Tag Archives: Blom Bank

BLOM Lebanon PMI: Macro highlights – August 2021

For the month of August, President Michel Aoun and Prime Minister-designate Najib Mikati have met several times to agree on a new cabinet with no end result. However, as of last week, President expressed hope that a new cabinet will soon be formed with Prime Minister-designate Najib Mikati. As such, the Lebanese pound remained witnessed

OMT Visa Prepaid Card A card with two balances: US Dollars and Lebanese Pounds

Beirut, July 2021 OMT announces the launch of its Visa Prepaid Card issued by BLOM BANK. The card boasts two balances: US Dollars and Lebanese Pounds. The USD balance gives cardholders international access by allowing online purchases, in-store shopping, and ATM withdrawals everywhere in the world. While with the LBP balance, cardholders can settle payments

BLOM Lebanon PMI: Macro highlights – June 2021

According to the latest World Bank Lebanon Economic Monitor, “Lebanon Sinking: To the Top 3”, the economic and financial crisis is likely to rank in the top 10, possibly top 3, most severe crises episodes globally since the mid-nineteenth century”. In terms of numbers, the “World Bank estimates that in 2020 real GDP contracted by

BLOM Lebanon PMI: Macro highlights – April 2021

After a delay in government formation efforts, Lebanon’s economy is expected to contract further in 2021, in addition to drops in private consumption and exacerbating economic, exchange rate and debt crises. In the week ending April 29, 2021, lockdowns and curfews have been imposed on holidays which put additional pressures on the whole economy. Moreover,

BLOM BANK SAL Announces the Execution of an SPA in Relation to the Sale of its Stake in BLOM BANK Egypt SAE to Arab Banking Corporation (B.S.C.)

Beirut, Lebanon | 17 January 2021 – BLOM BANK SAL (“BLOM BANK”) and Arab Banking Corporation (B.S.C.) (“Bank ABC”) are pleased to announce that they have signed a definitive agreement on Friday 15 January 2021 whereby BLOM BANK SAL will sell its entire 99.4% stake in BLOM BANK Egypt SAE (“BLOM BANK Egypt”), its Egyptian

BLOM Lebanon PMI: Macro highlights – December 2020

Month of December marked a high manufacturing Purchasing Managers’ Index (PMI) for the US which increased from 56.7 in November to 57.1 in December, the best reading since September 2014. The last month of the year witnessed candidate Joe Biden’s victory after the electoral college voted on Monday, which guaranteed more than the 270-vote threshold.

BLOM Lebanon PMI: Macro highlights – October 2020

In its October World Economic Outlook, the IMF revised the Global growth in 2020 at -4.4% (the worst annual plunge since the Great Depression of the 1930s), reflecting better-than-anticipated second quarter GDP outturns in advanced economies where economic activities started to uplift. In this context, PMI index of the USA, Eurozone, UK, Russia and China

BLOM Lebanon PMI: Macro highlights – July 2020

During July, Lebanon continued to ease lockdowns and businesses reopened leading to a PMI reading of 44.9, up from 43.2 in June. However, the overall Lebanese business environment remained negative. In fact, Lebanon has been in severe economic, financial and social crisis mode since at least October 2019, which weak institutions and governance strength appear

BLOM Lebanon PMI: Macro highlights – June 2020

While the rest of the world moves beyond Coronavirus measures, Lebanon struggles to grapple with dual crises. Most nationsbegan to overcome the standstill generated by the notorious pandemic. This is apparent via PMI composite output index of the USA, Eurozone, UK, China, Brazil, Russia and Australia among others, which rose from all-time lows in May