Head of Lebanon Banks Association to Asharq Al-Awsat: Non-State Logic Accelerates the Collapse

lebanon banks head association asharq
Lebanon

Head of Lebanon Banks Association to Asharq Al-Awsat: Non-State Logic Accelerates the Collapse

As the political stalemate in Lebanon exacerbates the financial, economic and monetary crisis, banking and monetary files pose a major challenge to the President of the Association of Banks (ABL), Salim Sfeir, whose term was renewed for two years as of July 1. In an interview with Asharq Al-Awsat, Sfeir said that the country and its economy were not doing well, warning that the absence of a state would lead to a total collapse. He stressed, however, that the Lebanese banks, "which have resisted wars and difficulties, will also face the current challenges to maintain the backbone of the Lebanese economy, as well as to preserve one of their most important assets, which is the depositors." Sfeir insisted on the need to rebuild confidence as a mandatory passage out of the crisis. Otherwise, the country will head towards a major collision that would completely topple the fragile living balance, after 20 months of suffering and the continued devaluation of the national currency exchange rate and the erosion of the purchasing power. USD150 million of monthly transfers "As a banking system, we are making every effort to meet the financial needs of depositors, and we will commit to pumping liquidity set…