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FinancialNews


  • 28-12-19

    Lebanon: deposits in banks to be safe

    (MENAFN) Deposits in Lebanese banks are safe in spite of complexities to access them for the time being, according to Joseph Torbey, chairman of the World Union of Arab Bankers.


    As said by Torbey, "the government is adopting a law to increase the ceiling on insured bank deposits and this will cover most deposits in Lebanon".


    Torbey's comments come as Lebanon has recently seen a turn down in money injections in parallel to an outflow of deposits causing a decrease in central bank's foreign currency profits.


    This has encouraged Banque Du Liban to limit its spending of USD currency, creating panic between the Lebanese who flocked to the banks to withdraw their money and store them in their houses as they were afraid of losing their money, since banks hold most of the government's public debt.

    MENAFN2812201900450000ID1099481873

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