No liquidity in Lebanese banks, says chief of country’s banking association – The National

No liquidity in Lebanese banks, says chief of country’s banking association – The National

Lebanon’s commercial banks do not have the liquidity to return money to depositors who retain their savings in the country's bank accounts, the head of the Lebanese banking association said on Wednesday.

“These numbers show beyond any doubt that there is no liquidity with the banks”, the Association of the Banks of Lebanon's Fadi Khalaf said in a monthly report.

Lebanon’s banks imposed informal, ad hoc capital controls at the beginning of Lebanon’s economic crisis in 2019, when signs of the country’s liquidity crisis first began to show, locking people out of their savings.