Mabrouk! We're three spots away from the lowest ranking awarded by Moody's. Yesterday, Moody's Investors Service has downgraded the Government of Lebanon's issuer ratings to Caa1 and changed the outlook from negative to stable. Here's why we got downgraded AGAIN! Moody's decision to downgrade the ratings to Caa1 reflects the heightened risk that the government's response to increased liquidity and financial stability risks will include a debt rescheduling or other liability management exercise that may…

Lebanon's Central Bank issued a circular yesterday stating that all electronic money transfers from abroad be exclusively paid out in Lebanese pounds, in an attempt to limit the outpour of US dollars. The circular does not apply to bank transfers but to international money transfers sent through companies like OMT and Moneygram. With the way things are going, you can expect further drastic measures in the coming future if we fail to form a government…