Aoun, Salameh Tackle Financial Situation
President Michel Aoun discussed the financial situation with Central Bank Governor Riad Salameh amid unprecedented capital controls and a tightening economic and political crisis gripping the country since October.
The National News Agency said the two men tackled the “financial and monetary status and the measures taken by the bank in that regard.”
The meeting was held in the presence of Caretaker Minister of State for Presidency Affairs Salim Jreissati.
Since September banks have arbitrarily capped the amount of dollars that can be withdrawn or transferred abroad, sparking fury among customers who accuse lenders of holding their money hostage. There is also a limit on Lebanese pound withdrawals.
Unprecedented anti-government protests have gripped Lebanon since October 17, in part to decry a lack of action over the deepening economic crisis.
The Lebanese pound has been pegged to the dollar for more than two decades at 1,507 to the greenback, and both currencies are used in everyday interactions.
But with banks limiting dollar withdrawals, the rate on the unofficial market has topped 2,000 Lebanese pounds to the dollar and the cost of living has increased.
On Thursday, Salameh ruled out an imminent financial collapse in the country as he reassured that no bank will go bankrupt.
Source: Naharnet
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