BDL in $3 billion swap to boost net foreign reserves. Buys back T-bills at large discount

The Central Bank (BDL) killed two birds with one stone in a swap operation with local banks worth $3 billion. BDL needed to strengthen its foreign currency reserves which have, according to the International Monetary Fund (IMF), dropped into negative territory, a result created by the nebulous and intertwined imbalances between deposits by banks and liquidity made available by the BDL.

BDL bought back treasury bills denominated in lira from the banks at a premium discount against their s...

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Green light for the widening of the Dbayeh-Tabarja highway.

The Council of Ministers approved a project to expand the North Highway linking Dbayeh to Tabarja, allocating $35 million for the expropriation of property.

The expropriation file will be sent to a valuation committee at the Council for Development and Reconstruction (CDR), which will then start buying each property. In parallel, the CDR will prepare the prequalification file for of eligible contractors, who will submit tenders to participate in the execution of the project. Another tend...

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Central Bank issues new regulations to implement IFRS9.

The Central Bank (BDL) has instructed local banks to abide by additional regulations in preparation for the implementation of the International Financial Reporting Standard 9 (IFRS 9).

IFRS 9, which is promulgated by the International Accounting Standards Board (IASB), includes accounting standards pertaining to financial instruments. When it becomes effective in January 2018, IFRS 9 will replace an earlier international norm.

In preparation of this new standard, BDL informed banks...

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New Jounieh port to attract thousands of tourists. Injection of $40 million expected

A new touristic port in Jounieh is to go ahead after the Council of Ministers approved works.

The new port will be located between the army base and the Portemilio beach resort in Kaslik. The first phase of the project will cost $8 million, with the overall costs expected to reach around $40 million.

"The port would attract mega charters able to transport 4,000 tourists," Fouad Boueri, member of Jounieh Municipality, said. The Council will now task the Council for Development and ...

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Agriculture sector reaps bumper harvests. Field crops and poultry production surge

Total field crop production increased 55 percent within four years, accounting for $227 million last year, according to Centre de Recherche et d'Etudes Agricole Libanais (CREAL).

Field crops mainly include cereals, potatoes, pulses, and fodder. Potatoes topped the list with a production value of $165 million, doubling within four years.

According to Riad Saadeh, Chairman of CREAL, this is due to a 40-percent increase in cultivated areas, reaching 15,000 hectares. Potatoes ha...

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