The Central Bank of Lebanon issued a circular allowing depositors to withdraw $150 per month from accounts opened after October 31, 2019, it said in a statement on Saturday.
Lebanon’s caretaker Prime Minister, Najib Mikati, said in exclusive statements to Sky News Arabia last January that the government is currently studying a law related to the recovery of bank deposits, which will give preference to small depositors whose deposits are less than $100,000.
Mikati explained, “All small deposits under $100,000 will be returned to customers in full and as quickly as possible. As for amounts larger than that, we will also return them to customers, but within a longer time plan.”
Lebanon has been groaning under the weight of an economic crisis since 2019.
The local Lebanese pound lost more than 90 percent of its value, and banks prevented some depositors from withdrawing their savings, as the amount allowed to be withdrawn in foreign currency is currently limited to $300 per month.
As a result of this economic collapse, which was described as the most violent in the history of Lebanon, the exchange rate of the local currency declined strongly, bringing the price of the dollar to about 89 thousand liras in the parallel market after it was 1,500 liras in 2019.
2024-02-03 11:08:51
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