The Association of Banks in Lebanon has denied a media report that claimed Saudi Arabia had halted bank transfers to the country.
Lebanon's Al Joumhouria newspaper said that Lebanese citizens in Saudi Arabia were finding it practically impossible to transfer funds back home, citing unnamed Lebanese banking sources.
“This report is totally and categorically baseless,” the association said in a statement on Wednesday.
“Bank operations between Lebanon and the Gulf in general, and Saudi Arabia in particular, are running as usual, in a totally normal way, including money transfers both ways.”
The newspaper cited banking sources as saying that the Saudi authorities had instructed Saudi banks to halt transfers from Lebanese individuals and companies alike.
Relations between Lebanon and Saudi Arabia have soured since the kingdom suspended a US$4 billion aid package to the Lebanese army and security forces, after Beirut failed to condemn attacks on the Saudi diplomatic missions in Iran in January.
Iranian protesters burnt the Saudi embassy in Tehran and stormed the Saudi consulate in Mashhad after Riyadh executed a prominent Shiite cleric on terrorism charges.
Saudi Arabia has called on the Lebanese government to distance itself from Iran-backed Hizbollah, which holds sway in the Lebanese government and parliament.
The GCC this month declared Hizbollah a terrorist group and several countries have deported Lebanese residents with links to the group.
Saudi Arabia also blacklisted four companies and three individuals for having ties with Hizbollah.
dalsaadi@thenational.ae
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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