$51 billion lost by Lebanese depositors since 2019: Bank official

$51 billion lost by Lebanese depositors since 2019: Bank official

Reforms recommended by the IMF, including a halt to government borrowing from the central bank, have yet to be implemented

The Secretary-General of the Association of Lebanese Banks, Fadi Khalaf, revealed that approximately $51 billion of Lebanese depositors’ funds have been lost since late 2019, Sputnik reported on 16 May.

While speaking about Lebanon’s banking crisis and ongoing negotiations with the International Monetary Fund (IMF), Khalaf stated that it has been “forty-three months, during which depositors lost fifty-one billion dollars of their deposits, and the state is still discussing projects, then withdrawing some of them and reformulating others, and if some laws are approved, the IMF is dissatisfied with them.”