Jean Riachi
@riachi_jean · Energy, economy & shipping
Jean Riachi is a Lebanese banker who chairs I&C Bank Lebanon and FFA Private Bank Dubai.
For the past three years, the budget surplus has been used to repay deposits through the following stages: First, the state deliberately underestimates its revenues in the budget. In practice, actual collected revenues are higher than the amounts included in the budget, resulting in a budget surplus. Second, this surplus is deposited in the state’s account at the Banque du Liban. This withdraws the corresponding Lebanese pounds from circulation; in other words, they are “sterilized,” meaning they are no longer available within the money supply to finance new expenditures or increase demand for foreign currencies. This sterilization creates room for monetary intervention. The Lebanese pounds withdrawn from circulation can later be injected back in a controlled manner to purchase dollars. These dollars are used to finance the repayment of part of the bank deposits, particularly deposits covered by Circulars 158 and 166. The mechanism can be summarized as follows: 1. The state’s revenues exceed the estimates in the budget. 2. The surplus is placed in the state’s account at the Banque du Liban. 3. The corresponding Lebanese pounds are withdrawn from the money supply. 4. These pounds can later be injected back to purchase dollars. 5. These dollars are used to repay some deposits. In other words, the state has been contributing to the repayment of deposits for several years, even if this contribution has not always been presented in this form. The real challenge now is determining how to remove the receivables owed by the state from the Banque du Liban’s balance sheet. The solution lies in offsetting them against the state’s debts owed to the Banque du Liban.
Translated from ArabicI agree with Fouad Abou Nader that Lebanon cannot wait for Hezbollah to hand over its weapons before it begins to recover. We must proceed on two parallel tracks: addressing the issue of weapons and sovereignty on the one hand, and immediately working to save the country economically and socially on the other. This is particularly urgent for Christians, who are suffering from accelerating emigration, but in reality it affects young people of all sects who are leaving Lebanon in search of a future abroad. I also agree with him about the lack of vision among the Christian leadership, but not entirely in the sense he means. Economic development, electricity, infrastructure, growth, and job creation are not the responsibility of the Christian leadership alone; they are at the heart of the state's responsibility. This is precisely where blame must be directed: for seven years now, the country has been sinking, and the state has been unable to launch a serious path to recovery. We cannot continue waiting for all the political and sovereignty-related crises to be resolved before we begin building an economy and a state capable of keeping its young people in Lebanon.
Translated from ArabicTalking about “maintaining the moral high ground” makes little sense in this particular case. The real moral imperative is to put an end to a situation in which Lebanon and its people are sacrificed to Iran’s strategic interests through an armed organization that unilaterally decides matters of war and peace. If one consequence of this war is that Iran’s grip on Lebanon through Hezbollah may finally be broken, whether that is achieved by Israel or by the devil himself does not change that reality. Of course there are deaths, injuries and destruction, and no one should rejoice in them. But surely it has not escaped your attention that neither Iran nor Hezbollah seems willing to draw the obvious conclusion. They continue a devastating war they know they cannot win, while placing weapons depots, fighters and tunnel entrances among civilian homes, further exposing the population to the consequences. Would “maintaining the moral high ground” during the Second World War have meant refusing to fight Nazi Germany to defeat because continuing the war inflicted horrific civilian casualties? An army and population indoctrinated by the regime continued fighting to the bitter end, leading the Allies to destroy entire cities at the cost of tens of thousands of lives. That tragedy did not mean Hitler should have been allowed to prevail. One can condemn the deaths and destruction, insist on the protection of civilians, and at the same time believe that ending Iran and Hezbollah’s military grip on Lebanon is both a moral and a national imperative. There is no contradiction between the two.
Talking about “maintaining the moral high ground” makes little sense in this particular case. The real moral imperative is to put an end to a situation in which Lebanon and its people are sacrificed to Iran’s strategic interests through an armed organization that unilaterally decides matters of war and peace. If one consequence of this war is that Iran’s grip on Lebanon through Hezbollah may finally be broken, whether that is achieved by Israel or by the devil himself does not change that reality. Of course there are deaths, injuries and destruction, and no one should rejoice in them. But surely it has not escaped your attention that neither Iran nor Hezbollah seems willing to draw the obvious conclusion. They continue a devastating war they know they cannot win, while placing weapons depots, fighters and tunnel entrances among civilian homes, further exposing the population to the consequences. Would “maintaining the moral high ground” during the Second World War have meant refusing to fight Nazi Germany to defeat because continuing the war inflicted horrific civilian casualties? An army and population indoctrinated by the regime continued fighting to the bitter end, leading the Allies to destroy entire cities at the cost of tens of thousands of lives. That tragedy did not mean Hitler should have been allowed to prevail. One can condemn the deaths and destruction, insist on the protection of civilians, and at the same time believe that ending Iran and Hezbollah’s military grip on Lebanon is both a moral and a national imperative. There is no contradiction between the two.
