Senior Middle East banker: We seek to secure liquidity in hard currencies

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A senior banker told Asharq Al-Awsat newspaper: “If we have been wrong to sell Eurobonds in recent weeks, despite our clarifications to those concerned that we are seeking to secure liquidity in hard currencies to meet the heavy withdrawal requests by depositors, they have pushed us to this in auctions and demanded non-payment. In every case Let us open the record of the faults and mistakes that led us to this dire situation, and let the judiciary be the only reference for trying all after opening all cases related to corruption of the political class and waste of public money.

The banker asked: “Do they want to hold us the brunt of unpopular decisions that they intend to disclose or about the first package of them tomorrow, Saturday, after they worked hard to hold banks responsible for the financial failure of the state?”

He added: “We will not be drawn into open debates, neither with the judicial authority nor with the politicians. This is despite our conviction that what is happening is not consistent with administrative and legal principles, and raises serious concerns about backgrounds and targets in this difficult period.”

The banking official fears “from directing public anger to the banks exclusively, and distracting it from the real officials who incurred the country huge losses due to repeated presidential and governmental voids, evading the implementation of the obligations of financial and administrative reforms programs, insisting on inflating the public sector and electoral employment, and doubling the cost of wages and allocations for the state’s public administration through The series of ranks and salaries that were approved in the fall of 2017, months before the parliamentary elections.

A prominent judicial source also stressed that “this decision does not become effective before obtaining the approval of the Governor of the Banque du Liban.” He stressed that “the financial policy adopted in Lebanon is based on enhancing confidence in the banking sector and not tearing it down,” considering that “hitting banks destroys confidence in the Lebanese economy and the financial sovereignty of the state.”

The judicial source, who declined to be named, pointed out that “this matter will be at the table of the governor of the central bank, who may request that the matter be presented to the cabinet, to explain the nature of the approved financial policy, and to remind the political references that the responsibility of the ruler does not depend on the financial management in the country, but rather Also to protect the banking sector. “

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