AM Bank Chairman Marwan Kheireddine acknowledges Lebanon is currently facing challenges. These include addressing how some activists are calling for bankrupting local banks because they are angry that their deposits have been blocked. However, the financial expert doesn’t agree with this idea.

“In Lebanon, like in other developed countries, for example, the United States, there is a deposit guarantee institution that is owned by the state that protects depositors up to 75 million Lebanese pounds, which today is about $3,000,” Marwan Kheireddine says, “So essentially, if you bankrupt the banks, like a lot of activists are saying, out of anger, you actually end up hurting depositors, in that those banks, under liquidation, will never be able to repay the deposits back their fair value.”

In turn, Marwan Kheireddine says each depositor will be guaranteed by the National Deposit Insurance Corporation of Lebanon, an amount that is equal to, or slightly above, $3,000 — and that is a paltry amount compared to the $100 billion currently on deposit with all Lebanese banks, which are owned by all the Lebanese. “So I am totally against bankrupting banks, mainly to ensure that depositors, in the long run, end up getting more of their deposits as opposed to less,” he says.

Food Insecurity Is Also Playing a Role in Lebanon’s Latest Struggles

Lebanon’s burgeoning economic crisis continues to flood headlines across Lebanese news channels. The Russia-Ukraine conflict is also adding fire to Lebanon’s distress, as AP News reports that the country is plagued with food shortages and surging oil and food costs.

Al Jazeera reported last year that nearly 80% of Lebanon is living below the poverty line and many citizens have been surviving on bread and tea. The Arabic media outlet also reports that locals are hoping to fix the broken infrastructure and revive industries again in Lebanon. 

A UNICEF survey states that four in 10 Lebanese youth used funds for education to instead purchase basic food, medicine, and other daily necessities — and three in 10 stopped their education altogether.

Ettie Higgins, a UNICEF Lebanon representative also says in a press release that Lebanon’s youth are especially deprived of support. “Investments are needed to ensure that financial concerns do not prevent them from getting the education and skills they need to eventually find decent work and contribute to the stability and prosperity of Lebanon,” she adds.

As the Russia-Ukraine crisis continues to brew, Marwan Kheireddine says its impact on Lebanon, as well as many other countries, is undeniable. 

“It’s had a tremendous negative impact on the Lebanese economy, mostly because we import about 85% of our consumable goods, and we’ve been hit by two major world crises, one after the other — COVID being No. 1 — which have impacted us,” Marwan Kheireddine says. “The Ukrainian crisis has increased the price of foodstuffs significantly. Energy prices have increased. Food prices have increased and the fact that there are worldwide shortages has made more people go after a limited number of goods, so it has increased their price. Add all of that to the fact that Lebanon consumes about 85% imported products and it gives you a bad scenario.”

Marwan Kheireddine Explains How Cryptocurrency Could Affect Lebanon’s Future

Marwan Kheireddine says he also sees a path for cryptocurrency to take in Lebanon’s move to improve its economic situation — but one major thing would have to happen. “There’s obviously a role that crypto can play in Lebanon, and the Lebanese have been known to be leaders when it comes to embracing new technological advances and new payment methodologies,” Marwan Kheireddine explains. “However, in my mind, there’s little chance for crypto to take a significant control in Lebanon’s economy, unless Lebanon’s economy opens back up to the world.”

Marwan Kheireddine says Lebanon’s economy is closed off and its government is in default. “We are unable to move funds freely through the financial system, so in my mind, although a lot of the Lebanese deal with crypto, they do not deal with crypto in any impactful form on the local economy,” Marwan Kheireddine says. “It’s essentially dealing in crypto outside the economy. Someone might have a portfolio, they might be in for the profit or they might be in to use a crypto as a payment methodology, but it is not directed at the Lebanese economy or the local economy. Mostly the Lebanese and Lebanon has a huge expat community. There are more Lebanese outside Lebanon than in Lebanon. But in my opinion, to see crypto have an impact on the local economy, the local economy needs to open up to the world first.”

A heavyweight in the US cellphone market, if you haven’t got an AT&T device now, chances are you’ve had one in the past. One of the largest telecommunications operators in the States, it absorbs around half of the US wireless subscriptions market, with 200 million (plus) wireless subscribers worldwide. And, as a key player on the field, being tied to the AT&T network comes with big benefits. High data caps, solid 4G coverage (and a fast-moving 5G rollout), lots of choice and good download speeds all make it a compelling choice for many. But not everyone. And if you’re one of those 200 million AT&T subscribers and thinking of changing to another carrier, you’re not alone. So, what’s stopping you? The lock on your phone is probably the only thing standing in your way. The simplest solution? Unlock your phone.

