Geert Bekaert and Campbell R. Harvey's |
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Chronology of Economic, Political and Financial Events in Emerging Markets |
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Date |
Major Political and Economic Events |
9400 |
The Investment Development Authority of Lebanon was created to support foreign investors. With very few exceptions, there is no discrimination between national and foreign investments.rr |
9500 |
The introduction of the Insider Trading Laws.a4 |
951101 |
ADR effective date. (Company=BANQUE AUDI SAL GDR, Exchange=PORTAL)a11 |
981110 |
(Provisions specific to commercial banks and other credit institutions) Banks need the prior approval of the central bank to acquire shares in foreign financial institutions. Net debtor interbank position between a Lebanese bank and its affiliate or sister company abroad should not exceed 25% of core capital.a3(first entry) |
990318 |
(Provisions specific to commercial banks and other credit institutions) Liquid assets in foreign exchange should not be less than 30% of the total clients' deposits, net interbank credit accounts, CDs, bonds, and subordinated loans maturing in less than one year.a3 |
990903 |
A
stand-alone S&P/IFCG Index for |
991029 |
(Provisions specific to commercial banks and other credit institutions) For commercial banks, the volume of debt instruments in foreign currencies should not exceed 4% of total deposits in foreign currencies as of the end of the previous financial year; for investment banks, the limit is 6%.a3 |
9912 |
|
991228 |
(Controls on derivatives and other instruments) The issuance and trading of derivatives requires prior BL approval. (Provisions specific to commercial banks and other credit institutions) Guarantees issued on derivative transactions should not exceed 7% of the bank's equity.a3 |
200003 |
The
budget deficit rose to 51.8% and the current account deficit increased
to US$60 million. The peace process hit another impasse after a summit
between Syrian President Hafez al-Assad and U.S. President Bill Clinton failed to break the
deadlock. |
200004 |
The central bank intervened in the currency market. |
200005 |
|
200006 |
The
increase in the nonperforming loans in the banking sector, partially
caused by a real estate crisis loomed large. S&P placed all of |
200000 |
In
the third quarter, Syrian President Hafez alAssad
passed away. The government budget deficit jumped to 53.2% of expenditures
during the first half of the year, and debt service exceeded revenues.
|
200008 |
|
200009 |
S&P
lowered its long-term foreign currency issuer and senior unsecured debt
ratings on |
200010 |
The
Banque du Liban
spent nearly US$170 million to prop up the pound. Majlis
al-Nuwab was elected as |
200011 |
Nearly
3000 Lebanese students demonstrated against the Syrian troops. Israeli
airplanes raided parts of southern |
200104 |
The
Israeli air strike against a Syrian radar station deep inside |
200106 |
|
200109 |
The
central bank was forced to spend reserved to support the Lebanese pound.
The BLOM reached a new 52-week low. S&P downgraded |
200110 |
The government decided to postpone the ninth biennial Summit of the Francophone Movement by a year. |
20020100 |
Elie Hobeika, a key figure in
the massacres of Palestinian refugees in 1982, dies in a blast shortly
after disclosing that he held videotapes and documents challenging |
20020110 |
European Union (EU) Commission
President, Romano Prodi, and Lebanese Prime
Minister, Raifq Hariri,
yesterday initialed |
20020201 |
VAT is introduced at 10%. |
20020306 |
The Finance Ministry announced yesterday that it has sanctioned a US$1bn Eurobond issue. |
20020700 |
The Phalange Party has expelled former president Amin Gemayel from its ranks, adding that it intends to take him to court for 'slander, denigration and defamation'. |
20020900 |
Row
with |
20031123 |
During a meeting with creditors on, over US$4bn was pledged to the Lebanese sovereign at favourable rates. |
20030200 |
An
estimated 4,000 Syrian troops are reported to have redeployed from positions
in northern |
20030411 |
The central Banque du Liban announced that it would cut interest rates on Certificates of Deposit (CD) by 0.25% in a bid to place downward pressure on punishingly high market rates. |
20030415 |
Prime Minister Rafiq Hariri resigned. |
20030508 |
|
20030500 |
Clashes between Yasser Arafat's secular Fatah movement and militant Islamic groups have left eight people dead |
20030600 |
The US Consulate reopened on Friday (30 May) after being closed for 19 years in response to bomb attacks on the US Embassy in Beirut during the Lebanese civil war (1975-1990). |
20030700 |
The Ministry of Finance is set to introduce a comprehensive income tax system in an effort to substantially increase government revenues by means of more effective collection methods, rather than through an increase in the income tax rate |
20030800 |
Car
bomb in Beirut kills a member of |
20030809 |
Demonstrations were held in
the capital, Beirut, marking the second anniversary of the arrests of anti-Syrian
protesters in |
20031000 |
Legislation allowing Palestinian property ownership withdrawn from Lebanese parliament. |
20031023 |
|
20031103 |
For the first time in nine months, the government released T-bills into the markets. Two- and three-year bills were issued, with one-year bills scheduled to be released today. |
20031209 |
Former Agriculture Minister Ali Abdullah was arrested on charges of embezzlement, wasting public funds and forging official documents |
20031200 |
Security
forces arrest two men suspected of planning attack on |
20031200 |
Twenty-seven
men receive jail sentences over series of attacks on American and British-owned
businesses in |
20041209 |
Former Agriculture Minister Ali Abdullah was arrested on charges of embezzlement, wasting public funds and forging official documents |
20040100 |
|
20040502 |
The four-stage voting process for municipal councils, mayors and village headmen began on Sunday (2 May), with polling getting under way first in the Mount Lebanon area. |
20040527 |
At least six people died in
|
Year |
Regulations on Foreign Investors |
1998 |
Restrictions: No available. Taxation: 10% income tax.a6 |
2001 |
Restrictions: central bank approval is required to purchase treasury securities, money market instruments, and derivatives, and some credit operations are prohibited. There are no restrictions on payments and transfers. b3 Taxation: 15% corporate income tax. 10% capital gain tax. b1 |
2002 |
Taxation: VAT is effective at 10% on February 1st. b1 |