Chronicle of a gentle invasion: Six years ago, for no particular reason, I was drawn to Paros as if by a magnet, without even knowing the island. Since then, two months a year, body and soul. And I’m not the only one infected: every summer I see a few more Beirut accents arriving by ferry in Parikia. This is not the first time Lebanon has taken an interest in Paros. 2,600 years ago, the Phoenicians were already trading there and colonizing the neighboring island of Oliaros—“colony of Sidon,” according to Heraclides the Critic. They came to seek Parian marble, the very marble used to sculpt the Phoenician sarcophagi now displayed in the basement of the National Museum of Beirut; their descendants today, a grilled octopus and a glass of white Assyrtiko from Paros in hand. If in a few years Santa Maria and Ampelas have more Lebanese villas than Greek tavernas, we’ll know that we witnessed, without bloodshed, the island’s second Phoenician recolonization.
Translated from FrenchPutting the word “martyr” in quotation marks was to inflict an unnecessary wound on a society still deeply marked by the traumas of the civil war. Not apologizing for it, then justifying that choice in the name of scrupulous respect for the French language, unfortunately gives the impression that the choice was deliberate. And the linguistic argument becomes difficult to defend when, in the same response, one uses an expression as trivial and disrespectful as “of all kinds.” It would have been so much simpler to acknowledge the mistake and apologize rather than look for convoluted justifications. This in no way changes my opinion of L’Orient-Le Jour. I know the clarity and consistency of its stance toward Hezbollah and Iranian influence. In my eyes, it remains the freest, most independent Lebanese media outlet and the least beholden to the powers of money and politics. It is precisely because we place this trust in it that we are entitled to expect more from it.
Translated from FrenchFunny, this was exactly what we were discussing over dinner last night. Among Lebanon’s privileged bourgeois youth, you probably need to multiply that budget by at least five. First, because expectations are much higher when it comes to clothes and travel. Second, because weddings are often held abroad, so you have to add the cost of travel and accommodation for the wedding itself. And I’m not even talking about the nouveau riche, where extravagance often takes these budgets into a completely different league. In my time, weddings were more like cocktail dinners where the parents mainly invited their friends, acquaintances, and business contacts. The young people came second, and there was a lot less partying. But then again, Instagram didn’t exist back then. 😄
Is it the Houthis’ turn to get beaten up?
Translated from Arabic (Lebanon)Second Nabatieh Appeal: “Those who for years held the decision over war and security, and told southerners that they were best able to protect them, must answer today for the results of their choice: Where is the land now? What has happened to the villages? And how much ability do the people have left to endure and return?” If Hezbollah's leaders had an ounce of humanity, an ounce of reason, and an ounce of patriotism, they would say to their masters in Iran today: “Enough. The Lebanese have paid enough for your wars. The South has been destroyed enough, and enough of our sons have fallen. From today on, we will not die for your interests.” They would immediately announce handing their weapons over to the state, leaving the Lebanese Army alone responsible for defending Lebanon and extending sovereignty over all its territory. A step like this would change everything. It would unite all Lebanese behind their state and army, and behind the South and its people; it would deprive Israel of any pretext to remain on Lebanese territory and put full pressure on it to withdraw.
Translated from ArabicNawaf Salam won the hearts of the Lebanese with his firm and courageous patriotic positions. So it is not understandable why he is now risking the credibility he built by defending the positions of some of his ministers, especially since these positions contradict his own approach. Also, the justifications he gave for the foreign minister’s absence from official visits are consistent neither with the Lebanese Constitution nor with the importance and sensitivity of the political issues at hand. It was an unfortunate misstep, and we hope it is not repeated.
Translated from Arabic (Lebanon)Looks like Mahmoud Qamati and Naim Qassem have started a competition: who can come up with the silliest and most childish statement. They remind me of the kid at school who gets beaten up, then gets up, dusts off his clothes, and says with complete arrogance: “It didn’t hurt me!”.
Translated from Arabic« The same goes for the professionalism of his ministers, foremost among them his deputy Tarek Mitri, who is significantly charged with Justice. » The Justice Minister is actually named Adel Nassar, and he is indeed someone who is very professional. Unfortunately, the same cannot be said of this article. Confusing Tarek Mitri with the Justice Minister is not a mere detail: such an elementary error reveals, to say the least, an approximate knowledge of Lebanese politics and invites questions about the rigor with which the rest of the analysis was constructed. Jean-Pierre Filiu seems here to have repeated a narrative presented to him without sufficiently checking its facts or premises.
Translated from FrenchOne of the remnants of Hassan Nasrallah raising “the noblest people” is that the concept of honor has become synonymous with superiority and thuggery.
