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Exchange Rate Mis-Regulation: A Nation Short-Changed
The Lebanese financial crisis, driven by fiscal mismanagement and central bank interventions, has resulted in market distortions and multiple exchange rates, worsening economic disparities.
Onwards and Upwards? The Lira’s Treacherous Route Ahead
To restore stability and credibility, the government must reform the central bank’s governance, tighten fiscal policy, and ultimately execute a carefully managed float of the lira.
Sayrafa Explained: How Lebanon’s Central Bank Quells Unrest by Subsidising Elites
“A weak and inefficient monetary tool”
BLC
Founded: 1949 Total Assets*: US$3.50 billion Customer Deposits*: US$2.80 billion Ranking by Assets*: 16 (*as of Dec 31, 2021, ABL Almanac 2022, converted at LL1507.5/US$) Background The Abou Jaoudeh family founded BLC in 1949 under the name Banque Libanaise pour le Commerce.[1] Over half a century...
BEMO
Founded: 1994 Total Assets*: US$2.40 billion Customer Deposits*: US$1.67 billion Ranking by Assets*: 17 (*as of Dec 31, 2021, ABL Almanac 2022, converted at LL1507.5/US$) Background Banque Bemo SAL was established in 1994 by the Obegi Group, a conglomerate of companies owned by a family of the...
Saradar
Founded: 2016 Total Assets*: US$2.04 billion Customer Deposits*: US$1.73 billion Ranking by Assets*: 18 (*as of Dec 31, 2021, ABL Almanac 2022, converted at LL1507.5/US$) Background The Saradar family established its first financial enterprise in 1948 when Marius Saradar registered a joint stock...
Lebanese Swiss Bank
Founded: 1962 Total Assets*: US$2.87 billion Customer Deposits*: US$2.42 billion Ranking by Assets*: 19 (*as of Dec 31, 2021, ABL Almanac 2022, converted at LL1507.5/US$) Background Lebanese Swiss Bank (LSB) was founded in 1962. In 1973, the bank was bought by Credit Suisse and henceforth...
MEAB
Founded: 1991 Total Assets*: US$1.46 billion Customer Deposits*: US$1.41 billion Ranking by Assets*: 20 (*as of Dec 31, 2021, ABL Almanac 2022, converted at LL1507.5/US$) Background Middle East and Africa Bank SAL (MEAB) was set up in 1991 by the Hojeij family.[1] Its current chairman is Ali...