The Banque du Liban seeks to extend Circular 151… and depositors’ associations confirm their rejection


The Cry of Depositors and the Association of Depositors’ Rights issued the following statement: “Today, a meeting was held in the House of Representatives, which included the Finance and Budget Committee, the Minister of Finance, a representative of the Banque du Liban and the Association of Banks, with the participation and attendance of the Lebanese Depositors Association and Sarkeh Depositors Association, which represent depositors.

The discussion took place in Circular 151 and the Banque du Liban demanded to extend its work until the end of the year in order to be able to work with the new government on a plan, as this request was flatly rejected by the depositors’ associations and by the representatives present, and the two associations demanded the return of deposits in the deposit currency only.

While the Central Bank of Lebanon alleges that it is not possible to increase the monetary mass for fear of increasing inflation, the depositors’ associations responded by paying in dollars, which would reduce the current inflation and the need to find a solution for the depositors of the Lebanese pound and compensate them, as they are the ones who bear the major loss.

The associations also warned against continuing to blame depositors alone for losses, putting everyone before their responsibilities, and officials must choose between a solution or chaos in front of and outside banks.


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