The most important thing in the Bank of Lebanon… decision today?!

“The Lebanon Debate”

An emergency meeting between Bank of Lebanon Acting Governor Dr Wasim Mansouri and the Association of Banks is underway after rumors of a major disagreement between the two sides over the circular. The central bank intends to release an amount in dollars to depositors who have not benefited from other circulars.

Informed financial sources explain to the Lebanese debate that the rumored dispute between the banking association over the revision of Circular 151 is not correct, revealing that the matter has not gone beyond current consultations to find implementation mechanisms. From this point of view Dr. Mansouri called upon the Bankers Association to discuss the matter and reach an agreement on an implementation mechanism satisfactory to all.

In this meeting, the next step is to review the remaining files related to the depositors, sources said.

Sources confirm that the Bank of Lebanon's decision to pay these depositors in dollars will be published soon. Sources also deny reports of revisions to the circular expected to be published.

The working methods to be discussed in the meeting are related to how the amount will be paid to the depositors and how the percentage will be split between the central bank and the banks.

Sources reveal that some banks are asking the central bank to bear the cost alone as they do not have sufficient cash flow in dollars to cover the arrears of Circular 158. This matter satisfies both parties.

As for this formula, sources insist that the issue of paying $150 to these depositors has been resolved, but the dispute revolves around who bears the cost of paying this amount and the percentage banks accept, which they indicated they do not want. A percentage of 50% should be borne.

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Sources insist the settlement will take place today, with the central bank paying 75% and banks accepting only 25%.

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