Covid-19 Update
- 4 new cases, 677 cases, 103 recoveries, 21 deaths
- TWO ADDITIONAL WEEKS UNTIL THE FINAL EVALUATION. There will be no final assessment of the pandemic's situation in Lebanon before two weeks, according to Public Health Minister Hamad Hassan in an interview with Al-Mayadeen. He also rioted the number of new cases and deaths had decreased in recent days. Minister Hassan added that "the material bill that we pay was very small compared to countries that almost collapsed due to the epidemic", revealing that sampling has intensified in the areas that had witnessed the highest numbers of cases.
$3.7 Billion Were Withdrawn from the Banking Sector During January and February 2020
- $3.7 billion is the monetary amount that was withdrawn from the banking sector during January and February 2020, according to a statement made by former minister Gebran Bassil after a Strong Lebanon bloc meeting, confirming that these withdrawals were made by depositors with accounts larger than $1 million.
The Central Banks Issued a New Decision
- The Central Bank issued a new decision permitting customers to withdraw their dollar deposits in Lebanese pounds at a market rate approved by banks. This means that there will be automatic "haircuts on withdrawn deposits due to the difference between the exchange rate (2,600 LL) with banks and the market price (approximately 3,200 LL). It also means that if depositors withdraw their money in Lebanese pounds, the exchange rate risks collapse.
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