Translated from ArabicIt seems that what Paula Yacoubian is saying is correct, and all political forces and states (we hope France has abandoned its absurd ideas that it adopted during 2022 and 2023) that supported the election of Joseph Aoun must confront this course. The Lebanese want reform, an end to corruption, and a final resolution to the relationship of appeasement and flirtation between the state and Hezbollah. In short, they do not want the return of the “deep state,” for which Najib Mikati appears to be the preferred candidate.
Translated from ArabicThe truth about Hezbollah
Translated from ArabicThe only stupid thing is believing that Hamas supporters are somehow “progressive”, just like the self-proclaimed progressives who support Hezbollah, as you do. Ask the communists and left-wing activists who helped Khomeini come to power in Iran what they think of that alliance. Oh, sorry. I forgot. They aren’t around to answer you. They were executed by the Mullahs’ regime.
There is a growing feeling that the cost of living in Beirut has now become even higher than in Geneva, one of the most expensive cities in the world. This may be an impression that is not yet based on a scientific study, but it deserves the government’s attention. What is needed is a study comparing, item by item, the prices of the household consumption basket and their development, and, more importantly, analyzing the causes of high prices: taxes and fees, the cost of imports and energy, monopolies and weak competition, and the absence of an effective banking system. The problem is not addressed with slogans, but with figures, diagnosing the causes, and then addressing them.
Translated from ArabicUNIFIL in South Lebanon: the money it brings into our economy is real. But set that aside for a moment and judge its record coldly. Since 2006, the objective was clear: a zone between the Litani River and the Israeli border free of Hezbollah weapons and armed presence. Twenty years later, the result speaks for itself: weapons depots, military infrastructure and tunnels spread across the South, including in civilian areas. A mandate that consistently fails to produce the result it was created to achieve eventually becomes little more than diplomatic fiction. The problem is structural, not accidental. UNIFIL has neither the mandate nor the coercive power to impose disarmament on Hezbollah. Whenever peacekeepers attempt to inspect a sensitive site, the so-called “ahali” appear—locals supposedly acting spontaneously, but in practice serving as a remarkably effective mechanism for preventing verification and restricting access. Then there is the failure of the Lebanese state itself. The Lebanese Army is supposed to be UNIFIL’s partner on the ground, yet commitments have repeatedly gone unfulfilled, access has been obstructed, and the state has tolerated Hezbollah maintaining a parallel military infrastructure in precisely the area that was supposed to be under its exclusive authority. The result is a South that was supposed to be free of Hezbollah’s military presence but instead became deeply militarised. Keeping UNIFIL indefinitely also allows the Lebanese state to remain comfortable outsourcing to the UN a responsibility it refuses to assume itself. Perhaps ending the mission would finally force Lebanon to take responsibility for its own border, establish the state’s exclusive authority in the South, and negotiate directly with Israel rather than hiding behind a force everyone privately knows cannot prevent Hezbollah from acting according to Iran’s strategic agenda. The consequences of that failure are now before us.
Hezbollah is a group of clowns
Translated from Arabic"And it is now becoming clear that the party is the biggest scam in modern Lebanese history, a scam that is not funny at all, because of it Jabal Amel will not return to its former form, neither through reconstruction nor by any other means, and the people of the land are destined to be dispersed for at least ten years."
Translated from Arabic“Gays for Gaza” 🤡 The irony is difficult to miss: LGBT people would face severe persecution under the Islamist ideology Hamas represents. Perhaps some of these activists should spend a little less time romanticizing Hamas and a little more time asking what life would actually be like for them under its rule.
This girl says she is a victim of blackmail involving a sex tape, and names thugs whom she accuses of drugging underage girls, assaulting them, and filming them. It appears that the matter prompted mockery from some members of Hobeish police station, who did not even trouble themselves to listen to her. Of course, idiots are everywhere. But in the face of accusations this serious, the authorities cannot remain silent. The interior minister and the public prosecutor at the Court of Cassation have a duty to act and open a serious investigation.
Translated from ArabicThis post got more than a million views. P.S.: The minister in question ended up in prison for corruption. In Lebanon, the country of impunity, you have to do it Mddddrrrrr
Translated from FrenchA professional association is not there to “market banking products”; it is there to lobby and influence public opinion. There is nothing inherently wrong with that—it is part of its role. The problem begins when that lobbying runs directly against the public interest. Lebanon’s financial crisis has dragged on unresolved for more than seven years, in large part because this lobbying has consistently obstructed meaningful reform and accountability.
The influence of banks in Lebanon is often explained by the presence of politicians among their owners or on their boards of directors. But in my view, this does not explain the essence of their influence. The real source of power is money, and it is used through two channels: the first directly, to influence politicians through benefits and services, including the preferential transfers that took place around the 2019 crisis. The second indirectly, by financing media outlets to influence public opinion, which in turn influences politicians and their decisions.
Translated from Arabic