Savings accounts in Lebanon are safe, says bank


November 10, 2019, 2:47Beirut, Nov 10 (Prensa Latina) The accounts of savers are safe, said the head of the Bank Association of Lebanon, Salim Sfeir, in statements cited today by the local press.

"There is no need to panic," he added, in an attempt to calm discontent over the imposition of restrictions on currency withdrawals arranged in anti-government protests across the country. Faced with the worst economic crisis since the civil war of 1975-90, since last October 17 the country has been experiencing massive demonstrations against the ruling elite that led to the resignation of Prime Minister Saad Hariri.

That reason forced a closure for 12 business days of financial institutions that, by resuming operations and to avoid capital flight, limit transfers abroad.

"The money of the savers is safe and there is money in the coffers, therefore, there is no need to panic," said Sfeir.

In recent days, importers of fuel, wheat and medicines complained of difficulties in obtaining foreign exchange and making their purchases and in fact began to scarce those items and products.

Economy Minister Mansour Bteich cited reports from the Central Bank governor, Riad Salameh, that there are funds to support these strategic assets.

However, the directors of several hospitals announced the impossibility of attending to more patients due to lack of supplies, began to close gas stores and when the currencies were scarce the rate of change in the informal sector skyrocketed.

This negative outlook affects the less favored more than hundreds of thousands on the streets demand radical changes in the Government, Parliament and the State.

jha / arc

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