Lebanon’s ex-finance chief says banks ‘smuggled’ $6bln out – report – ZAWYA

Lebanon’s ex-finance chief says banks ‘smuggled’ $6bln out – report – ZAWYA

Lebanon's ex-finance chief says banks 'smuggled' $6bln out - report | ZAWYA MENA Edition HomeLegalCommercialArticleLebanon's ex-finance chief says banks 'smuggled' $6bln out - report Banks imposed strict curbs from late 2019 as a financial meltdown made dollars scarce, drove up prices and fuelled unrest    Alain Bifani, a senior member of Lebanon's negotiating team with the International Monetary Fund (IMF), attends a news conference after his resignation from his post as finance ministry director general, in Beirut, Lebanon June 29, 2020.BEIRUT  - A top former finance official alleged that Lebanese banks "smuggled" out close to $6 billion since October despite blocking transfers abroad as the country plunged into financial crisis, the Financial Times reported.Banks imposed strict curbs from late 2019 as a financial meltdown made dollars scarce, drove up prices and fuelled unrest. They have come under fire for freezing people out of savings after using deposits to fund the heavily indebted state.Alain Bifani, who resigned as director general of Lebanon's finance ministry this month, told the Financial Times that $5.5 billion to $6 billion had been "smuggled outside the country" by "bankers who would (not allow) every other depositor to take $100".Banks imposed strict curbs from late 2019 as