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While the challenge to power continues, fears of a banking crisis are growing in Lebanon. Monday, November 11, the governor of the Central Bank Riad Salamé had to announce a series of measures to try to reassure the population.
Lebanon is on the brink of the banking crisis. Since the reopening of banks on November 1, the institutions are stormed by customers who want to withdraw maximum cash. Worried by rumors circulating on social networks and the uncertain future of the Lebanese economy, residents want to take the lead, but cash is lacking .
" The banking sector is suffering from a real liquidity crisis. So deposits are no longer safe. I think only 20% of bank deposits are accessible. Because these 20% remain in the hands of debtors who are still able to repay their due in time, while the remaining 80% become a simple book entry, because they are in the hands of insolvent debtors. The main insolvent debtor is the Treasury, it is the Lebanese state, "said economist Elie Yachaoui.
" Under the mattress "
In an attempt to reassure the population, the governor of the Central Bank, Riad Salamé , promised the lifting of restrictions on transactions. They had been put in place at the beginning of the month after 15 days of closing the banks. He also assured that the deposits of the Lebanese were not threatened, so far the risk is very real, according to the specialist.
" There will be a day, where really, you risk seeing the banks close their doors. Automatically, close the door and it's over ! It is still a long time that I advise depositors to, nevertheless, deposit a good part of their deposit at home. Under the mattress, "he analyzes.
In an attempt to resolve the crisis, Salamé called on banks to respond positively to any request for liquidity. Banks will be able to subscribe loans " in dollars from the Central Bank at a rate of interest of 20%, " he said.
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