Experts call for protecting Lebanese depositors amid unprecedented financial crisis

Experts call for protecting Lebanese depositors amid unprecedented financial crisis

by yalibnan







November 26, 2022





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File photo: A damaged ATM cash machine is pictured in Beirut, Lebanon March 17, 2021. The financial collapse of Lebanon resulted in depositors largely being shut out of their lifetime savings and the local currency losing more than 95% of its value. A draft of the plan to plug a huge hole in the financial system, forsees returning just $25 billion out of a total $104 billion in hard currency deposits to savers in U.S. dollars. On the other hand many of the corrupt Lebanese politicians and several top officials and bank executives were able to transfer billions of US dollars to their overseas accounts with the help of Central bank chief who is being investigated by several European countries over money laundering and embezzlement of hundreds of millions US dollars of public funds . REUTERS/Mohamed Azakir/File Photo

by Dana Halawi

BEIRUT, — Experts on Friday called on Lebanon’s authorities to advance a recovery plan that would preserve the rights of depositors in Lebanese commercial banks to restore confidence in the ailing banking sector.

“The government has issued debt instruments to