Despite Great Snow, Lebanon's Ski Season Suffers Amidst Crisis

People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
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Despite Great Snow, Lebanon's Ski Season Suffers Amidst Crisis

People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher

It is a sunny day on Lebanon’s ski slopes after weeks of snowfall but, as the economic crisis bites, there is no sign of the traffic that would typically jam the road.

“It is still slow, but the weather is great and the snow as well, so we invite everyone to come,” said Nicole Wakim Freiha, marketing and development manager of Mzaar ski resort, which has slashed prices by 30% in a bid to entice skiers.

With views stretching out to the Mediterranean to the west and Syria to the east, Mzaar has some of Lebanon’s best ski runs. But several of the slopes have remained closed since the first heavy snow in December, reflecting demand.

Tourism has traditionally been an important part of the Lebanese economy, which is mired in its worst crisis since the 1975-90 war. The crisis has led banks to impose tight restrictions on how much cash savers can withdraw, forcing even those with money to think more carefully before they spend.

“This year it is looking less crowded, this year when we came on the road, traffic was less,” said tour guide Bassam Dalle. “It’s obvious, we all know why.”

A Finnish guide who organizes snowmobile tours in the area said a third of the Nordic tourists who had booked with him this year had canceled.

“It’s a fantastic place, amazing mountain ranges ... plenty of snow, sunshine, warm, and people are very friendly, so it’s a dream destination,” said the guide.

Skier Gaby Tabbal was enjoying the day, though several slopes were shut. Though numbers were down, he noted there were still people skiing: “This is the first day this year, the weather is beautiful, the snow is beautiful.”



Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)

Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq held talks with Steve Lutes, Vice President of Middle East Affairs at the US Chamber of Commerce and Chairman of the US-Iraq Business Council mechanisms for international trade and Iraq’s shift to fully utilizing correspondent banks for foreign transfers. 

Sunday's discussions in Baghdad follow the US blacklisting of 14 Iraqi banks - half of the country’s total banks - on suspicions of involvement in money laundering and transferring funds to Iran and Syria. The move has prevented these banks from conducting dollar transactions.

According to a statement by the Central Bank of Iraq on Sunday, the meeting, which was also attended by the Directors General of the Investments Department and the Banking Supervision Department, addressed “banking and economic relations” between Iraq and the US. They covered a visit by a Central Bank delegation to Washington in April, during which the delegation will meet with officials from the US Chamber of Commerce and American companies.

The two sides also touched on US companies’ interest in investing in Iraq’s energy, infrastructure, and advanced technology sectors, as well as opportunities arising from Iraq’s current security stability.

Al-Alaq emphasized the Central Bank’s role in supporting Iraq’s economic growth and pledged full support to global firms, including US companies and banks, looking to invest in the country. He stressed the importance of diversifying investment sectors to bolster economic development.

Since the beginning of 2023, the Central Bank of Iraq has implemented a monitoring system for dollar transactions through a specialized platform, which was designed to regulate financial transfers by Iraqi banks and provide proactive oversight, replacing the US Federal Reserve’s previous practice of auditing daily transfers. However, the Central Bank decided to discontinue the platform at the beginning of 2024.

The closure triggered significant withdrawals of deposits by individuals and companies, amid concerns that the banks holding their funds might face bankruptcy due to non-compliance with the Central Bank’s requirements and the US Treasury Department’s standards.

According to Central Bank data, the total volume of deposits in Iraq’s commercial banks fell to its lowest level in 22 months, dropping to 123 trillion Iraqi dinars in November 2024, compared to 127.5 trillion dinars in October.

Between June and November 2024, deposits decreased by 7 trillion dinars, reflecting a continued trend of declining savings in the banking sector over recent months.