How? We thought you’d never ask…

Read more about it on the mobileunlocked.com AT&T phone unlock device guide. It has full details to unlock your AT&T phone using an independent phone unlocking service, without dealing with AT&T at all. And the reasons for wanting to do this. But first, a bit of background.

Why is there a lock on my phone?

Good question. In 2013, President Obama introduced the Unlocking Consumer Choice and Wireless Competition Act in America. Its aim? To make unlocking phones legal across the US. While this is good news for consumers (you), it didn’t stop network providers from locking phones in the first place. Which means it’s still pretty typical for phones to be locked to a network, at least for the first few months into a contract. And still up to you to remove that lock if you want to change carrier.

How does the lock work? Another good question. Hidden away in the back-end of your device, a SIM lock, network lock, carrier lock or master subsidy lock (they all mean the same thing) is a software code that tells your phone to connect only to a specific network. It’s not something you can see or remove simply by fiddling around with the keypad on your phone. And that’s what makes it so powerful.

But what’s the purpose behind the lock and why does it matter? Ask your phone provider and they’ll say it’s to do with security. Look up their phone unlocking policy and chances are you’ll find it under the ‘Customer Safety’ section on their website. The rationale behind this? The premise is that a locked phone is worth less than an unlocked phone. And, because of this, a deterrent to thieves. There is some credibility to this, yes. But it’s not the whole (or even a big part of the) story. The clue’s in the name, really. A locked phone keeps customers captive by holding them (against their will) to a network they may no longer want to use. And what does this equate to? Money. Because by locking a phone not only do you hold onto their custom, but you hold onto their money. Which, in turn, drives profits.

So… a deterrent for thieves or a way of boosting the bottom line? We know which answer we’re tied to.

What’s not to like about AT&T?

We touched on some of the benefits of belonging to a major network like AT&T. But like everything it’s got its downsides. There’s cost for one. AT&T plans can be significantly more expensive than others on the market. You may get more data, but you pay the price for it (especially if you don’t actually need or use all of that data). Coverage too can be an issue. While AT&T’s network is comprehensive, reaching about 68% of the US (around 84% if you include its 5G network), there are signal black spots, particularly in rural areas. So if you’re not in a highly populated metropolitan location, you may benefit from using a different or more localized carrier. Then there’s streaming. Using AT&T, video streaming quality, (particularly on-the-go), isn’t the best. Even if you pay extra for a high definition service.

So, there you go. All pretty compelling reasons for wanting to leave AT&T. But how to do it? Let’s look at the options for unlocking your phone. 

How not to unlock your AT&T phone

You may think that because your phone’s tied to the AT&T network, you need to go through them if you want to remove the lock. It’s a fair assumption. But it’s not true. In fact, this is often the most complicated, stressful and admin-heavy way of doing things. Here’s why:

• First, you’ll need to do the advance prep. Before you can start the process you’ll need to make sure you comply with their eligibility requirements. These differ according to the type of plan you have (postpaid, prepaid or business device) so you’ll have to factor this research into your pre-lock prep too.
• Next you’ll need to provide AT&T with all of the required account information needed to submit the request.
• Having submitted the information and the unlock request, you’ll then need to wait for AT&T to approve your request.
• And then wait some more for them to confirm and process it. (Spoiler: This can take anything from two business days to a week or so.)
• Once this is all complete, you’ll need to wait for specific instructions on how to unlock your device.

All that done, you’ll finally be in a position to try and unlock your device. Sounds unnecessarily complicated? It is. 

 Harness the power of your phone’s IMEI number

You can bypass all the admin and agro associated with unlocking your phone through AT&T, by using a third-party provider. Experts in their field, they have the software and the processes in place to fast-track your unlock request with minimal input on your side. In fact, all they need is your phone’s IMEI number, a 15-digit code unique to your device. The good news is, as long as you have your phone to-hand, your IMEI is quick and easy to find. To locate it you can do either of the following:

• Type *#06# into your cell phone keypad.
• Go to the ‘Settings/About Phone/Status/IMEI Information’ menu on your Android or iPhone.
• Remove the battery and look on the white label underneath.

Simply share this with your mobile phone unlocking service provider and they’ll do the rest. Depending on the make of your phone, your unlock will either take place automatically “over-the-air” using wifi (this goes for iPhones and other Apple devices) or you’ll be sent an unlock code to input (the process for Android models). The beauty of this is that, as well as being easy, it’s fast and safe because everything takes place online. No forms to fill in. No on-hold calls to AT&T’s customer service team. No break in service (your phone stays with you the whole time).

It’s all about choice

Whether it’s a cheaper deal, better coverage, high definition streaming or just to go SIM-only, with so much choice available, why stick around? Unlocking your AT&T device means you don’t have to compromise. And if you get help from the right source, it’s a pretty painless process. Yes, you can go through AT&T to unlock your device. But if speed, security and simplicity are what you’re after, using an online unlocking service wins hands-down.