza Strip.
The violence has killed at least 473 people in Lebanon, most of them fighters but also including 92 civilians, according to an AFP tally.
Israeli authorities say at least 15 soldiers and 11 civilians have been killed in the country’s north.
At the cemetery, women in black chadors consoled each other at the shiny new graves adorned with flowers and large pictures of the dead, including Hezbollah fighters.
The Naqura municipality said it had coordinated with the Lebanese army so that residents could safely visit the cemetery and mosque for two hours for Eid Al-Adha, which for many Shiite Muslims in Lebanon began on Monday.
Residents reportedly returned to a number of south Lebanon border villages on Monday morning as part of similar initiatives.
Yellow Hezbollah flags and green ones belonging to the group’s ally the Amal movement flew at the recently established cemetery near the sea, located just a stone’s throw from the United Nations peacekeepers’ headquarters.
Lebanese soldiers accompanied the residents as they entered the town.
The army coordinates with the UN peacekeepers, who in turn communicate with the Israeli side as part of efforts to maintain calm.
In Naqura, a damaged sign reading “thank you for your visit” lay along the highway.
Amid the concrete rubble and twisted metal of one building, the shattered glass of a family photo lay scattered on the ground.
Nearby, potted plants hung from the veranda rails of another devastated structure, with a pink child’s toy car among the debris.
Rawand Yazbek, 50, was inspecting her clothing shop, whose glass store front had been destroyed, though the rest remained largely intact.
“A thousand thanks to God,” she said, grateful that not all was lost.
“As you can see... our stores are full of goods,” she said, pointing to shelves and racks of colorful clothes.
Hezbollah stepped up attacks against northern Israel last week after an Israeli strike killed a senior commander from the movement.
The Iran-backed group has not claimed any attacks since Saturday afternoon.
Lebanese official media reported Israeli bombardment in the country’s south over the weekend, as well as a deadly strike on Monday. Hezbollah said later that one of its fighters had been killed.
Like other residents who support the Hezbollah and Amal movements, Naqura municipality head Abbas Awada called attacks on the town “cowardly.”
Last week, a strike there blamed on Israel killed an employee of the area’s public water company.
More than 95,000 people in Lebanon have been displaced by the hostilities, according to the UN’s International Organization for Migration.
Tens of thousands have also been displaced on the Israeli side of the frontier.
Hezbollah lawmaker Hassan Ezzedine, among a large crowd that attended prayers at the Naqura mosque, said the turnout was a message that “this land is ours, we will not leave it.”
“We support this resistance (Hezbollah) because it’s what protects us, it’s what defends us,” he said.


Palestinian Authority at risk of collapse, Norway says

Updated 17 June 2024
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Palestinian Authority at risk of collapse, Norway says

  • Norway chairs the international donor group to the Palestinians and is a backer of the Palestinian Authority

OSLO: The Palestinian Authority could collapse in the coming months, Norwegian Foreign Minister Espen Barth Eide said on Monday, citing a lack of funding, continuing violence and the fact that half a million Palestinians are not allowed to work in Israel.
“The Palestinian Authority, with whom we work closely, are warning us that they might be collapsing this summer,” Barth Eide said.
Norway chairs the international donor group to the Palestinians and is a backer of the PA.


Jordan braces for scorching heatwave as temperatures soar

Updated 17 June 2024
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Jordan braces for scorching heatwave as temperatures soar

  • The Gulf of Aqaba reached highs of 45 celsius
  • Temperatures in Jordan are set to rise slightly, with the heatwave persisting

AMMAN: The Jordan Meteorological Department forecast extreme heat for Monday, with most regions of the country — particularly the desert areas, Jordan Valley, Dead Sea and Aqaba — experiencing intense temperatures.

The Gulf of Aqaba reached highs of 45 celsius, the Southern Jordan Valley 44 celsius, Dead Sea 43 celsius, while the Desert Regions and the Northern Jordan Valley reached highs of 41 celsius. 

Cloud cover at medium and high altitudes is expected in the south and east of the Kingdom, state news agency Petra reported, with moderate northwesterly winds occasionally becoming brisk.

The JMD cautioned people against prolonged sun exposure, which could lead to dehydration, especially for vulnerable groups such as the elderly and those with health conditions. It also highlighted the risk of forest fires and the dangers of leaving children or flammable items, like perfumes and sanitizers, inside vehicles.

Looking ahead to Tuesday, temperatures in Jordan are set to rise slightly, with the heatwave persisting. Most areas will remain hot, the JMD said, and desert regions will face sweltering conditions. Northeasterly winds will prevail, shifting to moderate northwesterly by evening.

The heatwave will continue into Wednesday, with another slight increase in temperatures. Conditions will be blistering and dry across the highlands, the JMD warned, with extreme heat persisting elsewhere. Northeasterly winds will turn to moderate northwesterly later in the day.

Thursday will bring a modest reprieve as temperatures dip slightly. However, the weather will remain hot across most areas, with the desert, Jordan Valley, Dead Sea, and Aqaba continuing to sizzle. Moderate northwesterly winds will occasionally become brisk.


Iran calls for joint action by Islamic nations to stop Gaza war

Updated 17 June 2024
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Iran calls for joint action by Islamic nations to stop Gaza war

  • Israel’s military offensive on Gaza has killed at least 37,337 people so far

TEHRAN: Iran’s Acting Foreign Minister Ali Bagheri Kani has called for joint action on the part of Islamic countries to pressure Israel into ending its brutal military activities in Gaza, which have devastated most of the enclave and killed thousands of Palestinians there.

Israel’s military offensive on Gaza has killed at least 37,337 people, mostly civilian women and children, since the Oct. 7 Hamas attack, according to the Hamas-run Health Ministry in Gaza.

Humanitarian supplies for millions of Palestinians displaced by the conflict have been squeezed despite the Israeli military declaring it would “pause” fighting daily around a southern route to facilitate aid flows.

The Iranian official also spoke with his Afghan counterpart Amir Khan Muttaqi via telephone on Sunday, with the two discussing bilateral relations as well as the situation in war-ravaged Gaza.

Kani reiterated Iran’s readiness to help Kabul resolve its challenges and achieve growth, Iran’s news agency IRNA reported.