Wazni Meets Sfeir Who Says Deposits are Safe
Finance Minister Ghazi Wazni held talks with Head of the Association of Banks in Lebanon Salim Sfeir who assured that bank deposits are safe and there are no plans to impose haircut on deposits.
“The meeting was positive,” said Sfeir, “the deposits are there and will stay there. No plans for haircut,” assured Sfeir after the meeting.
According to information obtained by LBCI, it was agreed during the meeting to make a substantial reduction in interest rate in general, i.e. on deposits and loans, which will contribute to bettering the economy, help borrowers and reduce the burden on public finances.
A grinding liquidity crunch has hit Lebanon, where unprecedented protests since October 17 have railed against the political class and a deepening economic crisis.
Since September, banks have restricted the amount of dollars that can be withdrawn or transferred abroad.
Although no formal policy is in place, most have arbitrarily capped withdrawals at around $1,000 a month, while others have imposed tighter restrictions.
Source: Naharnet
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