Lebanese households hoard $10bln cash: Central Bank Governor

Lebanese households hoard $10bln cash: Central Bank Governor

“As for the money supply in the Lebanese market, it is estimated that there are $10 billion stored inside homes, which requires setting up a new regulatory mechanism to restore confidence in banks, including preparing a Lebanese digital currency project, during the year 2021, that will help implement the cashless system, which allows moving the money market, locally and abroad,” Salameh told the Lebanese Depositors Association.The meeting touched on the causes of the crises facing Lebanon, the adopted monetary policy, the means of treating the financial and economic system, and the conditions for it to be remedied by implementing fundamental political reforms.The governor stressed, according to the statement, that "despite the shortcomings and stagnation caused by the coronavirus and the lack of respect by the state in paying Lebanon's external