Lebanon's central bank governor said on Monday a solution must be found in ...
BEIRUT - Lebanon’s central bank governor said on Monday a solution must be found in days to a crisis unleashed by huge protests against the ruling elite, saying this would restore confidence and avoid any future economic collapse.
“I am not saying that we are going to have a collapse in a matter of days, I am saying we need to have a solution in a matter of days to regain confidence and avoid collapse in the future”, Salameh added. “The banks are closed by their own decision due to the situation in the country and they will reopen as soon as the situation calms down. We didn’t ask them to close,” Salameh said.
Lebanon’s banking association said banks would remain shut on Tuesday for a 10th working day, but said the central bank had provided the liquidity necessary to pay out salaries for public sector workers, including security forces. Gabriel Sterne, head of global macro research at Oxford Economics, said Lebanon is facing a “bank jog”, rather than a full-blown bank run. He added that capital controls were needed in the short-term, but can also scare away investors.
Prime Minister Saad al-Hariri’s coalition government last week announced a package of measures aimed at appeasing protesters and implementing long-delayed reforms to plug gaping holes in the state budget.The measures include a $3.4 billion contribution from the central bank and commercial banks toward reducing next year’s budget deficit.
France Dernières Nouvelles, France Actualités
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