LebanonS Banking Crisis: Potential Holiday Relief for Depositors

Amidst Lebanon‘s ongoing ‌economic crisis, ⁤the Central Bank of Lebanon is ⁣scheduled to ⁤meet to discuss potential ⁣relief ⁤measures for depositors struggling to access​ their funds. The meeting⁤ comes as the holiday season approaches, adding further pressure on‌ individuals already facing⁤ significant ‌financial hardship.

The severe restrictions on accessing foreign currency⁢ deposits have caused widespread discontent. Many depositors report facing‍ extreme difficulties, ⁤especially in the⁤ aftermath of recent conflicts and amidst the added ⁢financial strain of the holidays. The⁢ central bank’s meeting aims‍ to ⁤address thes concerns.

According to banking sources, two main‍ options are under consideration. One proposal involves extending the timeframe for those benefiting ⁣from Circulars 158 and‌ 166, previously implemented measures aimed at⁤ facilitating gradual withdrawals.⁢ Furthermore, this option suggests⁣ a significant increase in⁣ the allowable withdrawal amounts, potentially doubling or even tripling the current limits⁣ as⁢ a “gift” to depositors for the holidays. “The first is an extraordinary extension for the beneficiaries of Circulars ‌158 and 166, while doubling the amount approved in the circular​ by two or perhaps three times as a ‘gift’⁢ to depositors on the occasion of the holidays,” the sources revealed.

The⁣ second option focuses on a more permanent solution: raising the withdrawal ​ceiling for ⁣those covered by the ⁣existing circulars. This increase could range from a minimum of $150, depending on the banks’ ⁤available resources. “The second option…is to take a‍ final decision to raise the ceiling of withdrawals for the beneficiaries ⁣of the two⁣ circulars, so that the increase ranges between $150 as ⁢a minimum ‍or according to the capabilities available to the bank,” the sources ⁣stated.

The outcome of this meeting holds significant implications for the Lebanese population, many of whom are grappling with the severe economic consequences⁣ of the ongoing crisis. The potential⁤ for ‌increased access to funds, even temporarily, could offer some ‌much-needed ​relief during the holiday season and beyond. The situation continues to evolve, ​and further ⁢updates ‍will be provided as they become available.

The Central ⁣Bank of Lebanon is⁢ considering two options to provide⁤ relief to depositors struggling to access their funds:



Option 1: Extend the timeframe for Circulars 158 and 166, and substantially‌ increase allowable withdrawal amounts, possibly doubling or tripling ⁣current limits “as a ‘gift’ to depositors for the holidays.” [1] [2]



Option 2: ⁢ Raise the withdrawal ceiling for those covered by⁣ Circulars 158 and 166, with an increase ranging ⁤from a ‌minimum of $150 depending on bank resources.[1] [2]