News from Al-Madinah: His Excellency Al-Shami, the deputy prime minister of Lebanon, stated that the government is unable to save all of the depositors’ money.
He continued: Deposits over $100,000 will be refunded through a fund established by the assets of the central bank and commercial banks, as follows: The hard currency reserves, including gold, 30 billion dollars at best.
Since the fall of 2019, Lebanese banks have imposed strict restrictions on the withdrawal of deposits, which increased little by little, until it has become almost impossible for depositors to act with their money, especially those deposited in the US dollar or transfer them abroad.
More than 80% of Lebanon’s population lives in poverty, while the unemployment rate is at or around 30%. This is the greatest economic catastrophe Lebanon has ever experienced.
And the incident of storming the depositors of the banks became familiar in the Lebanese scene during the last period, especially with the poor economic conditions and the losses incurred by Lebanon as a result of the explosion of the Beirut port.
The administration hasn’t done anything to advance measures that would allow the International Monetary Fund to provide a rescue package to cope with the severe economic crisis.
The worst crisis to affect Lebanon since the civil war between 1975 and 1990, the financial collapse in Lebanon, which is now in its third year, has devalued the lira, expanded poverty, paralysed the banking system, and frozen the funds of depositors.
News on Sky.
Lebanese Deputy Prime Minister: We are unable to save all of the depositors’ money.
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