Lebanon central bank to take needed steps amid crisis: banking official

Investing.Com | November 29, 2019

Lebanon central bank to take needed steps amid crisis: banking official
Lebanon's central bank governor will take "necessary, temporary measures" to preserve the banking sector and depositor rights, the banking association head said on Friday. Salim Sfeir, chairman of the Association of Banks in Lebanon (ABL) that represents the country's banks, read a statement after a top-level meeting at the presidential palace as Lebanon grapples with the worst economic crisis in decades. He did not give details on the steps and added without elaborating that Central Bank Governor Riad Salameh had also made "some suggestions that require legal provisions". "The central bank governor was assigned to take the necessary, temporary measures, in coordination with the banking association, to issue circulars," Sfeir said after the meeting with President Michel Aoun, Salameh, and government officials.

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