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Your bank deposits are safe, Lebanese assured

Reuters/Beirut
Filed on November 10, 2019 | Last updated on November 10, 2019 at 10.28 pm
Lebanon, bank deposits, safe, Lebanese, assured, worst economic crisis,
Lebanese president Michel Aoun addressees a speech, in the presidential palace, in Baabda, east of Beirut, Lebanon.- AP

Since reopening a week ago, banks have been seeking to stave off capital flight by blocking most transfers abroad.

Lebanese bank deposits are safe and there is no need to panic, the head of the banking association said on Saturday, seeking to calm nerves about restrictions on some withdrawals imposed after nationwide protests.

Already facing the worst economic crisis since the 1975-90 civil war, Lebanon has been pitched deeper into turmoil since October 17 by a wave of rallies against the ruling elite that led Saad Al Hariri to resign as prime minister on October 29.

Since reopening a week ago, banks have been seeking to stave off capital flight by blocking most transfers abroad and imposing curbs on hard-currency withdrawals, though the central bank has announced no formal capital controls.  "We confirm that depositors' money is safe and what is happening has nothing to do with solvency and therefore, no need to panic," head of the Association of Banks in Lebanon Salim Sfeir said. Sfeir spoke after meeting President Michel Aoun, the ministers of finance and economy, the central bank governor and other officials over the economic situation.


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